Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. aging method ingrid inc. has strict credit policie

Aging Method Ingrid Inc. has strict credit policies and only extends credit to customers with...

80.2K

Verified Solution

Question

Accounting

image
Aging Method Ingrid Inc. has strict credit policies and only extends credit to customers with outstanding credit history. The company examined its accounts and determined that at January 1, it had balances in Accounts Receivable and Allowance for Doubtful Accounts of $478,000 and $7,900 (credit), respectively. During the year, Ingrid extended credit for $3,075,000 of sales, collected $2,715,000 of accounts receivable, and had customer defaults of s4,280, Ingrid performed an aging analysis on its receivables at year end and determined that $6,800 of its receivables will be uncollectible. Required: 1. Calculate Ingrid's balance in accounts receivable on December 31, prior to the adjustment. 2. Calculate Ingrid's balance in allowance for doubtful accounts on December 31, prior to the adjustment. 3. Prepare the necessary adjusting entry at year end. If an amount box does not require an entry leave it blank. 88 Record adjusting entry for allowance for doubtful accounts estimate

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Ch4A-7 Johnson Industries received a contract to develop and produce four high-intensity long-distance receiver/transmitters for cellular telephones....

Basic Math
Q

Suppose that the demand curve for wheat is D ( p ) = 120 − 10 p , and the supply curve is S ( p )...

Economics
Q

5.       Find the general solution to the equation y'’ + 9y = 9sec2 3t

Advance Math
Q

The energy held in the chemical carbon carbon and carbon hydrogen bonds of organic molecules...

Biology
Q

2 For the A lim f x function f x B lim f x C...

Calculus
Q

Discuss the process of preparing a budget. 150180 words Please do not copy and paste...

Accounting
Q

The alphabetical listing below includes all of the adjusted account balances...

Accounting
Q

If the sum of squares of error for a simple regression model fitted for twelve...

Accounting
Q

10. Yeran needs $45,000 to buy a car in 4 years. He plans to make...

Accounting
Q

At 31 December 208, Northern Resources Ltd. reports the following on its statement of financial...

Accounting
Q

Use the following to answer questions 5-8: The following information relates to the pension plan...

Accounting
Q

Case 3: We find the data for a municipal bond issued by the Illinois state...

Finance