account 2301

Step

Instructions

Points Possible

1

Download and open the excel spreadsheet, Miller-Nobles_7e-13e-Using_Excel_ChF8-ChF9_Start.xlsx. This spreadsheet includes 2 tabs; you will enter all answers on the second tab, ENTERANSWERS. (All answers should be entered in the blue highlighted cells.)

0

2

The Lake Lucerne Company uses the allowance method of estimating bad debts expense. An aging schedule is prepared in order to calculate the balance in the allowance account. The table for calculation of the percentage uncollectible is provided. After 365 days, the account is written off. Calculate the number of days each receivable is outstanding. (12 pts) (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values.)

12

3

Complete the Schedule of Accounts Receivable. (45 pts) (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values.)

45

4

Journalize the adjusting entry for Bad Debts Expense. (4 pts) (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values.)

4

5

Once completed, save the project to the desktop. File name can be anything, but DO NOT include spaces. Return to auto-graded excel activity window, and progress to Step 3. Follow on screen instructions. (To review score, navigate to Results in the MyLab and click on Review link.) Hint:

0

Total Points

61