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Young and Restless Corporation (YRC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered current and have a 5% uncollectible rate. Accounts more than 60 days are considered delinquent and have a 30% uncollectible rate.. YRCs Allowance for Doubtful Accounts currently has an unadjusted credit balance of $551

If YRC has $54,080 of current accounts and $4,910 of delinquent accounts, how much should be reported in the Allowance for Doubtful Accounts? 54080*.05 + 4910*.30 -551 = 3626 IS WRONG

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Assume Brandall Co. had credit sales of $157,502 and cost of goods sold of $56,648 for the period. Brandall uses the percentage of credit sales method and estimates that 1 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a debit balance of $723.

What is the adjusted (ending) balance in the Allowance for Doubtful Accounts that Brandall would report on the Balance Sheet? $________ 157502*.01 = 1575.02 IS WRONG

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Assume Brandall Co. had credit sales of $159,059 and cost of goods sold of $67,067 for the period. Brandall uses the percentage of credit sales method and estimates that 3 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $402.

What amount of Bad Debt Expense would the company record as an end-of-period adjustment? 159059*.03 - 402 IS WRONG

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At the beginning of Year 3 Randall Company had a $17,020 balance in its accounts receivable account and a $1,330 balance in allowance for doubtful accounts. During Year 3, Randall experienced the following events.

(1) Randall earned $24,400 of revenue on account.

(2) Collected $17,770 cash from accounts receivable.

(3) Wrote-off $870 of accounts receivable as uncollectible.

Randall estimates uncollectible accounts to be 3% of receivables. Based on this information, the December 31, Year 3 the ending balance in the allowance for doubtful accounts account (balance after expense recognition) is $_________24400-17770-870 = 22780*.03 IS WRONG