Homework Answers
| a) | |||||
| Account Titles | Debit | Credit | |||
| Bad Debt Expense ($21550 - 10900) | 10650 | ||||
| Allowance for Doubtful Accounts | 10650 | ||||
| Assets | = | Liabilities | + | Shareholders' equity | |
| 10650 | -10650 | ||||
| b) | |||||
| Account Titles | Debit | Credit | |||
| Allowance for Doubtful Accounts | 1900 | ||||
| Accounts Recivables | 1900 | ||||
| Assets | = | Liabilities | + | Shareholders' equity | |
| -1900 | -1900 | ||||
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Blackhorse Productions, Inc. used the aging of accounts receivable method to estimate that its Allowance for...
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for...
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20.750. The account had an unadjusted credit balance of $10.500 at that time. a. The appropriate bad debt adjustment was recorded. Later, an account receivable for $1,500 was determined to be uncollectible and was written oft Required: For each transaction listed above, indicate the amount and direction for increase or - for decrease of effects on the financial statement accounts...
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful A...
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $19,750. The account had an unadjusted credit balance of $10,000 at that time. The appropriate bad debt adjustment was recorded. Later, an account receivable for $1,000 was determined to be uncollectible and was written off. Required: For each transaction listed above, indicate the amount and direction (+ for increase or − for decrease) of effects on the financial statement accounts...
Blackhorse Productions, Inc. used the aging of accounts receivable method to estimate that its Allowance for...
Blackhorse Productions, Inc. used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20,150. The account had an unadjusted credit balance of $12,000 at that time. Required: Prepare journal entries for each of the following. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) a. The appropriate bad debt adjustment was recorded. D. Later, an account receivable for $1.200 was determined to be uncollectible...
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20.250.
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20.250. The account had an unadjusted credit balance of $11000 at that time. Required: Prepare journal entries for each of the following if no entry is required for a transaction event, select 'No Journal Entry Required In the first account field.) a. The appropriate bad debt adjustment was recorded. b. Later, an account receivable for $1100 was determined to be uncollectible and was written...
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Alllowance for...
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Alllowance for Doubtful Accounts should be $19,700. The account had an unadjusted credit balance of $12,000 at that time Required: Prepare journal entries for each of the following. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. The appropriate bad debt adjustment was recorded b. Later, an account receivable for $1,200 was determined to be uncollectible...
Chapter 8 study assignment i Seved Help Save & Exit Submit Check my work n Blackhorse...
Chapter 8 study assignment i Seved Help Save & Exit Submit Check my work n Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20,550. The account had an unadjusted credit balance of $10,400 at that time. 1.2 points a. The appropriate bad debt adjustment was recorded. b. Later, an account receivable for $1,400 was determined to be uncollectible and was written off. 03:46:35 Required: For each transaction listed...
Wildhorse Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following...
Wildhorse Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable 166,400 71,700 37,800 32,600 15,700 $8,600 % uncollectible 1% 4% 5% 8% 20% Estimated Bad debts (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts...
Required Information Learning Objective 07-P2: Apply the allowance method to accounts receivable. Under the allowance method,...
Required Information Learning Objective 07-P2: Apply the allowance method to accounts receivable. Under the allowance method, bad debts expense is recorded with an adjustment at the end of each accounting period that debits the Bad Debts Expense account and credits the Allowance for Doubtful Accounts. The uncollectible accounts are later written off with a debit to the Allowance for Doubtful Accounts. Knowledge Check 01 The allowance method of accounting for bad debts has the following advantages over the direct write-off...
A company uses the aging of accounts receivable method to estimate its bad debts expense. On...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
Using the aging method of accounts receivable method, $5,600 of the company’s Accounts Receivable are estimated...
Using the aging method of accounts receivable method, $5,600 of the company’s Accounts Receivable are estimated to be uncollectible. At the end of the year, the balance of Accounts Receivable is $106,000 and the unadjusted credit balance of the Allowance for Doubtful Accounts is $620. Credit sales during the year totaled $162,000. What is the current year’s Bad Debt Expense?
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20.750. The account had an unadjusted credit balance of $10.500 at that time. a. The appropriate bad debt adjustment was recorded. Later, an account receivable for $1,500 was determined to be uncollectible and was written oft Required: For each transaction listed above, indicate the amount and direction for increase or - for decrease of effects on the financial statement accounts...
Blackhorse Productions, Inc. used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20,150. The account had an unadjusted credit balance of $12,000 at that time. Required: Prepare journal entries for each of the following. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) a. The appropriate bad debt adjustment was recorded. D. Later, an account receivable for $1.200 was determined to be uncollectible...
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Alllowance for Doubtful Accounts should be $19,700. The account had an unadjusted credit balance of $12,000 at that time Required: Prepare journal entries for each of the following. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. The appropriate bad debt adjustment was recorded b. Later, an account receivable for $1,200 was determined to be uncollectible...
Chapter 8 study assignment i Seved Help Save & Exit Submit Check my work n Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20,550. The account had an unadjusted credit balance of $10,400 at that time. 1.2 points a. The appropriate bad debt adjustment was recorded. b. Later, an account receivable for $1,400 was determined to be uncollectible and was written off. 03:46:35 Required: For each transaction listed...
Required Information Learning Objective 07-P2: Apply the allowance method to accounts receivable. Under the allowance method, bad debts expense is recorded with an adjustment at the end of each accounting period that debits the Bad Debts Expense account and credits the Allowance for Doubtful Accounts. The uncollectible accounts are later written off with a debit to the Allowance for Doubtful Accounts. Knowledge Check 01 The allowance method of accounting for bad debts has the following advantages over the direct write-off...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
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