er 8 Qu Tim The following information is from the 201 of Armand Camera Shop: 24 A Accounts Receivable, December 31, $40,000 2015 (debit) Allowance for Doubtful Accounts 1,500 (debit) December 31, 2015 prior to adjustment Net credit sales for 2015 Accounts written off as uncollectible during 2015 Cash sales during 2015 175,000 ights 15,000 27,000 Bad debts expense is estimated by the percent-of-sales method. The management estimates that 3% of net credit sales will be uncollectible. Calculate the amount of bad debts expense for 2015 and prepare the Journal Entry MacBook Pro 3 4 5 7 9 The following information is from the 2015 records of Armand Camera Shop: $40,000 (debit) Accounts Receivable, December 31, 2015 Allowance for Doubtful Accounts 1,500 (debit) December 31, 2015 prior to adjustment Net credit sales for 2015 Accounts written off as uncollectible 75,0 15,000 during 2015 Cash sales during 2015 27,000 Bad debts expense is estimated by the aging-of-receivables method. Management estimates that $5,000 of accounts receivable will be uncollectible. Calculate the amount of bad debts expense for 2015 and prepare the Journal Entry MacBook Pro 5 Quir. Chaptar The following information is from the 2015 records of Armand Camera Shop: $40,000 (debit) Accounts Receivable, December 31, 2015 Allowance for Doubtful Accounts 1,500 December 31, 2015 prior to adjustment Net credit sales for 2015 Accounts written off as uncollectible 17-000 15,000 during 2015 Cash sales during 2015 27,000 Bad debts expense is estimated by the percent-of-sales method Management estimates that 3% of net credit sales will be uncollectible. The balance of the Allowance for Doubtful Accounts after adjustment will be MacBook Pro 20 3 5 a WE Chapter 8 The following information is from the 2015 records of Armand Camera Shop: Accounts Receivable, December 31, $40,000 2015 (debit Allowance for Doubtful Accounts 1,500 (debit) December 31, 2015 prior to adjustment Net credit sales for 2015 Accounts written off as uncollectible 175,000 15,000 during 2015 Cash sales during 2015 27,000 Bad debts expense is estimated by the aging-of-receivables method. Management estimates that $5,000 of accounts receivable will be uncollectible. Calculate the Allowance for Doubtful Accounts after the adjustment for bad debt expense at December 31, 2015. MacBook Pro 5 DI Questia 5 1 pts Smart Art is a new establishment. During the first year, there were credit sales of $40,000 and collections of credit sales of $36,000. One account for $650 was written off. The company decided to use the aging method to account for bad debts expense. It has calculated an amount of $200 as its estimate of uncollectible amounts at year-end. Prepare the journal entry required to record Bad debts expense at the end of the year HTML Editor 0 words MacBook Pro 7 8 1 pts On October 1, 2015, Zircon Jewelry Company accepted a 4- month, 10% note for $2,400 in settlement of an werdue account receivable. Interest revenue was accrued through December 31, 2015. Zircon receives the maturity value of the note on the due date. Give journal entry to record the collection of funds. HTML Editor 0 words MacBook Pro 20 888, 3 5 9 bc.instructure.com Chapter 8 Qui stion 7 0.5 pts The Allowance for Doubtful Accounts has a balance of $9,000. Management estimated that the uncollectible account is $5,000. Prepare the adjusting entry for bad debt expense. HTML Editor MacBook Pro 3 4 5 7 8
