ZuoTi.Pro
Question

Accounts receivable the company has a balance of $4,200,000 and the allowance for doubtful accounts has...

Accounts receivable the company has a balance of $4,200,000 and the allowance for doubtful accounts has a credit balance of $29,600 at fiscal year-end prior to adjustment. If the estimate of doubtful accounts determined by aging the receivables is $74,000, the amount of bad debts expense is: Select one: a. $44,400 b. $29,600 c. $99,600 d. $70,000

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Correct answer-----------(a) $44,400

Working

Estimated balance of allowance for uncollectables $ 74,000.00 Cr
Balance in Allowance for uncollectable account (Cr) $ 29,600.00 Cr
Total bad debts to be recorded $ 44,400.00 Cr
0 0
Add a comment
Know the answer?
Add Answer to:
Accounts receivable the company has a balance of $4,200,000 and the allowance for doubtful accounts has...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Calculator Allowance for Doubtful Accounts has a debit balance of $2,300 at the end of the...

    Calculator Allowance for Doubtful Accounts has a debit balance of $2,300 at the end of the year (before adjustment). The company prepares an analys of customers' accounts and estimates the amount of uncollectible accounts to be $31,900. Which of the following adjusting entries is needed to record the bad debt expense for the year? a. debit Bad Debt Expense, $34,200; credit Allowance for Doubtful Accounts, $34,200 b. debit Allowance for Doubtful Accounts, $34,200; credit Bad Debt Expense, $34,200 c. debit...

  • What will be the ending balance in the Allowance for Doubtful accounts if.... Sales Revenue =...

    What will be the ending balance in the Allowance for Doubtful accounts if.... Sales Revenue = $45,000 Allowance for Bad Debts has a $650 credit balance before the adjusting entryThe adjustment will be 5% of Sales Revenue After the adjustment, what will be the ending balance? Select one: O a. $1,600 O b. $2,250 O c. $2,900 O d. $1,275 Under the Allowance Method, how much is the adjusting entry given.... Allowance for Bad Debts has a $200 debit balance...

  • Allowance for Doubtful Accounts has a debit balance of $1,969 at the end of the year...

    Allowance for Doubtful Accounts has a debit balance of $1,969 at the end of the year before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $13.419 Which of the following entries records the proper adjustment for Bad Debt Expense? Select the correct answer debit Allowance for Doubtful Accounts, $15,388 credit Bad Debt Expense, $15,388 debit Allowance for Doubtful Accounts, $11.450 credit Bad Debt Expense, $11.450 debit Bad Debt Expense, $11.450 credit Allowance for Doubtful Accounts, $11.450 debit...

  • Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $320,000...

    Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $320,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 8% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,600 before adjustment? Select the correct answer. A Bad Debt Expense$22,500 Accounts Receivable$22,500 B Bad Debt Expense$23,000 Allowance for Doubtful Accounts$23,000 C Bad Debt Expense$24,000...

  • Allowance for Doubtful Accounts has a debit balance of $842 at the end of the year...

    Allowance for Doubtful Accounts has a debit balance of $842 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates uncollectible receivables of $16,139. Which of the following entries records the proper adjusting entry for bad debt expense? Select the correct answer. debit Bad Debt Expense, $15,297 credit Allowance for Doubtful Accounts, $15,297 debit Bad Debt Expense, $16,981 credit Allowance for Doubtful Accounts, $16,981 debit Allowance for Doubtful Accounts, $16,139 credit Bad...

  • Allowance for Doubtful Accounts has a credit balance of $1,390 at the end of the year...

    Allowance for Doubtful Accounts has a credit balance of $1,390 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $20,504. Which of the following entries records the proper adjustment for bad debt expense? a. debit Bad Debt Expense, $19,114; credit Allowance for Doubtful Accounts, $19,114 b. debit Allowance for Doubtful Accounts, $21,894; credit Bad Debt Expense, $21,894 c. debit Allowance for Doubtful Accounts, $19,114; credit Bad Debt Expense, $19,114 d. debit...

  • Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $...

    Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,154,000 and sales for the year total $13,090,000. The allowance account before adjustment has a credit balance of $15,600. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a credit balance of $15,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $49,900. The allowance account before...

  • Patterson Co. had a debit balance of $1,000 in its Allowance for Doubtful Accounts account on...

    Patterson Co. had a debit balance of $1,000 in its Allowance for Doubtful Accounts account on December 31,2015. Their net sales for the year totaled $700,000 and they had $100,000 in their Accounts Receivable account. If they estimate their Bad Debt for the year to be 10% of Accounts Receivable, their year end adjusting entry for Bad Debts would be: A. Debit Bad Debt Expense and credit Allowance for Doubtful Accounts for $9,000. B. Debit Bad Debt Expense and credit...

  • accounts receivable has a debit balance of $150,000 allowance for doubtful accounts has a credit balance...

    accounts receivable has a debit balance of $150,000 allowance for doubtful accounts has a credit balance of $5000 Sales on account as a credit balance of $400,000 sales returns/allowance has a debit balance of $50,000 The company estimates 5% of account receivable will be uncollectible with a balance sheet allowance method calculate the ending balance of the allowance for doubtful accounts in the amount recorded for bad debt expense what is an NRV of A/R after bad debt expense adjustment...

  • 19. Tanning Company analyzes its receivables to estimate bad debt expense The accounts receivable balance is...

    19. Tanning Company analyzes its receivables to estimate bad debt expense The accounts receivable balance is $300 000 and credit sales are $1,000,000. An Aging of accounts receivable shows that approximately 10 of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? A Bad Debt Expense 26,000 Allowance for Doubtful 26,000 Accounts B. Bad Debt Expense 30,000 Allowance for Doubtful Accounts C....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT