Record the transactions for the last quarter of 2015 DS Course Content-Spring-2

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Record the transactions for the last quarter of 2015

DS Course Content-Spring-2 Lab 5 Instruction and Demo-A / P Do Homework-Min Kyun.. x × × https://www.mathxl.com/Student/Play ork.aspx?homeworkId=340730704&questionId;=1&flushedzfalse;&cId;=3756949&backe; DoAssignments.aspx C Search MyAccountingLab Homework: Chapter 5 Problem Assignment /23/16 6:00 PM verview P5-51A (similar to) Exercise Score: 0 of 15 pts Assignment Score: 0% (0 of 15 pts) 0 of 1 complete The September 30, 2015, records of Perfecto Communications include these accounts eText Pages (8,300) I Calculator Allowance for Doubtful Accounts .. . . . .. . . . .. . .. Ask My Instructor During the year, Perfecto Communications estimates doubtful-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for Doubtful Accounts to correspond to the aging schedule During the last quarter of 2015, the company completed the following selected transactions Q) (Click the icon to view the transactions and the aging schedule.) (Click the icon to view the transactions and the aging schedule) Read the requirements More Info Nov 30 Wrote off as uncollectible the $1,300 account receivable from Brown Carpets and the $300 account receivable from Old Timer Antiques Adjusted the Allowance for Doubtful Accounts and recorded doubtful-account expense at year-end based on the aging of receivables, which follows Requirement 1. Record the transactions for the last quarter of 2015 in the journal. Explanations are not required. (Record debits first then credits. Exclude explanations from any journal entries.) Wrote off as uncollectible the $1,300 account receivable from Brown Carpets and the $300 account receivable from Old Timer Antiques Dec 31 Journal Entry Date Accounts Allowance for Doubtful Accounts Accounts Receivable-Brown Carpets Debit Credit 30 1300 Age of Accounts OV 1300 1- 30 31 - 60 61 -90 Over 90 Accounts Receivable $232,000 Estimated percent ays ays ays ays $141,000 $ 45,000 S 13,000 $ 33,000 Choose from any list or enter any number in the input fields, then click Check Answer uncollectible 0.2% 2% 15% 35% 4 parts Clear Al Check Answer Save Print Done 6:00 PM 2/23/2016

Explanation / Answer

Journal Entry Date Particulars Dr Amt. Cr. Amt Nov. 30 Allowance for Doubtful Debts                   Dr. 1600    To Accounts Receivables - Brown carpets 1300    To Accounts Receivables - Old Timer Antiques 300 Dec. 31 Bad Debts                                                           Dr. 7982    To Allowance for Doubtful debts 7982 Allowance for Doubtful Debts Particulars Amount Particulars Amount Accounts Receivables - W/o Balance as on Sep.30 8300 Brown carpets 1300 Bad debts 7982 Old Timer 300 (Balancing Figure) Balance as on Dec. 31 14682 16282 16282 232000 Calculation of Balance as on Dec 31 for Allowance for Doubtful Debrs Accounts Receivables Days Amt. Estimated % Uncollectible Estimated Uncollectible 1-30 141000 0.20% 282 31-60 45000 2% 900 61-90 13000 15% 1950 Over 90 Days 33000 35% 11550 Total amount 14682

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