FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Acme Discount Wholesale Company has a $145,000 balance in Accounts Receivable and a $420 debit balance in Allowance for Doubtful Accounts at year-end just prior

Acme Discount Wholesale Company has a $145,000 balance in Accounts Receivable and a $420 debit balance in Allowance for Doubtful Accounts at year-end just prior to recording adjusting entries. Credit sales for the period totaled $960,000. How much is the amount of the bad debt adjusting entry if Acme estimates that 1.5% of its receivables will be uncollectible?
 
 

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate the amount of the bad debt adjusting entry we need to determine the estim... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Intermediate Accounting

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

10th Canadian Edition, Volume 1

978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736

More Books

Students also viewed these Accounting questions

Question

★★★★★
Ivanhoe Company has a $ 158000 balance in Accounts Receivable and a $ 448 debit balance in Allowance for Doubtful Accounts at year end just prior to recording adjusting entries. Credit sales for the...

Answered: 1 week ago

Question

★★★★★
At December 31, 2020 before any year-end adjustments, accounts receivable had balance of $260000. Credit sales for 2020 are $610000, and allowance for uncollectible accounts had a credit balance of...

Answered: 1 week ago

Question

★★★★★
The following are a series of unrelated situations. 1. Halen Companys unadjusted trial balance at December 31, 2014, included the following accounts. Halen Company estimates its bad debt expense to...

Answered: 1 week ago

Question

★★★★★
Debug the given C program to read and print N array elements. Find 10 errors in the given Code and correct the errors. (5Marks) NOTE: Copy and PASTE the correct program in the space below. /*Arrays...

Answered: 1 week ago

Question

★★★★★
So Much, Inc., has declared a $4.60 per share dividend. Suppose capital gains are not taxed, but dividends are taxed at 15 percent. New IRS regulations require that taxes be withheld at the time the...

Answered: 1 week ago

Question

★★★★★
What type of data support the idea that shear zones grow in width as they accumulate displacement, and where would we look for the last increment of strain?

Answered: 1 week ago

Question

★★★★★
Let X1, X2,..., Xn denote independent and identically distributed random variables and define the order statistics X(1),..., X(n) by X(i) ith smallest of X1,..., Xn Show that if the distribution of...

Answered: 1 week ago

Question

★★★★★
51. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as...

Answered: 1 week ago

Question

★★★★★
question 1 What is the name of the companys Balance Sheet? A.Consolidated Statements of Financial Position B.Consolidated Statement of Operations C.Consolidated Balance Sheets D.Consolidated...

Answered: 1 week ago

Question

★★★★★
Problem #12: Planning and Control Don't-Cha-Wanna-a-Coffee, a large-scale coffee company that has a chain of 125 retail coffee stores throughout New England, was embroiled in an ethics scandal 3...

Answered: 1 week ago

Question

★★★★★
An Australian exporter WA Co. wants to export goods for 5.46 million Chinese yuan (CNY) and receive payment from a Chinese importer, Sing Tao, in one year. WA Co. also wants to minimise its exchange...

Answered: 1 week ago

Question

★★★★★
Power Shade manufactures insulated windows. Their Repairs and Maintenance Cost is a mixed cost and varies most directly with machine hours worked. The following data have been gathered from the most...

Answered: 1 week ago

Question

★★★★★
Driving a bus is a service industry. What skills are required to provide a quality customer experience for passengers

Answered: 1 week ago

Question

★★★★★
How will you handle this following situation , for an office manager: you did\'nt order enough supplies, and your coworkers are upset they dont have the materials they need to finish their job, For a...

Answered: 1 week ago

Question

★★★★★
How will you know when athletes reach the automatic stage? How will the focus of your coaching change in this final stage? Describe how to perform this skill according to the abstracting-rules...

Answered: 1 week ago

Question

★★★★★
African American enslavement did not slowly disappear in 19 th century America. Rather, it went full force until 1860 and 1861, the South seceded from the Union because the election of Abraham...

Answered: 1 week ago

Question

★★★★★
Having trouble on how to solve for all of them. However, would greatly appreciate hep on how to solve numbers 12, 13, and 16. *help 15. Le Sun's has sales of $3,000, total assets of $2,500, and a...

Answered: 1 week ago

Question

★★★★★
a) Show that (a, b) := {{a}, {b}} does not satisfy the ordered pair axiom. b) Determine whether each of the following statements is true or false. (Give a reason in each case): (i) {a, b} C (a, b)....

Answered: 1 week ago

Question

★★★★★
The trial balance follows for McLean Corporation at December 3!, 2014: A physical count of inventory on December 31 showed that there was $124,000 of inventory on hand. Instructions Prepare a...

Answered: 1 week ago

Question

★★★★★
The statement that follows about Timber Company appeared in a financial magazine: The land and timber holdings are now carried on the company's books at a mere S100 million (U.S.). The value of the...

Answered: 1 week ago

Question

★★★★★
The following transactions for Juan More Taco Inc. (JMT) occurred in the month of May. Prepare journal entries for each transaction. May Owners invest $12,000 cash in exchange for common shares of...

Answered: 1 week ago

Question

★★★★★
For 2013, the income statement of Hylard Corporation had revenues of $152,000 and operating expenses of $78,000. Accounts receivable and accounts payable at year-end were $60,000 and $23,000,...

Answered: 1 week ago

Question

★★★★★
An examination of the accounts of Savage Company for the month of June revealed the following errors after the transactions were journalized and posted. 1. A check for $800 from R. Wright, a customer...

Answered: 1 week ago

Question

★★★★★
Nancy Tercek, the financial vice president, and Margaret Lilly, the controller, of Romine Manufacturing Company are reviewing the financial ratios of the company for the years 2019 and 2020. The...

Answered: 1 week ago

Previous Question Next Question