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Assignment 3.1 Aging of Receivables

The document shows aging of receivables for several customers broken into time periods. It calculates unadjusted balances, makes adjustments, and applies allowance percentages to calculate the allowance for doubtful accounts and bad debt expense. It finds that the allowance for doubtful accounts is $144,960 and the bad debt expense is $120,320.

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172 views2 pages

Assignment 3.1 Aging of Receivables

The document shows aging of receivables for several customers broken into time periods. It calculates unadjusted balances, makes adjustments, and applies allowance percentages to calculate the allowance for doubtful accounts and bad debt expense. It finds that the allowance for doubtful accounts is $144,960 and the bad debt expense is $120,320.

Uploaded by

MkaeDizon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Assignment 3.

1 Aging of Receivables
98% 95% 90% 80%
CUSTOMER INVOICE DATE 0-30 days 31-60 days 61-90 days 91-120 days
Gudang 9/12/2014 139,200.00
Tisoy 12/12/2014 153,600.00
12/2/2014 99,200.00
Gusoy 11/17/2014 185,120.00
10/8/2014 176,000.00
Naning 12/8/2014 160,000.00
10/25/2014 44,800.00
8/20/2014
Nanong 9/27/2014 96,000.00
Balong 8/20/2014
Peejong 12/6/2014 112,000.00
11/29/2014 169,440.00
Unadjusted balances 524,800.00 354,560.00 220,800.00 235,200.00
Writeoff, Balong
Posting error (99,200.00) 99,200.00
425,600.00 453,760.00 220,800.00 235,200.00
Diferrence
Adjusted Balance 425,600.00 453,760.00 220,800.00 235,200.00
Allowance for Doubtdul Accounts (%) 2% 5% 10% 20%
Allowance for Doubtdul Accounts 8,512.00 22,688.00 22,080.00 47,040.00

AFDA
Writeoff 71,360.00 46,720.00 AFDA per GL
144,960.00 Bad Debt Expense
120,320.00
Answers:
1.) 144,960.00
2.) 120,320.00
50%
>120 days SL GL
139,200.00
153,600.00
99,200.00
185,120.00
176,000.00
160,000.00
44,800.00
40,000.00 40,000.00
96,000.00
71,360.00 71,360.00
112,000.00
169,440.00
111,360.00 1,446,720.00 1,466,720.00
(71,360.00) (71,360.00) (71,360.00)

40,000.00 1,375,360.00 1,395,360.00


(20,000.00)
40,000.00 1,375,360.00 1,375,360.00
50%
20,000.00 (120,320.00) (120,320.00)
1,255,040.00 1,255,040.00

ad Debt Expense

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