Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Labul n Bureau of The following information is available Credit sales for the year $ 5,000 $900 Accounts Recelvable Allowance for Uncollectible Accounts 100 1.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Labul n Bureau of The following information is available Credit sales for the year $ 5,000 $900 Accounts Recelvable Allowance for Uncollectible Accounts 100 1. Using the aging of receivables method to estimate the uncollectible accounts, the estimated amount is $140. Make the journal entry to adjust for the uncollectible accounts expense. 2. Disregard your answer in question 1 and use the same information above. Now using percent is1%, what is the net value of the receivables AFTER the adjusting entry? 3. The company wrote off $10 of accounts recelvable this year. If the beginning balance in the Allowance account is $32 and the ending balance is $28. What is the uncollectible accounts expense for this year? Prepare journal entries to record the following transactions. a. Provided services to customer and mailed invoice for $2,000, terms 1/15, n/60 b. Customer paid the bill within the discount period. An aging of accounts receivable shows a total of $500 as being uncollectible. Assuming that the Allowance for Uncollectible Accounts has a credit balance of $50, make the journal entry to record the Uncollectible Account Expense for this accounting period. 1. The following information is available Credit Sales for the year Accounts Receivable Allowance for Bad Debts $4,000 $700 $ 30 Using the aging of receivable method, 10% of the accounts receivable are considered to be uncollectible. Make the journal entry to record the bad debt expense A. 8. Disregard your answer in part A, using the same information above and the percentage sales method; what is the bad debt expense if 1% of credit sales are considered uncollectible? of 2. The company had a beginning credit balance in the Allowance for Bad Debts of $10. The company wrote off $12 of bad debts during the year. Aging of Receivables shows that $15 of the receivables is uncollectible. What should the bad debt expense be for this period? receivable of $1,000. Theterms are 90 days and 6%. Make the 3. Th journal entry to record the collecting of the note receivable and e company has a note interest. Credit Sales for the year were $30,000. Ending accounts receivable is $2,000. The Allowance for Doubtful Accounts has a debit balance of $400. The accountant aged the accounts receivable and determined that $520 would be uncollectible. Determine the uncollectible accounts expense and prepare the adjusting entry to record this expense. What is the net realizable value after the adjusting entry is made? If beginning accounts receivable is $6,000, how much cash has been collected from the customers this past year. On June 1, a customer purchased merchandise for $4,000 with credit terms 1/15. n/30. The merchandise cost the company $2,400. The customer paid the account receivable on June 9. Prepare the journal entries to record the sale and the collection of cash from the customer. The Allowance Method for Accounting for Bad Debts 1. Make journal entries for the following transactions 12/31/20x Record estimated bad debt expense of $6,000 6/12/20x Wrote off Tom Marsh's account receivable as uncollectible for $300 2. Cool Pool Company had sales on credit of $900,000 with accounts receivable of $200,000 and a credit balance of $300 in the Allowance for Doubtful Accounts at the end of the year. Record the bad debts expense for the year, using each of the following methods for the estimate and calculate net realizable value of the accounts receivable on the balance sheet. A. Allowance for doubtful accounts is 4% of accounts receivable B. Bad debt expense is estimated to be 1% of sales C. Allowance for doubtful accounts is indicated to be $8,500 based on the aging of accounts receivable 3. The Allowance for Doubtful Accounts has a debit balance of $200. Determine the bad debt expense and the total in the Allowance account for each of the following: A. 3% of credit sales were determined to be bad debts. Total credit sales for the year were $500,000 B. 2% of accounts receivables were determined to be worthless. accounts receivable were $150,000. Ending Marion Co. uses the percentage of receivables basis to record bad debt expense and concludes that 1% of accounts receivable will become uncollectible. Accounts receivables are $500,000 at the end of the year; and the allowance for doubtful accounts has a credit balance of $1,500. a. Prepare the adjusting journal entry to record the bad debt expense for the year b. if the allowance for doubtful accounts had a debit balance of $800 instead of a credit balance of $1,500 p repare the a for bad debt expense. The ledger of Seymour Company at the end of the current year shows Accounts Receivable $90,000; Credit Sales $780,000; and Sales returns of $40,000. If the Doubtful Accounts has a credit balance of $1,100 journalize the adjusting entry assuming bad debts are expected to be 10% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $500 journalize the adjusting entry assuming bad debts are expected to the 8% of accounts receivable/ Marion Company Marion Company uses the percentage of receivables basis to record bad debt expense and concludes that 1% of accounts receivable will become uncollectible. Accounts Receivable are $500,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,500. 1. Prepare the adjusting journal entry to record the bad debt expense for the year. 2. If the allowance for doubtful accounts had a debit balance of $800 instead of a credit balance of $1,500, prepare the adjusting journal entry for bad debts expense. The ledger of Seymour Company at the end of the current year shows accounts Receivable $90,000; Credit Sales 780,000; and Sales Returns and Allowances of $40,000. 1. If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable. Allowcince Bad Debt Expense 7,900

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamental Accounting Principles Volume I

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

16th Canadian edition

978-1260305821

Students also viewed these Accounting questions