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Receivables—Bad Debts At January 1, 2019, the credit balance in Master Company's Allowance for Doubtful Accounts...
At January 1, 2020, the credit balance of Sarasota Corp.’s Allowance for Doubtful Accounts was $409,000. During 2020, th...
At January 1, 2020, the credit balance of Sarasota Corp.’s Allowance for Doubtful Accounts was $409,000. During 2020, the bad debt expense entry was based on a percentage of net credit sales. Net sales for 2020 were $80 million, of which 89% were on account. Based on the information available at the time, the 2020 bad debt expense was estimated to be 0.80% of net credit sales. During 2020, uncollectible receivables amounting to $505,500 were written off against the allowance...
On January 1, Putnam Wholesale Company's Allowance for Doubtful Accounts had a credit balance of $21,00O....
On January 1, Putnam Wholesale Company's Allowance for Doubtful Accounts had a credit balance of $21,00O. During the year, it had net credit sales of $800,000 and it had $25,000 of uncollectible accounts receivable that were written off. Past experience indicates that the allowance should be 8% of the balance in receivables (percentage-of- receivables basis). If the accounts receivable balance at December 31 is $300,000, what is the required credit adjustment to the Allowance for Doubtful Accounts at December 31?...
On January 31, 2018, Allowance for Doubtful Accounts has a credit balance of 25,000. During 2018,...
On January 31, 2018, Allowance for Doubtful Accounts has a credit balance of 25,000. During 2018, 32,000 of uncollectible accounts receivable were written off. Past experiences indicate that the allowance should be 10% of the balance in receivables. Net credit sales for 2018, $3,500,000. If the accounts receivable balance at December 31 was $360,000, what is a required adjustment to the Allowance for Doubtful Accounts at December 31, 2018? A. $29,000 B. $36,000 C. $43,000 D. $6,000
On January 1,2018, 2018 Monty has a $1,100 credit balance in the allowance for doubtful accounts....
On January 1,2018, 2018 Monty has a $1,100 credit balance in the allowance for doubtful accounts. During 2018, Monty has net credit sales of $250,000. On December 31, 2018 Monty has a balance in accounts receivables of $100,000. Monty estimates that 3% of receivables will prove uncollectable. What is the adjusting journal entry that Monty should make based on this information? Dr. Bad debt expense 3,000 Credit Accounts Receivable 3,000 Debit Bad debt expense 1,900 Credit Allowance for doubtful...
At January 1, 2019, Towing Company reported an allowance for bad debts with a $4,300 credit...
At January 1, 2019, Towing Company reported an allowance for bad debts with a $4,300 credit balance. At December 31, 2019, Towing Company prepared the following aging schedule: 36 7% Accounts Receivable % Uncollectible not past due $135,000 1-30 days past due 42,000 31-60 days past due 28,000 11% 61-90 days past due 15,000 16% over 90 days past due 4,000 54% Based on the above information, Towing Company reported bad debt expense of $11,600 for 2019. Calculate the net...
At January 1, 2019, Towing Company reported an allowance for bad debts with a $4,300 credit...
At January 1, 2019, Towing Company reported an allowance for bad debts with a $4,300 credit balance. At December 31, 2019, Towing Company prepared the following aging schedule: Accounts Receivable Uncollectible not past due $135,000 1-30 days past due 42,000 31-60 days past due 28,000 11% 61-90 days past due 15,000 168 over 90 days past due 4,000 54% Based on the above information, Towing Company reported bad debt expense of $11,600 for 2019. Calculate the amount of accounts receivable...
On January 1, 2019, the balance in Tabor Co. Allowance for Bad Debts account was $13,666....
On January 1, 2019, the balance in Tabor Co. Allowance for Bad Debts account was $13,666. During the first 11 months of the year, bad debts expense of $21,018 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,941 Required: 0. What was the total of accounts written off during the first 11 months? (Mint Make a T-account for the Allowance for Bad Debts account) Bad debts write-On b. As the result of...
On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of...
On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of $20,000 (debit) and $500 (credit), respectively. During the year, the company reported revenues of $100,000; 30% of which were cash sales. There were $550 of receivables written-off as uncollectible in 2009. Cash collections of receivables amounted to $74,550. If the company estimates bad debts expense to be 5% of the balance of A/R, determine the net realizable value of receivables appearing on the 2009...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,098....
On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,098. During the first 11 months of the year, bad debts expense of $21,764 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,813. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of...
On January 1, Putnam Wholesale Company's Allowance for Doubtful Accounts had a credit balance of $21,00O. During the year, it had net credit sales of $800,000 and it had $25,000 of uncollectible accounts receivable that were written off. Past experience indicates that the allowance should be 8% of the balance in receivables (percentage-of- receivables basis). If the accounts receivable balance at December 31 is $300,000, what is the required credit adjustment to the Allowance for Doubtful Accounts at December 31?...
At January 1, 2019, Towing Company reported an allowance for bad debts with a $4,300 credit balance. At December 31, 2019, Towing Company prepared the following aging schedule: 36 7% Accounts Receivable % Uncollectible not past due $135,000 1-30 days past due 42,000 31-60 days past due 28,000 11% 61-90 days past due 15,000 16% over 90 days past due 4,000 54% Based on the above information, Towing Company reported bad debt expense of $11,600 for 2019. Calculate the net...
At January 1, 2019, Towing Company reported an allowance for bad debts with a $4,300 credit balance. At December 31, 2019, Towing Company prepared the following aging schedule: Accounts Receivable Uncollectible not past due $135,000 1-30 days past due 42,000 31-60 days past due 28,000 11% 61-90 days past due 15,000 168 over 90 days past due 4,000 54% Based on the above information, Towing Company reported bad debt expense of $11,600 for 2019. Calculate the amount of accounts receivable...
On January 1, 2019, the balance in Tabor Co. Allowance for Bad Debts account was $13,666. During the first 11 months of the year, bad debts expense of $21,018 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,941 Required: 0. What was the total of accounts written off during the first 11 months? (Mint Make a T-account for the Allowance for Bad Debts account) Bad debts write-On b. As the result of...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,098. During the first 11 months of the year, bad debts expense of $21,764 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,813. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of...
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