Homework Answers
| Bad debts expense | ||||
| net credit sales * 5% | ||||
| 180,000*5% | ||||
| 9000 | ||||
| Answer) | ||||
| option a | ||||
| $9,000 | ||||
Add Answer to:
(5 Points) The following information is from the 2017 records of Armand Music Shop: Accounts receivable,...
Question 3. Calcuate your answer to the question. (10 points) 5) The following information is from the 2017 records...
Question 3. Calcuate your answer to the question. (10 points) 5) The following information is from the 2017 records of Albert Book Shop: Accounts receivable, December 31, 2017 Allowance for Bad Debts, December 31, 2017 prior to adjustment Net credit sales for 2017 Accounts written off as uncollectible during 2017 Cash sales during 2017 $47,000 (debit) 1,900 (debit) 180,000 17,000 28,000 Bad debts expense is estimated by the aging-of-receivables method. Management estimates that $5.500 of accounts receivable will be uncollectible....
Question 1. The following information is from the 2017 records of Robin Antique Shop: (10 points) $44,000 (debit) A...
Question 1. The following information is from the 2017 records of Robin Antique Shop: (10 points) $44,000 (debit) Accounts receivable, December 31, 2017 Allowance for Bad Debts, December 31, 2017 prior to adjustment Net credit sales for 2017 Accounts written off as uncollectible during 2017 Cash sales during 2017 1.100 (debit) 176,000 11,000 27,000 Bad debts expense is estimated by the percent-of-sales method. Management estimates that 5% of net credit sales will be uncollectible. The ending balance of the Allowance...
The following information is from the 2019 records of Albert Book Shop: Accounts receivable, December 31, 2019 $48,000...
The following information is from the 2019 records of Albert Book Shop: Accounts receivable, December 31, 2019 $48,000 (debit) Allowance for Bad Debts, December 31, 2019 prior to adjustment 1,900 (debit) Net credit sales for 2019 180,000 Accounts already written off as uncollectible during 2019 15,000 Cash sales during 2019 28,500 Bad debts expense is estimated by the percentage-of-receivables method. Management estimates that 8% of accounts receivable will be uncollectible. Calculate the amount of bad debts expense for 2019. A)...
This Question: 2 pts 27 of 50 (20 complete) The following information is from the 2017...
This Question: 2 pts 27 of 50 (20 complete) The following information is from the 2017 records of Albert Book Shop Accounts receivable, December 31, 2017 $42,000 (debit) Allowance for Bad Debts, December 31, 2017 prior to adjustment 1,500 (debit) Net credit sales for 2017 179,000 Accounts written off as uncollectible during 2017 18.000 Cash sales during 2017 28.500 Bad debts expense is estimated by the aging of receivables method Management estimates that $5,300 of accounts receivable will be uncollectible...
The following information is from the records of Chicago Photography: Accounts Receivable, December 31, 2019 $22,000...
The following information is from the records of Chicago Photography: Accounts Receivable, December 31, 2019 $22,000 (debit) Allowance for Bad Debts, December 31, 2019 prior to adjustment 800 (debit) Net credit sales for 2019 95,000 Accounts written off as uncollectable during 2019 450 Bad debts expense is estimated by the aging-of-receivables method. Management estimates that $2850 of accounts receivable will be uncollectible. Calculate the amount of net accounts receivable after the adjustment for bad debts. A. $19,150 B. $17,900 C....
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside earned revenue of $460,000 on account and collected $321,000 on account. Lakeside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2.300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense...
At December 31, 2017, Uli Imports Inc. reported this information on its balance sheet. Accounts receivable...
At December 31, 2017, Uli Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $610,000 42,000 During 2018, the company had the following summary transactions related to receivables and sales. Uli uses the perpetual inventory system. 1. Sales on account amounted to $2,520,000. The cost of the inventory sold was $1,990,800. 2. Sales returns and allowances with a total sales price of $38,000 and a cost of $30,020 were restored to inventory. 3....
S8-7 (similar to) The Accounts Receivable balance for North, Inc. at December 31, 2017, was $...
S8-7 (similar to) The Accounts Receivable balance for North, Inc. at December 31, 2017, was $ 30,000. During 2018, North earned revenue of $ 459,000 on account and collected $ 327,000 on account. North wrote off $ 6,300 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Requirements: 1. Assume North had an unadjusted $ 2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize North's December 31, 2018, adjustment...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
Question 3. Calcuate your answer to the question. (10 points) 5) The following information is from the 2017 records of Albert Book Shop: Accounts receivable, December 31, 2017 Allowance for Bad Debts, December 31, 2017 prior to adjustment Net credit sales for 2017 Accounts written off as uncollectible during 2017 Cash sales during 2017 $47,000 (debit) 1,900 (debit) 180,000 17,000 28,000 Bad debts expense is estimated by the aging-of-receivables method. Management estimates that $5.500 of accounts receivable will be uncollectible....
Question 1. The following information is from the 2017 records of Robin Antique Shop: (10 points) $44,000 (debit) Accounts receivable, December 31, 2017 Allowance for Bad Debts, December 31, 2017 prior to adjustment Net credit sales for 2017 Accounts written off as uncollectible during 2017 Cash sales during 2017 1.100 (debit) 176,000 11,000 27,000 Bad debts expense is estimated by the percent-of-sales method. Management estimates that 5% of net credit sales will be uncollectible. The ending balance of the Allowance...
The following information is from the 2019 records of Albert Book Shop: Accounts receivable, December 31, 2019 $48,000 (debit) Allowance for Bad Debts, December 31, 2019 prior to adjustment 1,900 (debit) Net credit sales for 2019 180,000 Accounts already written off as uncollectible during 2019 15,000 Cash sales during 2019 28,500 Bad debts expense is estimated by the percentage-of-receivables method. Management estimates that 8% of accounts receivable will be uncollectible. Calculate the amount of bad debts expense for 2019. A)...
This Question: 2 pts 27 of 50 (20 complete) The following information is from the 2017 records of Albert Book Shop Accounts receivable, December 31, 2017 $42,000 (debit) Allowance for Bad Debts, December 31, 2017 prior to adjustment 1,500 (debit) Net credit sales for 2017 179,000 Accounts written off as uncollectible during 2017 18.000 Cash sales during 2017 28.500 Bad debts expense is estimated by the aging of receivables method Management estimates that $5,300 of accounts receivable will be uncollectible...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside earned revenue of $460,000 on account and collected $321,000 on account. Lakeside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2.300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense...
At December 31, 2017, Uli Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $610,000 42,000 During 2018, the company had the following summary transactions related to receivables and sales. Uli uses the perpetual inventory system. 1. Sales on account amounted to $2,520,000. The cost of the inventory sold was $1,990,800. 2. Sales returns and allowances with a total sales price of $38,000 and a cost of $30,020 were restored to inventory. 3....
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
Most questions answered within 3 hours.
-
The condensate from a steam distillation contains 12.0 g of
compound A and 18.0 g of...
asked 2 hours ago -
A major economic benefit of fixed exchange rates compared to
floating rates is that
a. the...
asked 2 hours ago -
1) For this reaction,
SiCl4 (l)+ 2H2O(g) <->
SiO2 (s) + 4HCl (g) DeltaH = -127 KJ...
asked 2 hours ago -
Which of the following does NOT add to US GDP? A. Saudi Arabia
buys fighter jets...
asked 4 hours ago -
2. Describe market equilibrium in terms of the following
characteristics
d.
How supply and demand interactions...
asked 4 hours ago -
1a. Create a class named Computer
- Separate declaration from implementation (i.e. Header and CPP
files)...
asked 4 hours ago -
A medical researcher
believes that a drug changes the body's temperature. Seven test
subjects are randomly...
asked 4 hours ago -
A call option on Project Cash Flow Consulting Inc.'s stock (PCF)
has a market price of...
asked 4 hours ago -
A study on the latest fad diet claimed that the amounts of
weight lost by all...
asked 5 hours ago -
give examples of how gene expression is inherited to the next
generation?
asked 5 hours ago -
If a project has _________ IRR(s), we should __________ . Assume
this project is competing with...
asked 5 hours ago -
In the figure, a sound of wavelength 0.700 m is emitted
isotropically by point source S....
asked 5 hours ago