Answer for problem D and E Past-Due Category0-30 days31-90 daysOver 90 daysDPA 5. LO 9.2 The following accounts receivable information pertains to Luxury Cruises.Sheet1E+Accessibility: InvestigateGAccounts Receivable Total$1,166,350577,870324,450HA. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet agingof receivables method.Percentage UncollectibleB. Record the year-end 2018 adjusting journal entry for bad debt.C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $187,450; record theyear-end entry for bad debt, taking this into consideration.D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $206,770; record theyear-end entry for bad debt, taking this into consideration.E. On January 24, 2019, Luxury Cruises identifies Landon Walker's account as uncollectible in the amountof $4,650. Record the entry for identification.15%33%48%

Journal entries refers to the entries which are passed by the companies at the end of the accounting…

D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $206,770; record the year-end entry for bad debt, taking this into consideration. E. On January 24, 2019, Luxury Cruises identifies Landon Walker's account as uncollectible in the amount of $4,650. Record the entry for identification.

D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $206,770; record the year-end entry for bad debt, taking this into consideration. E. On January 24, 2019, Luxury Cruises identifies Landon Walker's account as uncollectible in the amount of $4,650. Record the entry for identification.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 5PA: The following accounts receivable information pertains to Luxury Cruises. A. Determine the estimated...

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The following accounts receivable information pertains to Luxury Cruises. Past-Due Category Accounts Receivable Total Percentage Uncollectible 0-30 days $381,269 15% 31-90 days 578,870 33% Over 90 days 328,450 48% A. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet aging of receivables method. Round your answers to two decimal places. Past-Due Category Accounts Receivable Total Percentage Uncollectible Total Category Uncollectible 0-30 days $381,269 15% $fill in the blank 68317f048f9d009_1 31-90 days 578,870 33% fill in the blank 68317f048f9d009_2 Over 90 days 328,450 48% fill in the blank 68317f048f9d009_3 Total estimated uncollectible bad debt $fill in the blank 68317f048f9d009_4 Journalize the following entries. B. Record the year-end 2018 adjusting…
The following accounts receivable information pertains to Luxury Cruises. Past-Due Category Accounts Receivable Total Percentage Uncollectible 0-30 days $381,269 15% 31-90 days 578,870 33% Over 90 days 328,450 48% A. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet aging of receivables method. Round your answers to two decimal places. Past-Due Category Accounts Receivable Total Percentage Uncollectible Total Category Uncollectible 0-30 days $381,269 15% $fill in the blank 31-90 days 578,870 33% fill in the blank Over 90 days 328,450 48% fill in the blank Total estimated uncollectible bad debt $fill in the blank
Al Hajar Co. provides you the following account balances for the year ended on 31 December 2019. Sales Revenue OMR 100,000 Cr. Accounts Receivable OMR 25,000 Dr. Allowance for Doubtful accounts OMR 1000 Cr. Scenario 1 Bad debts are estimated based on the aging schedule given below Aging class Receivable Balance (OMR) Estimate % of uncollectible 0–30 days 15,000 10 31–60 days 5,000 15 61–90 days 3,500 20 Over 90 days 1,500 25 Actual bad debt - OMR 1,100 and amount recovered - OMR 800. Scenario 2 Estimated amount of bad debts - 12% of receivables, Actual bad debt - OMR 1,500 and amount recovered later on - OMR 900. Scenario 3 Estimated amount of bad debts - 3.5% of Sales, Actual bad debt - OMR 1,300 and amount recovered - OMR 1000. Required: For each scenario given above; a)Estimate the uncollectible amounts. b)Pass adjusting entry to record the estimated uncollectible. c)Pass all the journal entries for actual write off and recovery…
% of Credit Sales Method Jax, Inc. showed the following account balances on December 31, 2020 and recognizes bad debt at 1% of credit sales. Required 1 Calculate, record, post, and analyze the adjustment to recognize bad debt expense under the following information provided: Account DR CR Accounts receivable Allowance for doubtful accounts 982,000 25,000 Net credit sales 685,000 Page Allowance for Doubtful XA Debit General Ledger Accounts Receivable A Debit Bad Debt Expense E Credit Credit Debit Credit Transaction Analysis ASSETS LIABILITIES EQUITY REVENUES EXPENSES NET INCOME + General Journal DR CR 44 2 What is the net realizable value of Accounts receivable?
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% of Receivables Method Jax, Inc. showed the following account balances on December 31, 2020 and recognizes bad debt at 3% of accounts receivable. Required 1 Calculate, record, post, and analyze the adjustment to recognize bad debt expense under the following information provided: Account DR CR Accounts receivable Allowance for doubtful accounts 982,000 25,000 Net credit sales 685,000 Bad Debt Expense E Accounts Receivable A Credit General Ledger Allowance for Doubtful XA Debit Debit Credit Debit Credit Page 2 Transaction Analysis ASSETS LIABILITIES EQUITY REVENUES EXPENSES NET INCOME + General Journal DR CR 4 What is the net realizable value of Accounts receivable?
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The following accounts receivable information pertains to Luxury Cruises. A. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet aging of receivables method. B. Record the year-end 2018 adjusting journal entry for bad debt. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $187,450; record the year-end entry for bad debt, taking this into consideration. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $206,770; record the year-end entry for bad debt, taking this into consideration. E. On January 24, 2019, Luxury Cruises identifies Landon Walkers account as uncollectible in the amount of $4,650. Record the entry for identification.
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