During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000...

Question

Question

During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000 remained uncollected

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

(a)

To record entry for estimated uncollectibles is:

Journal Entry Date Credit Debit $25.2001 Particulars Bad debts expenses Alc To Allowance for doubtful debts A/C (To record es

Add a comment

Answer 2

Similar Homework Help Questions

During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000...

During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000 remained uncollected at year-end. The credit manager estimates that $25,200 of these receivables will become uncollectible. *(a) Your answer is correct. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 75200 7 "Allowance...
Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Oriole Company had credit...

Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Oriole Company had credit sales of $3,170,200, of which $380,600 remained uncollected at year-end. The credit manager estimates that $17,750 of these receivables will become uncollectible. (a) Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Kingbird, Inc. had credit...

Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500 remained uncollected at year-end. The credit manager estimates that $18,830 of these receivables will become uncollectible. (b) Prepare the current assets section of the balance sheet for Kingbird, Inc., assuming that in addition to the receivables it has cash of $89,840, merchandise inventory of $165,430, and supplies of $11,750. (List current assets in order of liquidity) During its...

Brief Exercise 8-3 During its first year of operations, Gavin Company had credit sales of $3,972,100;...

Brief Exercise 8-3 During its first year of operations, Gavin Company had credit sales of $3,972,100; $660,400 remained uncollected at year-end. The credit manager estimates that $38,610 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the current assets section of the balance sheet for Gavin Company. Assume that in addition to the receivables it has cash of $92,160,...
During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500...

During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500 remained uncollected at year-end. The credit manager estimates that $18,830 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare...
Brief Exercise 9-03 a-b During its first year of operations, Pharoah Company had credit sales of...

Brief Exercise 9-03 a-b During its first year of operations, Pharoah Company had credit sales of $3,124,900; $652,500 remained uncollected at year-end. The credit manager estimates that $36,100 of these receivables will become uncollectible. Correct answer. Your answer is correct. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Entry field with correct answer Bad Debt Expense Entry field with...

Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT RESOURCES mework Brief Exercise 3-3 During its...

Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT RESOURCES mework Brief Exercise 3-3 During its first year of operations, Gavin Company had credit sales of $3,263,600; $637,800 remained uncollected at year-end. The credit manager estimates that $43.500 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 43,500 Bad Debts Expense Allowance for Doubtful...
Cullumber Company uses the percentage-of-receivables basis to record bad debt expense. Accounts receivable (ending bala...

Cullumber Company uses the percentage-of-receivables basis to record bad debt expense. Accounts receivable (ending balance) Allowance for doubtful accounts (unadjusted) $605,000 (debit) 46,000 (debit) The company estimates that 2% of accounts receivable will become uncollectible. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit What is the ending (adjusted) balance in Allowance for Doubtful Accounts?...
Metlock Company has a credit balance of $3,170 in Allowance for Doubtful Accounts before adjustment. The...

Metlock Company has a credit balance of $3,170 in Allowance for Doubtful Accounts before adjustment. The total estimated uncollectibles under the percentage-of-receivables basis is $6,140. Prepare the adjusting entry to record bad debt expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Ivanhoe Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 3% of...

Ivanhoe Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 3% of accounts receivable will become uncollectible. Accounts receivable are $606,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,150. *(a) Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000...

Homework Answers