Homework Answers
Question 1.
Solution: Bad debts expense = Estimated allowance for doubtful account + debit balance of allowance for doubtful accounts
= $10,500 + 5,000 = $15,500
Question 2 .
solution: Bad debts expense = Estimated allowance for doubtful account - credit balance of this account
= $9,500 - 7,000 = $2,500
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SCORE SECTION STUDENT'S NAME Parlson Corporation's unadjusted year-end Trial Balance has the following balances: 1 S300,000...
3. Stratege4U Company unadjusted year-end Trial Balance has the following balances: Accounts Receivable Credit Sales Revenue...
3. Stratege4U Company unadjusted year-end Trial Balance has the following balances: Accounts Receivable Credit Sales Revenue Allowance for Doubtful Accounts $200,000 $1,00,000 $4,500 Dr. Cr. Dr. Stratege4U Company Accounts Receivable Aging schedule has an estimated Allowance for Doubtful Account calculation of $5,500. Please calculate Bad Debt Expense. Show your work for full points. Bad Debt Expense Allowance for Doubtful Account
A corporation's unadjusted trial balance includes the following balances (assume normal balances): - accounts receivable $5,357,000...
A corporation's unadjusted trial balance includes the following balances (assume normal balances): - accounts receivable $5,357,000 -allowances for doubtful accounts $43,900 using an aging schedule, bad debts are estimated to be 4% of outstanding receivables. what amounts of bad debt expense will the company record? A. $214,280 B. 170,380 C. $258,180 D. $212,524
The unadjusted trial balance at the end of the year includes the following: Accounts Receivable $...
The unadjusted trial balance at the end of the year includes the following: Accounts Receivable $ 114,000 Allowance for Doubtful Accounts 2,600 Both accounts have normal balances. The company uses the aging of accounts receivable method. Its estimate of uncollectible receivables resulting from the aging analysis equals $8,200. What is the amount of Bad Debt Expense to be recorded for the year? Multiple Choice $10,800 $5,600 $8,200 $13,400
The unadjusted trial balance at the end of the year includes the following: $106.000 Accounts receivable...
The unadjusted trial balance at the end of the year includes the following: $106.000 Accounts receivable Allowance for doubtful accounts $1,800 Both accounts have normal balances. The company uses the aging of accounts receivable method. Its estimate of uncollectible receivables resulting from the aging analysis equals $7,000. What is the amount of Bad Debt Expense to be recorded for the year? Multiple Choice $10.600 Multiple Choice o $10,600 o $7000 o $5 200 o $8.800
Following are unadjusted balances along with year-end adjustments for Quinlan Company. Complete the adjusted trial balance...
Following are unadjusted balances along with year-end adjustments for Quinlan Company. Complete the adjusted trial balance by entering the adjusted balance for each of the following accounts. Adjusted Trial Balance Unadjusted Trial Balance Adjustments No. Account Title Dr. Cr. Dr. Cr. Dr. Cr. 10,000 Cash $ 10,000 101 106 Accounts receivable 126 Supplies 209 Salaries payable 301 B. Wells, Capital 403 Consulting 622 Salaries expense 652 Supplies expense 3,200 4,800 5,100 $ 2,700 600 0 11,000 13,000 4,800 revenue 600...
The following selected amounts are reported on the year-end unadjusted trial balance report for a company...
The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. Accounts receivable $ 426,000 Debit Allowance for Doubtful Accounts 1,440 Debit Net Sales 2,290,000 Credit All sales are made on credit. Based on past experience, the company estimates 2.0% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record...
Tropic Lightning had the following balances at December 31, 2020, before the year-end adjustments: Click the...
Tropic Lightning had the following balances at December 31, 2020, before the year-end adjustments: Click the icon to view the balances and aging of accounts receivable schedule.) 1. Journalize Tropic Lightning's entry to record bad debt expense for 2020 using the aging-of-receivables metho 2. Prepare the T-account to compute the ending balance of Allowance for Doubtful Accounts 1. Journalize Tropic Lightning's entry to record bad-debt expense for 2020 using the aging-of-receivables method. (Record debits first, then crem Journal Entry Accounts...
Assume Zap industries reported the following adjusted account balances at year-end. 2019 2018 Accounts Receivable $1,680,200...
Assume Zap industries reported the following adjusted account balances at year-end. 2019 2018 Accounts Receivable $1,680,200 $1,330,920 (91,000) $1,589,200 $1,255,520 Allowance for Doubtful Accounts (75,400) Accounts Receivable, Net Assume the company recorded no write-offs or recoveries during 2019. What was the amount of Bad Debt Expense reported in 2019? Multiple Choice $31,200 $91,000 $75.400. $15.600. A company's unadjusted trial balance at the end of the year includes the following: $110,000 2,200 Accounts Receivable Unadjusted debit balance in Allowance for Doubtful...
The following selected amounts are reported on the year-end unadjusted trial balance report for a company...
The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. 440,000 Debit Accounts receivable 1,300 Debit Allowance for Doubtful Accounts Net Sales 2,150,000 Credit All sales are made on credit. Based on past experience, the company estimates 3.0 % of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record...
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr....
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr. $163,000 $ 1,260 500,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 26,000 15. Assume that Risen Company estimates doubtful accounts to be 10% of gross accounts receivable Bad Debt Expense for 2014 would be: a. $16,300 b. $13,780 c. $17,560 d. $15,040 16. The following accounts were taken from Robot Company's unadjusted trial balance at December 31,...
3. Stratege4U Company unadjusted year-end Trial Balance has the following balances: Accounts Receivable Credit Sales Revenue Allowance for Doubtful Accounts $200,000 $1,00,000 $4,500 Dr. Cr. Dr. Stratege4U Company Accounts Receivable Aging schedule has an estimated Allowance for Doubtful Account calculation of $5,500. Please calculate Bad Debt Expense. Show your work for full points. Bad Debt Expense Allowance for Doubtful Account
The unadjusted trial balance at the end of the year includes the following: $106.000 Accounts receivable Allowance for doubtful accounts $1,800 Both accounts have normal balances. The company uses the aging of accounts receivable method. Its estimate of uncollectible receivables resulting from the aging analysis equals $7,000. What is the amount of Bad Debt Expense to be recorded for the year? Multiple Choice $10.600 Multiple Choice o $10,600 o $7000 o $5 200 o $8.800
Following are unadjusted balances along with year-end adjustments for Quinlan Company. Complete the adjusted trial balance by entering the adjusted balance for each of the following accounts. Adjusted Trial Balance Unadjusted Trial Balance Adjustments No. Account Title Dr. Cr. Dr. Cr. Dr. Cr. 10,000 Cash $ 10,000 101 106 Accounts receivable 126 Supplies 209 Salaries payable 301 B. Wells, Capital 403 Consulting 622 Salaries expense 652 Supplies expense 3,200 4,800 5,100 $ 2,700 600 0 11,000 13,000 4,800 revenue 600...
Tropic Lightning had the following balances at December 31, 2020, before the year-end adjustments: Click the icon to view the balances and aging of accounts receivable schedule.) 1. Journalize Tropic Lightning's entry to record bad debt expense for 2020 using the aging-of-receivables metho 2. Prepare the T-account to compute the ending balance of Allowance for Doubtful Accounts 1. Journalize Tropic Lightning's entry to record bad-debt expense for 2020 using the aging-of-receivables method. (Record debits first, then crem Journal Entry Accounts...
Assume Zap industries reported the following adjusted account balances at year-end. 2019 2018 Accounts Receivable $1,680,200 $1,330,920 (91,000) $1,589,200 $1,255,520 Allowance for Doubtful Accounts (75,400) Accounts Receivable, Net Assume the company recorded no write-offs or recoveries during 2019. What was the amount of Bad Debt Expense reported in 2019? Multiple Choice $31,200 $91,000 $75.400. $15.600. A company's unadjusted trial balance at the end of the year includes the following: $110,000 2,200 Accounts Receivable Unadjusted debit balance in Allowance for Doubtful...
The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. 440,000 Debit Accounts receivable 1,300 Debit Allowance for Doubtful Accounts Net Sales 2,150,000 Credit All sales are made on credit. Based on past experience, the company estimates 3.0 % of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record...
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr. $163,000 $ 1,260 500,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 26,000 15. Assume that Risen Company estimates doubtful accounts to be 10% of gross accounts receivable Bad Debt Expense for 2014 would be: a. $16,300 b. $13,780 c. $17,560 d. $15,040 16. The following accounts were taken from Robot Company's unadjusted trial balance at December 31,...
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