Problem 15-2A no solution for this College accounting a career approach 12 editi
ID: 2470074 • Letter: P
Question
Problem 15-2A no solution for this College accounting a career approach 12 edition please help
Jilson Company uses the aging method of estimating bad debts as of December 31, the end of the fiscal year. Terms of sales are net 30 days. While in the process of completing the aging schedule, the accountant became ill and was unable to finish the job.
I need to figure out how to do the following:
1. enter the balance forward balances and complete the aging schedule
2. complete the table for estimating the allowance for doubtful accounts
3. record the adjusting entry in general journal form.
The accountants report, as she left it, is as follows:
The accontant still had to analyze the following accounts:
L. Flynn
b. french
c. gilmore
l. hemmit
p. lord
c. newton
$1,823
3,780
6,711
9,590
3,602
1,483
January 16 (next year)
november 28
november 17
january 27 (next year)
september 10
october 16
From past experience, the company has found that the following percentages for estimated uncollectible accounts produce an adequate balance for allowance for doubtful accounts.
not yet due
1 to 30 days
31 to 60 days
61 to 90 days
over 90 days
2%
4
20
30
50
prior to aging the accounts receivabl, allowance for doubtful accounts had a credit balance of $4,536
days past due Customer Name Balance not yet due 1-30 31-60 61-90 over 90 balance forward 389,900 249,200 76,280 38,848 15,032 10,540Explanation / Answer
Ans-
days past due Customer Name Balance not yet due 1-30 31-60 61-90 over 90 Balance forward Balance Forward 389,900 249,200 76,280 38,848 15,032 10,540 1,823 3,780 1,483 3,602 9,590 6,711 Total 416,889 260,613 76,280 49,339 16,515 14,142 833,778 Estimated uncollectible accounts % 2 4 20 30 50 Amount 5,212 3,051 9,868 4,955 7,071 30,157 Account Amount Due date Year end date Days past due L. Flynn $1,823 1/16/2016 12/31/2015 (16.00) b. french 3,780 11/28/2015 12/31/2015 33.00 c. gilmore 6,711 11/17/2015 12/31/2015 44.00 l. hemmit 9,590 1/27/2016 12/31/2015 (27.00) p. lord 3,602 9/10/2015 12/31/2015 112.00 c. newton 1,483 10/16/2015 12/31/2015 76.00 Adjustment Account Recivable A/c Dr. 25,621 Provision for doubtful debts 25,621 (For creating extra provision i.e 30,157-4,536)