Homework Answers
For Credit sales Journa entry is
Debtor A/c Dr. $253,000
To Sales $253,000
(Being credit sales)
Provision for Doubtful Debt journal entry is:
Doubtful Debt Dr. $ 2,500
To Provision for doubtful Debt $ 2,500
(Being provision created for doubtful debt)
Write of of Account journal:
Provision for Doubtful Debt A/c Dr. $ 250
To Debtor $ 250
(Write of doubtful debts)
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Prepare the necessary entries, assuming that the company follows the allowance method to account for accounts...
Prepare the necessary entries, assuming that the company follows the allowance method to account for accounts...
Prepare the necessary entries, assuming that the company follows the allowance method to account for accounts receivable: a. Total sales for the month are $253,000 on credit b. The company expects that $2,500 will be uncollectible (assume that there is no balance in the allowance account prior to this entry) C. The company writes off an account as uncollectible in the amount of $250.
Credit Debit $195,800 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,480 903,200 (a) Prepare...
Credit Debit $195,800 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,480 903,200 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $10,290 of accounts receivable will be uncollectible. (b) Repeat part (a), assuming that instead of a credit balance there is a $1,480 debit balance in Allowance for Doubtful Accounts. (c) During the next month, January 2023, a $2,270 account receivable is written off as uncollectible....
Prior to 12/31/19, Maxwell Company provided for uncollectible accounts using the allowance method, but used the...
Prior to 12/31/19, Maxwell Company provided for uncollectible accounts using the allowance method, but used the income statement approach for recording estimates of uncollectible accounts; accordingly, Maxwell did not adjust the balance in the Allowance account at year end. At 1/1/19, Maxwell Company had $120,000 cr. in the Allowance for doubtful accounts. During 2019, credit sales totaled $8,000,000, and over the year, provisions of $160,000 (2% of credit sales) were added to the Allowance. In addition, $100,000 of bad debts...
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense E7-10...
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense E7-10 Uncollectible is established as a percentage of credit sales. For 2018, net credit sales totaled $4,500,000, and the estimated bacd accounts; allowance method vs. direct Required debt percentage is 1.5%. The allowance for uncollectible accounts had a credit balance of$42.000 at the beginning of 2018 and $40,000, after adjusting entries, at the end of 2018. wite-off method 1. What is bad debt expense for...
1. Prepare the necessary entries for the following activities: a. January credit sales total $10,000 to...
1. Prepare the necessary entries for the following activities: a. January credit sales total $10,000 to the following customers: John Smith: $2,500 $3,000 $1,500 $2,000 $1,000 Marry Todd: Luke Jones: Shelly Davis: Lisa Walters: Prepare the entry to record the receivables and the revenue: b. Establish an allowance account (using the allowance method) for bad debt, assuming that $250 of the receivable balance will be uncollectible You make the following collections: c lohn Smith: $2,500 Mary Todd Luke Jones Shelly...
What is the type of account and normal balance of Allowance for Doubtful Accounts? a.contra asset,...
What is the type of account and normal balance of Allowance for Doubtful Accounts? a.contra asset, debit b.asset, credit c.asset, debit d.contra asset, credit To record estimated uncollectible receivables using the allowance method, the adjusting entry would be a a.debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts b.debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable c.debit to Loss on Credit Sales and a credit to Accounts Receivable d.debit to Bad Debt Expense...
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is...
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2018, net credit sales totaled $5,300,000, and the estimated bad debt percentage is 1.40%. The allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $44,000, after adjusting entries, at the end of 2018 Required 1. What is bad debt expense for 2018 as a percent of net credit sales?...
Ervin Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is...
Ervin Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2021, net credit sales totaled $6,300,000, and the estimated bad debt percentage is 1.30%. No previously written off accounts receivable were reinstated during 2021. The allowance for uncollectible accounts had a credit balance of $60,000 at the beginning of 2021 and 549,000, after adjusting entries, at the end of 2021 Required: 1. What is bad debt...
Problem 9-05A a-e At December 31, 2020, the trial balance of Nash Company contained the following...
Problem 9-05A a-e At December 31, 2020, the trial balance of Nash Company contained the following amounts before adjustment. Debit Credit $370,000 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,000 900,000 Based on the information given, which method of accounting for bad debts is Nash Company using-the direct write-off method or the allowance method? (b) Prepare the adjusting entry at December 31, 2020, for bad debt expense, assuming an aging schedule indicates that $10,000 of accounts receivable will...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: Sept. 7 Oct 15 Nov 9 Connecting Company determined that the $8,100 account receivable of the Helena Company was uncollectible, and wrote it off. Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off. Helena Company paid $6,000 of the amount owed to the Connecting Company. Connecting Company does...
Prepare the necessary entries, assuming that the company follows the allowance method to account for accounts receivable: a. Total sales for the month are $253,000 on credit b. The company expects that $2,500 will be uncollectible (assume that there is no balance in the allowance account prior to this entry) C. The company writes off an account as uncollectible in the amount of $250.
Credit Debit $195,800 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,480 903,200 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $10,290 of accounts receivable will be uncollectible. (b) Repeat part (a), assuming that instead of a credit balance there is a $1,480 debit balance in Allowance for Doubtful Accounts. (c) During the next month, January 2023, a $2,270 account receivable is written off as uncollectible....
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense E7-10 Uncollectible is established as a percentage of credit sales. For 2018, net credit sales totaled $4,500,000, and the estimated bacd accounts; allowance method vs. direct Required debt percentage is 1.5%. The allowance for uncollectible accounts had a credit balance of$42.000 at the beginning of 2018 and $40,000, after adjusting entries, at the end of 2018. wite-off method 1. What is bad debt expense for...
1. Prepare the necessary entries for the following activities: a. January credit sales total $10,000 to the following customers: John Smith: $2,500 $3,000 $1,500 $2,000 $1,000 Marry Todd: Luke Jones: Shelly Davis: Lisa Walters: Prepare the entry to record the receivables and the revenue: b. Establish an allowance account (using the allowance method) for bad debt, assuming that $250 of the receivable balance will be uncollectible You make the following collections: c lohn Smith: $2,500 Mary Todd Luke Jones Shelly...
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2018, net credit sales totaled $5,300,000, and the estimated bad debt percentage is 1.40%. The allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $44,000, after adjusting entries, at the end of 2018 Required 1. What is bad debt expense for 2018 as a percent of net credit sales?...
Ervin Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2021, net credit sales totaled $6,300,000, and the estimated bad debt percentage is 1.30%. No previously written off accounts receivable were reinstated during 2021. The allowance for uncollectible accounts had a credit balance of $60,000 at the beginning of 2021 and 549,000, after adjusting entries, at the end of 2021 Required: 1. What is bad debt...
Problem 9-05A a-e At December 31, 2020, the trial balance of Nash Company contained the following amounts before adjustment. Debit Credit $370,000 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,000 900,000 Based on the information given, which method of accounting for bad debts is Nash Company using-the direct write-off method or the allowance method? (b) Prepare the adjusting entry at December 31, 2020, for bad debt expense, assuming an aging schedule indicates that $10,000 of accounts receivable will...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: Sept. 7 Oct 15 Nov 9 Connecting Company determined that the $8,100 account receivable of the Helena Company was uncollectible, and wrote it off. Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off. Helena Company paid $6,000 of the amount owed to the Connecting Company. Connecting Company does...
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