Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis

Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 570,000 $ 396,000 $ 90,000 $ 36,000 $ 18,000 $ 30,000 Percent uncollectible 1 % 2 % 5 % 7 % 10 % a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method.

Daley Company estimates uncollectible accounts using the allowance method at December 31

Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 570,000 $ 396,000 $ 90,000 $ 36,000 $ 18,000 $ 30,000 Percent uncollectible 1 % 2 % 5 % 7 % 10 % a. On February 1 of the next period, the company determined that $6,800 in customer accounts is uncollectible; specifically, $900 for Oakley Co. and $5,900 for Brookes Co. Prepare the journal entry to write off those accounts. b. On June 5 of that next period, the company unexpectedly received a $900 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries necessary to reinstate the account and to record the cash received.

Following are the selected transactions of Danica Company for 2015 and 2016

Following are the selected transactions of Danica Company for 2015 and 2016. 2015 Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2016 Jan. 27 Received Lee’s payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $5,000, 10%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted a $2,000, 30-day, 9% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable. Apr. 16 H. Cheng dishonors his note when presented for payment. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3.

At December 31, 2016, Hawke Company reports the following results for its calendar year

At December 31, 2016, Hawke Company reports the following results for its calendar year. Cash sales $ 1,390,980 Credit sales 3,115,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 943,845 debit Allowance for doubtful accounts 20,180 debit

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