NUMBER 5 IS BAD EXPENSE DEBT.
Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $824,300 58,070 18,180 8,560 30,830 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $ 4. At the end of its first year of operations, December 31, 2020, Carla Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts $1,007,400 Customer accounts written off as uncollectible during 2020 21,810 Bad debt expense for 2020 85,420 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts? Accounts receivable, before deducting allowance for doubtful accounts $ 5. The following accounts were taken from Sarasota Inc's trial balance at December 31, 2020. Credit $690,500 Debit Net credit sales Allowance for doubtful accounts $14,570 Accounts receivable 305,800 The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $51,200 7,880 $1,262,100 Teal Company estimates its bad debt expense to be 5% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 $ 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $184,380 1,798,200 127,480 What is the net amount expected to be collected of Flint's receivables at December 31, 2020? Net realizable value $ Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $824,300 58,070 18,180 8,560 30,830 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $ 4. At the end of its first year of operations, December 31, 2020, Carla Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts $1,007,400 Customer accounts written off as uncollectible during 2020 21,810 Bad debt expense for 2020 85,420 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts? Accounts receivable, before deducting allowance for doubtful accounts $ 5. The following accounts were taken from Sarasota Inc's trial balance at December 31, 2020. Credit $690,500 Debit Net credit sales Allowance for doubtful accounts $14,570 Accounts receivable 305,800 The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $51,200 7,880 $1,262,100 Teal Company estimates its bad debt expense to be 5% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 $ 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $184,380 1,798,200 127,480 What is the net amount expected to be collected of Flint's receivables at December 31, 2020? Net realizable value $
