This is 1 problem as stated by Chegg. This is for homework. Thank you for being accurate.
Chapter 07 Group work - STU.xlsx Problem 1a Page 1 On December 31, 2020, Beerbo Inc. had a $500,000 year-end balance in its 'ACCOUNTS RECEIVABLE'. On that same date, Beerbo had a credit balance of $10,000 in its 'ALLOWANCE FOR BAD DEBTS'. During the year, Beerbo accrued $3,000,000 in sales on account, and collected $3,500,000 on account. Beerbo estimates that 10.00% of its trade accounts receivable will be uncollectible. ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS ANSWERS The balance in ALLOWANCE FOR BAD DEBTS is normally a... [debit/credit] The $10,000 balance in Beerbo's ALLOWANCE FOR BAD DEBTS is... (normal / abnormal ? What should be the year-end balance in Beerbo's ALLOWANCE FOR BAD DEBTS? [in $1 Should the balance in ALLOWANCE FOR BAD DEBTS be adjusted? (yeso] By how much should Beerbo adjust its balance in ALLOWANCE FOR BAD DEBTS? [in $] The adjustment to Beerbo's ALLOWANCE FOR BAD DEBTS... [increases/decreases)... the account The beginning balance in Beerbo's ACCOUNTS RECEIVABLE must have been... [in$] Input the necessary adjusting journal entry below. DEBIT CREDIT Chapter 07 Group work - STU.xlsx Problem 1b Page 2 On December 31, 2020, Beerbo Inc. had a $500,000 year-end balance in its 'ACCOUNTS RECEIVABLE'. On that same date, Beerbo had a debit balance of $10,000 in its 'ALLOWANCE FOR BAD DEBTS'. During the year, Beerbo accrued $3,000,000 in sales on account, and collected $3,500,000 on account. Beerbo estimates that 10.00% of its trade accounts receivable will be uncollectible. ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS ANSWERS The balance in ALLOWANCE FOR BAD DEBTS is normally a... [debit/credit] The $10,000 balance in Beerbo's ALLOWANCE FOR BAD DEBTS is... (normal / abnormal) What should be the year-end balance in Beerbo's ALLOWANCE FOR BAD DEBTS? [in $ Should the balance in ALLOWANCE FOR BAD DEBTS be adjusted? (yeso] By how much should Beerbo adjust its balance in ALLOWANCE FOR BAD DEBTS? [in $] The adjustment to Beerbo's ALLOWANCE FOR BAD DEBTS... [increases/decreases)... the account. The beginning balance in Beerbo's ACCOUNTS RECEIVABLE must have been... [in$] Input the necessary adjusting journal entry below. DEBIT CREDIT Chapter 07 Group work - STU.xlsx Problem 1c Page 3 On December 31, 2020, Beerbo Inc. had a $500,000 year-end balance in its 'ACCOUNTS RECEIVABLE'. On that same date, Beerbo had a credit balance of $60,000 in its 'ALLOWANCE FOR BAD DEBTS'. During the year, Beerbo accrued $3,000,000 in sales on account, and collected $3,500,000 on account. Beerbo estimates that 10.00% of its trade accounts receivable will be uncollectible. ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS ANSWERS The balance in ALLOWANCE FOR BAD DEBTS is normally a... [debit/credit] The $60,000 balance in Beerbo's ALLOWANCE FOR BAD DEBTS is... (normal / abnormal ? What should be the year-end balance in Beerbo's ALLOWANCE FOR BAD DEBTS? [in $1 Should the balance in ALLOWANCE FOR BAD DEBTS be adjusted? (yeso] By how much should Beerbo adjust its balance in ALLOWANCE FOR BAD DEBTS? [in $] The adjustment to Beerbo's ALLOWANCE FOR BAD DEBTS... [increases/decreases)... the account. The beginning balance in Beerbo's ACCOUNTS RECEIVABLE must have been... [in$] Input the necessary adjusting journal entry below. DEBIT CREDIT Problem 1d Page 4 Chapter 07 Group work - STU.xlsx On December 31, 2020, Beerbo Inc. had a $500,000 year-end balance in its 'ACCOUNTS RECEIVABLE'. On that same date, Beerbo had a credit balance of $50,000 in its 'ALLOWANCE FOR BAD DEBTS'. During the year, Beerbo accrued $3,000,000 in sales on account, and collected $3,500,000 on account. Beerbo estimates that 10.00% of its trade accounts receivable will be uncollectible. ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS ANSWERS The balance in ACCOUNTS RECEIVABLE is normally a... (debit/credit] The $50,000 balance in Beerbo's ALLOWANCE FOR BAD DEBTS is... (normal / abnormal)? What should be the year-end balance in Beerbo's ALLOWANCE FOR BAD DEBTS? [in $1 Should the balance in ALLOWANCE FOR BAD DEBTS be adjusted? (yesol By how much should Beerbo adjust its balance in ALLOWANCE FOR BAD DEBTS? [in $] The beginning balance in Beerbo's ACCOUNTS RECEIVABLE must have been... [in$) Input the necessary adjusting journal entry below. DEBIT CREDIT
