Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

on an analysis of receivables shows that $780 of accounts receivables are uncollectible. The Allowance for Doubtful Accounts has a debit balance of SI10. After

image text in transcribed
on an analysis of receivables shows that $780 of accounts receivables are uncollectible. The Allowance for Doubtful Accounts has a debit balance of SI10. After preparing the adjusting entry at the end of the year, the balance in the Allowance for Doubtful Accounts is a. $110 b. $780 c. $670 d. $890 . Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment and an analysis of accounts in the customers ledger indicates doubtful accounts of $15,000. Which of th following entries records the proper provision for doubtful accounts? a. debit Uncollectible Accounts Expense, $800; credit Allowance for Doubtful Accounts, $800 b. debit Uncollectible Accounts Expense, $14,200; credit Allowance for Doubtful Accounts $14,200 c. debit Allowance for Doubtful Accounts. S800, credit Uncollectible Accounts Expense, $800 d. debit Allowance for Doubtful Accounts, $15,800; credit Uncollectible Accounts Expense, $15,800 7. Allowance for Doubtful Accounts has a debit balance of $500 at the end of the year (before adjustment), and uncollectible accounts expense is estimated at 3% of net sales. If net sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is a. $18,500 b. $17,500 c. $18,000 d. none of the above After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $450,000 and Allowance for Doubtful Accounts has a balance of $25,000. What is the net realizable value of the accounts receivable? a. $25,000 b. $425,000 c. $450,000 d. $455,000 8. 9. Allowance for Doubtful Accounts has a credit balance of $1,100 at the end of the year (before adjustment), and an analysis of customers' accounts indicates doubtful accounts of $12,900. Which of the following entries records the proper provision for doubtful accounts? a. debit Uncollectible Accounts Expense, $14,000; credit Allowance for Doubtful Accounts, b. debit Allowance for Doubtful Accounts, $14,000; credit Uncollectible Accounts Expense, c. debit Allowance for Doubtful Accounts, $11,800; credit Uncollectible Accounts Expense, d. debit Uncollectible Accounts Expense, $11,800, credit Allowance for Doubtful Accounts $14,000 $14,000 $11,800 $11,800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Managerial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

10th Edition

B010IKDQZM

More Books

Students also viewed these Accounting questions