Accounting problems for Bogus Company
Not what you're looking for?
At December 31st, 2007, The Accounts Receivable balance of "Bogus Company" is $300,000. The Allowance for Doubtful Accounts has a $3,900 credit balance. "Bogus Company" prepares the following aging schedule for its accounts receivable.
Age of Accounts:
total balance 1-30 days 31-60 days 61-90 days over 90
days
$30,000 $140,000 $80,000 $70,000 $10,000
estimated percent
uncollectible 0.5% 1.0% 6.0% 50%
Need assistance in:
1) Journalizing the year end adjusting entry for doubtful accounts on the basis of the aging schedule. Show the T-account for the Allowance at December 31st,2007
2) Show how "Bogus Company" will report Accounts Receivable on its December 31st, 2007 balance sheet.
Purchase this Solution
Solution Summary
This solution is comprised of a detailed explanation to journalize the year end adjusting entry for doubtful accounts on the basis of the aging schedule, show the T-account for the Allowance at December 31st, 2007, and show how "Bogus Company" will report Accounts Receivable on its December 31st, 2007 balance sheet.
Solution Preview
At December 31st, 2007, The Accounts Receivable balance of "Bogus Company" is $300,000. The Allowance for Doubtful Accounts has a $3,900 credit balance. "Bogus Company" prepares the following aging schedule for its accounts receivable.
Age of Accounts:
total balance 1-30 days 31-60 days 61-90 days over 90
days
$30,000 $140,000 $80,000 $70,000 $10,000
estimated percent ...
Purchase this Solution
Free BrainMass Quizzes
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.