Number of Days Past Due 139,600 94,400 31,400 13,800 $311,800 $145,800 $50,500 $
ID: 2488579 • Letter: N
Question
Number of Days Past Due
139,600
94,400
31,400
13,800
$311,800
$145,800
$50,500
$29,800
$46,700
$39,000
3%
7%
14%
24%
71%
$ 50,979
$ 4,374
$3,535
$4,172
$ 11,208
$27,690
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Account Titles and Explanation
Debit
Credit
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Bad Debts Expense
Allowance for Doubtful Accounts
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No.
Date
Account Titles and Explanation
Debit
Credit
(To reinstate account previously written off)
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Allowance for Doubtful Accounts
8,300
42,679
50,979
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Account Titles and Explanation
Debit
Credit
Presented below is an aging schedule for Bosworth Company.Customer Total Not Yet Due
Number of Days Past Due
1–30 31–60 61–90 Over 90 Aneesh $ 27,000 $ 11,000 $16,000 Bird 43,100 $ 43,100 Cope 63,100 8,300 8,100 $46,700 DeSpears 39,000 $39,000 Others139,600
94,400
31,400
13,800
$311,800
$145,800
$50,500
$29,800
$46,700
$39,000
Estimated percentage uncollectible3%
7%
14%
24%
71%
Total estimated bad debts$ 50,979
$ 4,374
$3,535
$4,172
$ 11,208
$27,690
At December 31, 2013, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,300.
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Explanation / Answer
1.
Account titles and explanation
Debit
Credit
December 31, 2013
Bad debt expense
$ 42,679
Allowance for doubtful accounts
$ 42,679
($50,979-$8,300)
2.
Bad Debt expense
December 31, 2013
$ 42,679
December 31, 2013 Balance
$ 42,679
Allowance for doubtful accounts
January 1, 2013 Balance
$ 8,300
December 31, 2013
$ 42,679
December 31, 2013 Balance
$ 50,979
3.
Account titles and explanation
Debit
Credit
March 1, 2014
Allowance for doubtful accounts
$ 890
Accounts receivables
$ 890
May 1, 2014
Accounts receivables
$ 890
Allowance for doubtful accounts
$ 890
May 1, 2014
Cash
$ 890
Accounts receivables
$ 890
4
Allowance for doubtful accounts
January 1, 2013 Balance
$ 8,300
December 31, 2013
$ 42,679
December 31, 2013 Balance
$ 50,979
January 1, 2014 Balance
$ 50,979
March 1, 2013
$ 890
May 1, 2013
$ 890
December 31, 2013 Balance
$ 50,979
5.
Account titles and explanation
Debit
Credit
December 31, 2014
Bad debt expense
$56,100
Allowance for doubtful accounts
$56,100
($54,000 + $2,100)
Account titles and explanation
Debit
Credit
December 31, 2013
Bad debt expense
$ 42,679
Allowance for doubtful accounts
$ 42,679
($50,979-$8,300)
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