Accounting: The Aging Method: The Smith Company Case

Sheet1

Option #1- Mod 6- Receivables				Students Template
Smith Company- December 31, 2014
Question 1:
Journal#	Date	Account Title				Debit		Credit
1	1-Feb	Allowance for doutful accounts
		Jones- Accounts receivable
2	2-May	Cash
		Allowance for doutful accounts
		Garcia- Accounts receivable
3	10-Aug	Jones- Accounts receivable
		Allowance for doutful accounts
		Cash
		Jones- Accounts receivable
4	15-Sep	Allowance for doutful accounts
		Tang- Accounts receivable
		Mulaka- Accounts receivable
		Quan- Accounts receivable
	December 31,14-Aging of the Accounts Receivables
				Allowance
	Days late	Amount	%Not Paid	Ending Balance
	0 to 30
	31-60
	61-90
	90days+
	TOTAL
Question 2:			Dates	T-Account Allowanace
				Debit	Credit
			BB
			1-Feb
			20-May
			10-Aug
			15-Sep
			Bad Debt Expense=
			EB= Aging Result
Question 3:
	Date	Account Title
	31-Dec	Bad Debt Expense
		Allowance for doutful accounts
Question 4:
Balance Sheet Presentaion
	Gross Accounts Receivables
	Ending Blance of Allowance for Doubtbul Accounts
		Net Realizable Balance

1

2

3

4

5

6

7

8

9

A

B

C

D

E

Option #1- Mod 6- Receivables

Students Template

Smith Company- December 31, 2014

Question 1:

Journal#

Date

Account Title

1

1-Feb

Allowance for doutful accounts

Jones- Accounts receivable