Question
[The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports...
[The following information applies to the questions displayed below.]
At December 31, 2018, Hawke Company reports the following results for its calendar year.
![Required information (The following information applies to the questions displayed below.] At December 31, 2018, Hawke Compan](https://i.imgur.com/tc04iry.png)
![Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales of](https://i.imgur.com/4V42rAM.png)
![Required information (The following information applies to the questions displayed below.] Jarden Company has credit sales of](https://i.imgur.com/f8Rpp7A.png)
Required information (The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,478,710 3,022,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $915,666 debit 20,920 debit Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 3% of credit sales. (Round your final answers to the nearest whole dollar.) b. Bad debts are estimated to be 2% of total sales. c. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. (Round your final answers to the nearest whole dollar.) Adjusting entries (all dated December 31, 2018).
View transaction list Journal entry worksheet < 1 2 3 Bad debts are estimated to be 3% of credit sales. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 Bad debts are estimated to be 2% of total sales. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
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3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2018, balance sheet assuming that an aging analysis estimates that 6% of year-end accounts receivable are uncollectible Current assets:
Required information [The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,500,000 for year 2018. On December 31, 2018, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $18,100. Jarden prepares a schedule of its December 31, 2018. accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2018 Accounts Receivable $ 500,000 200,000 40,000 20,000 4,000 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 1.35% 2.10 6.60 33.25 69.00 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2018, using the aging of accounts receivable method. Accounts Receivable Percent Uncollectible (#.##%) Estimated Uncollectible Not due: 1 to 30: 31 to 60: 61 to 90: Over 90 Estimated balance of allowance for uncollectibles
Required information (The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,500,000 for year 2018. On December 31, 2018, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $18,100. Jarden prepares a schedule of its December 31, 2018, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2018 Accounts Receivable $ 500,000 200,000 40,000 20,000 4,000 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 1.35% 2.10 6.60 33.25 69.00 2. Prepare the adjusting entry to record bad debts expense at December 31, 2018. View transaction list Journal entry worksheet Record the estimated bad debts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal
Answers
Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Part 1 Hawke Company Event General Journal Debit Credit a Bad Debt Expense $ 90,660 Allowance for doubtful accounts $ 90,660 ($3,022,000*3%) b Bad Debt Expense $ 90,014 Allowance for doubtful accounts $ 90,014 ($3,022,000+$1,478,710)*2% c Bad Debt Expense $ 75,860 Allowance for doubtful accounts $ 75,860 ($915,666*6%)+$20,920 Part 2 Current Assets: Accounts Receivable $ 915,666 Less: Allowance for doubtful accounts ($90,660-$20,920) $ (69,740) $ 845,926 Part 3 Current Assets: Accounts Receivable $ 915,666 Less: Allowance for doubtful accounts ($90,660-$20,920) $ (54,940) $ 860,726 Jordan Company Part 1 Accounts Receivable % Uncollectible Estimated Uncollectible Note Due $ 500,000 1.35% $ 6,750 1 to 30 $ 200,000 2.10% $ 4,200 31 to 60 $ 40,000 6.60% $ 2,640 61 to 90 $ 20,000 33.25% $ 6,650 Over 90 $ 4,000 69.00% $ 2,760 Estimated balance of allowance for uncollectibles $ 23,000 Part 2 Dec 31 Bad Debt Expense $ 4,900 Allowance for doubtful accounts $ 4,900 $23,000-$18,100
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