During 2018, its first year of operations, Pave Construction provides services on account of $130,000
During 2018, its first year of operations, Pave Construction provides services on account of $130,000. By the end of 2018, cash collections on these accounts total $95,000. Pave estimates that 30% of the uncollected accounts will be bad debts.
Required:
1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Calculate the net realizable value of accounts receivable. Total accounts receivable Net realizable value
Homework Answers
1) Adjusting entry
| Date | account and explanation | Debit | Credit |
| Bad debt expense (130000-95000)*30% | 10500 | ||
| Allowance for doubtful accounts | 10500 | ||
2) Net realizable value
| Total account receivable | 35000 |
| Less: Allowance for doubtful account | -10500 |
| Net realizable value | 24500 |
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During 2018, its first year of operations, Pave Construction provides services on account of $130,000
solve 2 please During 2018, its first year of operations, Pave Construction provides services on account...
solve 2 please
During 2018, its first year of operations, Pave Construction provides services on account of $120,000. By the end of 2018, cash collections on these accounts total $90,000. Pave estimates that 20% of the uncollected accounts will be bad debts. Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is complete and correct. No Date General...
During 2018, the uncollected accounts will be bad debts. s first year of operations, Pave Construction...
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During 2021, its first year of operations, Pave Construction provides services on account of $152,000
During 2021, its first year of operations, Pave Construction provides services on account of $152,000. By the end of 2021, cash collections on these accounts total $106,000. Pave estimates that 30% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $12,420. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2-a. Record the...
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Roth Service Co. experienced the following transactions for 2018, its first year of operations: Provided $68,000...
Roth Service Co. experienced the following transactions for
2018, its first year of operations:
Provided $68,000 of services on account.
Collected $38,500 cash from accounts receivable.
Paid $28,000 of salaries expense for the year.
Roth adjusted the accounts using the following information from
an accounts receivable aging schedule:
Number of Days Past Due
Amount
Percent Likely to Be Uncollectible
Allowance Balance
Current
$
15,400
0.01
0-30
5,400
0.05
31-60
3,900
0.10
61-90
1,100
0.30
Over 90 days
3,700
0.50
Required...
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solve 2 please
During 2018, its first year of operations, Pave Construction provides services on account of $120,000. By the end of 2018, cash collections on these accounts total $90,000. Pave estimates that 20% of the uncollected accounts will be bad debts. Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is complete and correct. No Date General...
During 2018, the uncollected accounts will be bad debts. s first year of operations, Pave Construction provides services on account of $136,000. By the end of 2018, cash collections on these accounts total $98,000. Pave estimates that 30 % of Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit...
Sanders Inc. is a small brick manufacturer that uses the direct write-off method to account for uncollectible accounts. At the end of 2018, its balance for Accounts Receivable is $28,000. The company estimates that of this amount, $3,300 is not likely to be collected in 2019. In 2019, the actual amount of bad debts is $2,200. Record, if necessary, an adjustment for estimated uncollectible accounts at the end of 2018 and the actual bad debts in 2019. (If no entry...
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Roth Service Co. experienced the following transactions for
2018, its first year of operations:
Provided $68,000 of services on account.
Collected $38,500 cash from accounts receivable.
Paid $28,000 of salaries expense for the year.
Roth adjusted the accounts using the following information from
an accounts receivable aging schedule:
Number of Days Past Due
Amount
Percent Likely to Be Uncollectible
Allowance Balance
Current
$
15,400
0.01
0-30
5,400
0.05
31-60
3,900
0.10
61-90
1,100
0.30
Over 90 days
3,700
0.50
Required...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
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