Homework Answers
Answers
- Requirement 1
Bad Debt Expense will be $ 85000 credit sale x 5% = $ 4,250
Credit to Allowance for Doubtful
account balance = $ 4250 credited - $ 817 debit balance
= $ 3,433 Credit balance
- Requirement 2
|
Accounts title |
Debit |
Credit |
|
Bad Debt Expense ($85000 x 5%) |
$4,250 |
|
|
Allowance for Doubtful Accounts |
$4,250 |
|
|
(to record bad debt expense) |
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An aging of a company's accounts receivable indicates that
$4,200 is estimated to be uncollectible. If Allowance for Doubtful
Accounts has a $800 credit balance, the adjustment to record bad
debts for the period will require a
credit to Allowance for Doubtful Accounts for $5,000.
debit to Allowance for Doubtful Accounts for $3,400.
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debit to Bad Debts Expense for $3,400.
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34. After aging the accounts receivable, it is estimated that $790 will not be collected and...
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Aging of accounts receivables
Percentage of credit sales
Either the percentage of credit sales or aging of accounts
receivables
Assume that Simple Co. had credit sales of $290,000 and cost of goods sold of $170,000 for the period. It estimates that 2 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts...
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An aging of a company's accounts receivable indicates that $9400 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $4890 credit balance, the adjustment to record bad debts for the period will require a O credit to Allowance for Doubtful Accounts for $9400. O debit to Allowance for Doubtful Accounts for $4510. O debit to Bad Debt Expense for $9400. O debit to Bad Debt Expense for $4510. Click if you would like to Show Work for...
An aging of a company's accounts receivable indicates that
$4,200 is estimated to be uncollectible. If Allowance for Doubtful
Accounts has a $800 credit balance, the adjustment to record bad
debts for the period will require a
credit to Allowance for Doubtful Accounts for $5,000.
debit to Allowance for Doubtful Accounts for $3,400.
debit to Bad Debts Expense for $4,200.
debit to Bad Debts Expense for $3,400.
Using the aging method of accounts receivable method, $5,300 of the company's Accounts Receivable are estimated to be uncollectible. At the end of the year, the balance of Accounts Receivable is $103,000 and the unadjusted credit balance of the Allowance for Doubtful Accounts is $560. Credit sales during the year totaled $156,000. What is the current year's Bad Debt Expense? Multiple Choice $4,740. S7300 | o ooo $5,300. On June 12, because management knew with near certainty that it had...
34. After aging the accounts receivable, it is estimated that $790 will not be collected and the allowance s an exristing debit balance of $230. The adjusting entry under the aging approach would b for the amount of $790. b. $230. c. $560. d $1,020. 35. After aging the accounts receivable, it is estimated that $420 will not be collected and the allowance account has an existing debit balance of $100. If accounts receivable is $14 would be a. $145,000....
Question 33 4 pts An aging of a company's accounts receivable indicates that $5,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $3,800 debit to Bad Debts Expense for $3,800 debit to Allowance for Doubtful Accounts for $5,000 credit to Allowance for Doubtful for $5,000
Which of these methods is required by GAAP?
Aging of accounts receivables
Percentage of credit sales
Either the percentage of credit sales or aging of accounts
receivables
Assume that Simple Co. had credit sales of $290,000 and cost of goods sold of $170,000 for the period. It estimates that 2 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts...
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