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1 page/≈275 words
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Level:
APA
Subject:
Accounting, Finance, SPSS
Type:
Math Problem
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# Calculating The Total Estimated Bad Debts (Math Problem Sample)

Instructions:

Instructions
Below is the “totals” section of XYZ Corporation’s full ageing schedule. XYZ will be using this information to estimate uncollectible accounts receivable at year-end
Number of Days Outstanding
Total 0-30 31-60 61-90 91-120 Over 120
Accounts receivable \$ 375,000 \$ 220,000 \$ 90,000 \$ 30,000 \$ 20,000 \$ 15,000
% uncollectible 1% 4% 5% 9% 20%
Estimate bad debts
Instructions:
Calculate the total estimated bad debts based on the above information.
Prepare the year-end adjusting journal entry to record the bad debts using the allowance method and the aged uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a \$3,000 credit.
Prepare the year-end adjusting journal entry to record the bad debts using the allowance method and the aged uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a \$500 debit.
Of the above accounts, \$1,800 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible accounts
The company subsequently collects \$700 on a specific account that had previously been determined to be uncollectible in (d). Prepare the journal entry(ies) necessary to restore the account and record the cash collection.

source..
Content:

Uncollectible Accounts Receivables for XYZ
Student’s Name
Institutional Affiliation
Course Name + Code
Instructor's Name
Date
Uncollectible Accounts Receivables for XYZ
1 Percentage of bad debts = (bad debts /total debts)*100
The company’s total debt is \$375,000.
Similarly, the company has debts with a different number of days outstanding. The debt collection rate for \$220,000 is 1%, while the debts should be collected within 30 days.

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