Problem 8-3A (Part Level Submission) Number of Days Past Due 120,700 76,900 31,6
ID: 2523931 • Letter: P
Question
Problem 8-3A (Part Level Submission)
Number of Days Past Due
120,700
76,900
31,600
12,200
$266,500
$110,600
$46,600
$26,000
$42,900
$40,400
3%
7%
13%
23%
62%
$ 44,875
$ 3,318
$3,262
$3,380
$ 9,867
$25,048
(a1)
Account Titles and Explanation
Debit
Credit
Problem 8-3A (Part Level Submission)
Presented below is an aging schedule for Sheffield Corp..Customer Total Not Yet Due
Number of Days Past Due
1–30 31–60 61–90 Over 90 Aneesh $ 23,700 $ 9,900 $13,800 Bird 28,700 $ 28,700 Cope 53,000 5,000 5,100 $42,900 DeSpears 40,400 $40,400 Others120,700
76,900
31,600
12,200
$266,500
$110,600
$46,600
$26,000
$42,900
$40,400
Estimated percentage uncollectible3%
7%
13%
23%
62%
Total estimated bad debts$ 44,875
$ 3,318
$3,262
$3,380
$ 9,867
$25,048
At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7,600.
Explanation / Answer
Account titles and explanation Debit Credit Bad Debt Expense($44,875 - $7,600) $37,275 Allowances for Doubtful Accounts $37,275