"Problem #3;The December 31, 2009 balance sheet of Quayle Company had Accounts Receivable of $500,000 and a credit balance in Allowance for Uncollectible Accounts of $33,000. During 2010, the following transactions occurred: sales on account $1,400,000, sales returns and allowances, $50,000, collections from customers, $1,150,000, accounts written off $35,000, previously written off accounts of $5,000 were collected.;Required;a. Journalize the 2010 transactions. Please leave a blank line between each journal entry.;b. If the company uses the percentage of sales basis to estimate bad debts expense and anticipates 2% of net sales to be uncollectible, what is the adjusting entry at December 31, 2010?;c. Using a T account, determine the balance of accounts receivable and the allowance for uncollectible accounts at 12/31/10.;d. Determine Quayle's net realizable value of accounts receivable at 12/31/10.;e. Calculate the accounts receivable turnover and days to collect ratios for 2010.;Problem #4;Kiley Company had a $700 credit balance in Allowance for Uncollectible Accounts at December 31, 2010, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following;Estimated Percentage;Uncollectible;Current Accounts $120,000 1%;1??""30 days past due 12,000 3%;31??""60 days past due 10,000 6%;61??""90 days past due 5,000 12%;Over 90 days past due 8,000 30%;Total Accounts Receivable $155,000;Required;Prepare the adjusting entry on December 31, 2010 to recognize bad debts expense."
Quayle Company Kiley Company AR problems
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