Docstoc

P8-3A - JustAnswer

Document Sample
P8-3A - JustAnswer Powered By Docstoc
					Instructions for the Microsoft Excel Templates

Be advised, the worksheet and workbooks are not protected.

Extensive detail and information is contained within the manual.

Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant and bring up one of
several help menus.

You should enter your name, course ID, date, and instructor's name into the cells at the top of the page.

Each page contains a page footer with a Page # of Page ## as well as time and date to assist in assembly of multiple pages.


Each worksheet contains the identification of the problem or exercise.

All formatting should have been accomplished to provide satisfactory presentation. See the text for additional assistance in
formating.

If more than one page is required by the problem, the page breaks are preset.

In general, the yellow highlighted cells are the cells which work and effort should be presented.

Place the proper account title in the cell where the word "Account title" appears on the template.

Place the value in the cell where the word "Value" or "Amount" appears on the template. A formula may be placed in some
of these cells.

Write a formula into cells where the word "Formula" appears. In these cells, an amount calculated can be entered. An amount
can be placed in these cells.

Place the explanation for the entry in the cell where the word "Text Explanation" appears on the template.

Insert the account number where "Acct Nbr" appears on the template during posting.

Insert the journal reference where "JOURN #" appears on the template during posting.

Insert the title in the cell where "TITLE" appears on the template.

The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required.

The gray filled cells define the perimeter of the problem and the print area.

The problem is formatted for whole dollars with comma separations (no cents) except where required.

The display may have "Freeze Pane" invoked so column titles remain visible during data entry.

Negative values may be shown as ($400) or -$400.

Consider using "Split" panes to assist in copy and paste of data.



                       1439f863-fb3e-4e07-859e-b7620a6999b1.xls, Page 1 of 4, 10/16/20113:28 AM
Much of the exercises and problems can have data entered by the "look to" or "=A34" type formula where cell A34 contains
the data to be entered. This precludes typing and data entry errors.




                     1439f863-fb3e-4e07-859e-b7620a6999b1.xls, Page 2 of 4, 10/16/20113:28 AM
Name:              Solution
Exercise:          Problem P8-3A
Course:
Date:
P8-3A
Presented below is an aging schedule for Joplin Company.
                          Customer             Total Not Yet Due                Number of Days Past Due
                                                                          1–30    31–60      61–90      Over 90
                   Adisy                      $20,000                     $9,000 $11,000
                   Bloom                       30,000        $30,000
                   Cai                         50,000          5,000       5,000                   $40,000
                   Dahl                        38,000                                                         $38,000
                   Others                     120,000         72,000      35,000      13,000
                     Total                   $258,000       $107,000     $49,000     $24,000       $40,000    $38,000
                   Estimated percentage
                        uncollectible                              3%          7%        12%          24%         50%
                   Total estimated
                        bad debts              $38,120        $3,210      $3,430      $2,880        $9,600    $19,000

At December 31, 2009, the unadjusted balance in Allowance for Doubtful Accounts is a credit of                 $8,000

 Instructions:
(a) Journalize and post the adjusting entry for bad debts at December 31, 2009. (Use T accounts.)

                      Dec 31     Bad Debts Expense                                                  30,120
                                   Allowance for Doubtful Accounts                                             30,120
                                 ($38,120 – $8,000)

                                  Bad Debts Expense                                      Allowance for Doubtful Accounts
                   12/31/09        30,120                                                                12/31/09      8,000
                   12/31/09        30,120                                                                12/31/09     30,120
                                                                                                         12/31/09     38,120
                                                                                    03/01/10         600 05/01/10        600




(b) Journalize and post to the allowance account these 2010 events and transactions:
1. March 1, a          $600        customer balance originating in 2007 is judged uncollectible.

                      Mar 01     Allowance for Doubtful Accounts                                       600
                                   Accounts Receivable                                                             600

2. May 1, a check for               $600     is received from the customer whose account was written off as
uncollectible on March 1.

                      May 01     Accounts Receivable                                                   600
                                   Allowance for Doubtful Accounts                                                 600


                      May 01     Cash                                                                  600
                                   Accounts Receivable                                                             600

(c) Journalize the adjusting entry for bad debts at December 31, 2010, assuming that the unadjusted balance in
Allowance for Doubtful Accounts is a debit of              $1,100      and the aging schedule indicates that total estimated
bad debts will be     $36,700

                      Dec 31     Bad Debts Expense                                                  37,800
                                   Allowance for Doubtful Accounts                                             37,800
                                 ($36,700 + $1,100)




                                           1439f863-fb3e-4e07-859e-b7620a6999b1.xls, Page 3 of 4, 10/16/20113:28 AM
Name:
Exercise:          Problem P8-3A
Course:
Date:
P8-3A
Presented below is an aging schedule for Joplin Company.
                          Customer             Total Not Yet Due                Number of Days Past Due
                                                                          1–30    31–60      61–90      Over 90
                   Adisy                      $20,000                     $9,000 $11,000
                   Bloom                       30,000        $30,000
                   Cai                         50,000          5,000       5,000                   $40,000
                   Dahl                        38,000                                                         $38,000
                   Others                     120,000         72,000      35,000      13,000
                     Total                   $258,000       $107,000     $49,000     $24,000       $40,000    $38,000
                   Estimated percentage
                        uncollectible                              3%          5%        12%          24%         50%
                   Total estimated
                        bad debts              $37,140        $3,210      $2,450      $2,880        $9,600    $19,000

At December 31, 2007, the unadjusted balance in Allowance for Doubtful Accounts is a credit of                 $8,000

 Instructions:
(a) Journalize and post the adjusting entry for bad debts at December 31, 2007. (Use T accounts.)

                      Dec 31     Account title                                                      Amount
                                   Account title                                                              Amount
                                 Text or detail

                                  Bad Debts Expense                                      Allowance for Doubtful Accounts




(b) Journalize and post to the allowance account these 2008 events and transactions:
1. March 1, a          $600        customer balance originating in 2007 is judged uncollectible.

                      Mar 01     Account title                                                      Amount
                                   Account title                                                              Amount

2. May 1, a check for               $600     is received from the customer whose account was written off as
uncollectible on March 1.

                      May 01     Account title                                                      Amount
                                   Account title                                                              Amount


                      May 01     Account title                                                      Amount
                                   Account title                                                              Amount

(c) Journalize the adjusting entry for bad debts at December 31, 2008, assuming that the unadjusted balance in
Allowance for Doubtful Accounts is a debit of              $1,100      and the aging schedule indicates that total estimated
bad debts will be     $32,700

                      Dec 31     Account title                                                      Amount
                                   Account title                                                              Amount
                                 Text or detail




                                           1439f863-fb3e-4e07-859e-b7620a6999b1.xls, Page 4 of 4, 10/16/20113:28 AM

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:13
posted:10/16/2011
language:English
pages:4