Homework Answers
3) Journal entry
| Date | General Journal | Debit | Credit |
| July 19 | Allowance for doubtful account | 7000 | |
| Account receivable | 7000 | ||
| (TO record write off) |
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Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account...
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account...
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $580,000. Of this amount, $70,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Age Group Not yet due 0-90 days past due 91-180 days past due More than 180 days past due Total Amount Receivable $30,000 15,000 10,000 15,000 $70, eee Estimated Percent Uncollectible 5% 10% 30% sex 2. Record the December...
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account...
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $580,000. Or this amount, $70,000 remains receivable at the end of the year. An aging schedule as of December 31 2021, is provided below. Amount Receivable $30,000 15,000 10,000 Estimated Percent Uncollectible 5% 10% Age Group Not yet due 0-90 days past due 91-180 days past due More than 180 days past due Total 30% 80% 15, eee $70,000 Required: 1. Calculate the...
Required information (The following information applies to the questions displayed below.) Pearl E. White Orthodontist specializes...
Required information (The following information applies to the questions displayed below.) Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $579,000. Of this amount. $69,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021. is provided below. Estimated Percent Uncollectible Age Group Not yet due 0-90 days past due 51-180 days past due More than 180 days past due Total Amount Receivable $29,000 14,900 9,900...
This is part 1-4 of the same problem, not separate problems. Required Information [The following information...
This is part 1-4 of the same problem, not separate
problems.
Required Information [The following information applies to the questions displayed below.) Part 1 of 4 1.66 points Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021. Pearl provides services on account of $573,000. Of this amount, $63,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Percent Uncollectible 5% Amount Receivable $23,000 14,309 9,300 16,400 $63,080...
During 2021, its first year of operations, Pave Construction provides services on account of $152,000
During 2021, its first year of operations, Pave Construction provides services on account of $152,000. By the end of 2021, cash collections on these accounts total $106,000. Pave estimates that 30% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $12,420. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2-a. Record the...
Required information Problem 5.4B Record transactions related to uncollectible accounts (LO5-4,5-5) The following information applies to...
Required information Problem 5.4B Record transactions related to uncollectible accounts (LO5-4,5-5) The following information applies to the questions displayed below) Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $409,000 on account of this amount, $59,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Age Group Not yet due 0-30 days past due 31-60 days...
Required information Problem 5-4B Record transactions related to uncollectible accounts (L05-4,5-5) The following information applies to...
Required information Problem 5-4B Record transactions related to uncollectible accounts (L05-4,5-5) The following information applies to the questions displayed below) Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $409,000 on account of this amount, $59,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Percent Age Group Receivable Uncollectible Not yet due $39,...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By...
During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $10,000. 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. 2-a. Record the write-off of accounts receivable in 2022. 2-b. Calculate the balance of Allowance for Uncollectible Accounts at the...
ement A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts...
ement A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable - $91,000 Allowance for Uncollectible Accounts - $1700 (credit) The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: 62 APCGroup Not yet due e - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $ 49, eee 23,000 20% 12.000 50% 7,000 90% $...
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $580,000. Of this amount, $70,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Age Group Not yet due 0-90 days past due 91-180 days past due More than 180 days past due Total Amount Receivable $30,000 15,000 10,000 15,000 $70, eee Estimated Percent Uncollectible 5% 10% 30% sex 2. Record the December...
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $580,000. Or this amount, $70,000 remains receivable at the end of the year. An aging schedule as of December 31 2021, is provided below. Amount Receivable $30,000 15,000 10,000 Estimated Percent Uncollectible 5% 10% Age Group Not yet due 0-90 days past due 91-180 days past due More than 180 days past due Total 30% 80% 15, eee $70,000 Required: 1. Calculate the...
Required information (The following information applies to the questions displayed below.) Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $579,000. Of this amount. $69,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021. is provided below. Estimated Percent Uncollectible Age Group Not yet due 0-90 days past due 51-180 days past due More than 180 days past due Total Amount Receivable $29,000 14,900 9,900...
This is part 1-4 of the same problem, not separate
problems.
Required Information [The following information applies to the questions displayed below.) Part 1 of 4 1.66 points Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021. Pearl provides services on account of $573,000. Of this amount, $63,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Percent Uncollectible 5% Amount Receivable $23,000 14,309 9,300 16,400 $63,080...
Required information Problem 5.4B Record transactions related to uncollectible accounts (LO5-4,5-5) The following information applies to the questions displayed below) Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $409,000 on account of this amount, $59,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Age Group Not yet due 0-30 days past due 31-60 days...
Required information Problem 5-4B Record transactions related to uncollectible accounts (L05-4,5-5) The following information applies to the questions displayed below) Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $409,000 on account of this amount, $59,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Percent Age Group Receivable Uncollectible Not yet due $39,...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
ement A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable - $91,000 Allowance for Uncollectible Accounts - $1700 (credit) The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: 62 APCGroup Not yet due e - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $ 49, eee 23,000 20% 12.000 50% 7,000 90% $...
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