Homework Answers
1. BY bad debts account debit , To bad debts written off credit
.By bad debts accounts debit, to debtors accounts credit 1950
3. Two percentage rate is reasonable since normal bad debts is only 1750 as per the available data.
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During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of which $97,500 was on credit. At the start of 2018, Accounts Receivable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $650 credit balance Collections of accounts receivable during 2018 amounted to $73.000. Data during 2018 follow: a. On December 10, a customer balance of $1,750 from prior year was determined to be uncollectible, so it was written off. b....
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $190,000, of...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $190,000, of which $95,000 was on credit. At the start of 2018, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $640 credit balance. Collections of accounts receivable during 2018 amounted to $72,000. Data during 2018 follow: a. On December 10, a customer balance of $1,700 from a prior year was determined to be uncollectible, so it was written off....
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $170,000, of which $85,000 was on...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2018, Accounts Receivable showed a $10,000 debit balance and the Allowance for Doubtful Accounts showed a $600 credit balance. Collections of accounts receivable during 2018 amounted to $68,000. Data during 2018 follow: a. On December 10, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off....
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $220,000,...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $220,000, of which $110,000 was on credit. At the start of 2018, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $700 credit balance. Collections of accounts receivable during 2018 amounted to $78,000. Data during 2018 follow: a. On December 10, a customer balance of $2,000 from a prior year was determined to be uncollectible, so it was written...
During the current year, Bob's Ceramics Shop had sales revenue of $60,000, of which $25,000 was...
During the current year, Bob's Ceramics Shop had sales revenue
of $60,000, of which $25,000 was on credit. At the start of the
current year, Accounts Receivable showed a $3,500 debit balance and
the Allowance for Doubtful Accounts showed a $300 credit balance.
Collections of accounts receivable during the current year amounted
to $18,000.
Data during the current year follow:
a. On December 31, an Account Receivable (Toby’s Gift Shop) of $550
from a prior year was determined to be...
Help Save & Exit Submit Check my work E6-21 (Algo) Recording, Reporting, and Evaluating a Bad...
Help Save & Exit Submit Check my work E6-21 (Algo) Recording, Reporting, and Evaluating a Bad Debt Estimate Using the Percentage of Credit Sales Method LO6-2. During the current year, Robby's Camera Shop had sales revenue of $157,000, of which $57,000 was on credit. At the start of the current year, Accounts Receivable showed a $19,000 debit balance and the Allowance for Doubtful Accounts showed a $1,800 credit balance. Collections of accounts receivable during the current year amounted to $60,000....
LO 8-2 9.3 Recording, Reporting, and Evaluating a Bad Debt Estimate Using the Percentage of Credit...
LO 8-2 9.3 Recording, Reporting, and Evaluating a Bad Debt Estimate Using the Percentage of Credit Sales Method ing the year ended December 31, 2015, Kelly's Camera Shop had sales revenue of $170,000, which $85,000 was on credit. At the start of 2015, Accounts Receivable showed a $10,000 debit holance and the Allowance for Doubtful Accounts showed a $600 credit balance. Collections of accounts receivable during 2015 amounted to $68,000. Data during 2015 follow: a. On December 10, a customer...
Pessimist Incorporated had credit sales totalling $4,900,000 and $5,100,000 for the years ended December 31, 2018...
Pessimist Incorporated had credit sales totalling $4,900,000 and $5,100,000 for the years ended December 31, 2018 and December 31 2019. respectively. Information on trade accounts receivable for the company is presented below: Days outstanding Balance in accounts receivable December 31, 2018 0-30 400,000 30-60 150,000 61-90 40,000 Over 90 10,000 Balance in accounts receivable December 31, 2019 440,000 160,000 30,000 20,000 % of receivables estimated to be uncollectible 0.5% 1% 2% 5% The credit balance in the allowance for doubtful...
The following transactions were completed by Daws Company during the current fiscal year ended December 31:...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: 1. Record the January 1 credit balance of $25,615 in a Taccount for Allowance for Doubtful Accounts 2. B. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense Jan. 29 Apr. 18 Allowance for Doubtful Accounts Aug. 9 Nov. 7 Received 40% of the $17,000 balance owed by Kovar Co.,...
During 2018, the uncollected accounts will be bad debts. s first year of operations, Pave Construction...
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...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of which $97,500 was on credit. At the start of 2018, Accounts Receivable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $650 credit balance Collections of accounts receivable during 2018 amounted to $73.000. Data during 2018 follow: a. On December 10, a customer balance of $1,750 from prior year was determined to be uncollectible, so it was written off. b....
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $190,000, of which $95,000 was on credit. At the start of 2018, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $640 credit balance. Collections of accounts receivable during 2018 amounted to $72,000. Data during 2018 follow: a. On December 10, a customer balance of $1,700 from a prior year was determined to be uncollectible, so it was written off....
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2018, Accounts Receivable showed a $10,000 debit balance and the Allowance for Doubtful Accounts showed a $600 credit balance. Collections of accounts receivable during 2018 amounted to $68,000. Data during 2018 follow: a. On December 10, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off....
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $220,000, of which $110,000 was on credit. At the start of 2018, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $700 credit balance. Collections of accounts receivable during 2018 amounted to $78,000. Data during 2018 follow: a. On December 10, a customer balance of $2,000 from a prior year was determined to be uncollectible, so it was written...
During the current year, Bob's Ceramics Shop had sales revenue
of $60,000, of which $25,000 was on credit. At the start of the
current year, Accounts Receivable showed a $3,500 debit balance and
the Allowance for Doubtful Accounts showed a $300 credit balance.
Collections of accounts receivable during the current year amounted
to $18,000.
Data during the current year follow:
a. On December 31, an Account Receivable (Toby’s Gift Shop) of $550
from a prior year was determined to be...
Help Save & Exit Submit Check my work E6-21 (Algo) Recording, Reporting, and Evaluating a Bad Debt Estimate Using the Percentage of Credit Sales Method LO6-2. During the current year, Robby's Camera Shop had sales revenue of $157,000, of which $57,000 was on credit. At the start of the current year, Accounts Receivable showed a $19,000 debit balance and the Allowance for Doubtful Accounts showed a $1,800 credit balance. Collections of accounts receivable during the current year amounted to $60,000....
LO 8-2 9.3 Recording, Reporting, and Evaluating a Bad Debt Estimate Using the Percentage of Credit Sales Method ing the year ended December 31, 2015, Kelly's Camera Shop had sales revenue of $170,000, which $85,000 was on credit. At the start of 2015, Accounts Receivable showed a $10,000 debit holance and the Allowance for Doubtful Accounts showed a $600 credit balance. Collections of accounts receivable during 2015 amounted to $68,000. Data during 2015 follow: a. On December 10, a customer...
Pessimist Incorporated had credit sales totalling $4,900,000 and $5,100,000 for the years ended December 31, 2018 and December 31 2019. respectively. Information on trade accounts receivable for the company is presented below: Days outstanding Balance in accounts receivable December 31, 2018 0-30 400,000 30-60 150,000 61-90 40,000 Over 90 10,000 Balance in accounts receivable December 31, 2019 440,000 160,000 30,000 20,000 % of receivables estimated to be uncollectible 0.5% 1% 2% 5% The credit balance in the allowance for doubtful...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: 1. Record the January 1 credit balance of $25,615 in a Taccount for Allowance for Doubtful Accounts 2. B. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense Jan. 29 Apr. 18 Allowance for Doubtful Accounts Aug. 9 Nov. 7 Received 40% of the $17,000 balance owed by Kovar Co.,...
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...
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