Homework Answers
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| Part 1 | |||
| Bad debt expense | $ 8,100 | ||
| Allowance for doubtful accounts | $ 8,100 | ||
| $900,000*90%*1% | |||
| Part 2 | |||
| Bad debt expense | $ 8,700 | ||
| Allowance for doubtful accounts | $ 8,700 | ||
| ($300,000*3%)-$300=$9,000-$300 | |||
| Part 3 | |||
| Net Realizable value, net of $9,000 allowance | $ 291,000 | ||
| Part 4 | |||
| Allowance for doubtful accounts | $ 800 | ||
| Accounts Receivable | $ 800 | ||
| Part 5 | |||
| Net Realizable value | $ 291,000 | ||
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Accounting 201 Quiz # 10 Name The following information relates to calendar year 2011: The balance in account receivables at January 1, 2011 is $3,200, The allowance for uncollectible accounts at January 1, 2011 is $100 (normal balance) Total sales for the year are $780,000, of which $160,000 are cash sales; Cost of Goods Sold for the above sales amounted to $400,000; Accounts Receivable written off during the year amount to $6,800; Cash collected from customers for payment of their...
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Please show work and explain how to solve - options highlighted are correct answers 16) In...
Please show work and explain how to solve - options highlighted
are correct answers
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3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment...
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Use the following data for the next 4 questions, At the end of January, the unadjusted trial balance of Vemon, Inc., included the following accounts: Debit Credit $600,000 Sales (75% represent credit sales). Accounts Receivable Allowance for Doubtful Accounts $200,000 2,000 27. Refer to the above data. Vernon estimates bad debts expense to be 2% of credit sales. What is the amount of Bad Debts expense recognized in Vernon's income statement for January? 28. Refer to the above data. Vernon...
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Please show work and explain how to solve - options highlighted
are correct answers
16) In 2011, Sev en Seas sold $20,000 w orth of merchand ise on account. Its accou ntant estimated that $400 of that amount wou ld be uncoll ectible. In 2011, Saki, a Japanese austomer, purchased $500 of merchandise on account from Seven Seas. In 2012, Saki declared bankruptcy while still owing the $500. What is the amount of bad debtsexpense Seven Seas should report on...
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Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $126,500, and it estimates that 6% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $2,151 credit balance before the adjustment. (b) a $633 debit balance before the adjustment. View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense...
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