The trial balance before adjustment of Santillan Inc. shows the following balances. Instructions Give the entry for
Question:
Instructions
Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of
(a) 5% of gross accounts receivable
(b) 1% of netsales.
Transcribed Image Text:
Debits Credits $180,000 Accounts Receivable Allowance for Doubtful Accounts Sales (all on credit) 3,500 $1,000,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
a Bad Debt Expense 12500 Allowa...View the full answer
Answered By
Talha Talib
I am a member of IEEE society. As i am a student of electrical engineering badge 17 but beside of this i am also a tutor in unique academy. I teach calculus, communication skills, mechanics and economics. I am also a home tutor. My student Muhammad Salman Alvi is a brilliant A-level student and he performs very well in academics when i start to teach him. His weak point was mathematics but now he is performing well in mathematics. I am a scholarship holder in Fsc as i scored 1017 marks in metric out of 1100. Later on i got scholarship in Punjab Group of Colleges. I got 2nd position in robotics competition in 2018 as my project home automation select for the exhibition in Expocentre.
4.60+
23+ Reviews
62+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
The trial balance before adjustment of Heis Delivery Services at the end of its first month of operations follows: Heis Delivery Services Trial Balance June 30, 2021 Debit Credit Cash $4,600 Prepaid...
-
The trial balance before adjustment of Taylor Swift Inc. shows the following balances. Instructions Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful...
-
The trial balance before adjustment of Chloe Inc. shows the following balances: Instructions (a) Give the entry for bad debt expense for the current year assuming: 1. The allowance should be 4% of...
-
Blue Spruce Corporation, a public company, is a large silver producer. Selected condensed information (in millions) for Blue Spruce Corporation follows for the year ended September 30, 2021: Cost of...
-
Refer to the circuit in Fig. 8.66. Determine: (a) i(0+), and c(0+), (b) di(0+) / dt and dv(0+) / dt, (c) i(),and v (). 1 H
-
Why would being a highly narcissistic, charismatic person interfere with being an effective servant leader?
-
Pathgoal theory considers that leadership characteristics are modified by what factors?
-
Bleeker Company has the following merchandise account balances: Sales $195,000, Sales Discounts $2,000, Cost of Goods Sold $105,000 and Merchandise Inventory $40,000. Prepare the entries to record...
-
Multivariate Choose the best coordinate system and find the volume of the solid region bounded by the cylinder r = 10, for 0 szsx+y. The surface is specified using the coordinates that give the...
-
1. What is the problem facing the ER staff in terms of the discrepancy between the ideal and actual conditions? 2. How might the hospital staff go about resolving the problem or problems described by...
-
At the end of 2014 Sanchez Company has accounts receivable of $400,000 and an allowance for doubtful accounts of $20,000. On January 16, 2015, Sanchez Company determined that its receivable from...
-
The chief accountant for Hollywood Corporation provides you with the following list of accounts receivable written off in the current year. Hollywood Corporation follows the policy of debiting Bad...
-
Evaluate the expression. -9 - 4
-
A company establishes a $450 petty cash fund on October 1. On October 31, the fund shows $161 in cash along with receipts for the following expenditures: Entertainment expenses, $60; postage...
-
Navitron Company purchased equipment with the following costs: Cash price Sales taxes $75,000 3,500 Insurance during transit 750 Replacement of valve broken during 100 installation Installation and...
-
An inverted pyramid-shaped tank with square cross section shown in the figure below is 10 ft tall with 81 ft cross sectional area at the very top. +10 lb The tank is full up to the 7 ft mark with...
-
The selling price of the home is $75,000, the down payment is $4000, and the and the rate of interest is 5.5%. years=30. find the principal(loan) and the monthly mortgage payment
-
What is a requisition? What is a butcher test and provide two benefits of it. (2) If you prepare 12 salmon dishes and your sales total 12 this is usually considered good sales forecasting. Provide a...
-
McDonalds advertises that any size coffee is $0.99 all day. This is an example of __________ advertising. a. product b. retail c. comparative d. corporate
-
Rosalie owns 50% of the outstanding stock of Salmon Corporation. In a qualifying stock redemption, Salmon distributes $80,000 to Rosalie in exchange for one-half of her shares, which have a basis of...
-
What is the relationship between innovation and economic growth? With reference to specific examples, discuss the effects of intellectual property theft on national income.
-
Simon Company determines that its goodwill is impaired. It finds that its implied goodwill is $360,000 and its recorded goodwill is $400,000. The fair value of its identifiable assets is $1,450,000....
-
What is the nature of research and development costs?
-
Research and development activities may include (a) Personnel costs, (b) Materials and equipment costs, and (c) Indirect costs. What is the recommended accounting treatment for these three types of R...
-
When completing the spreadsheet to prepare the statement of cash flows, an increase in retained earnings due to net income would require an entry in the Transactions columns involving a a . debit to...
-
The debts which are to be repaid within a short period ( a year or less ) are referred to as , A ) Current Liabilities B ) Fixed liabilities C ) Contingent liabilities D ) All the above
-
Provision for Warranty Costs at Tesla Values: Estimated Warranty Costs: $500,000 Actual Warranty Claims: $100,000 Warranty Period: 1 year Requirements: Apply the conservatism principle to estimate...
Study smarter with the SolutionInn App