Homework Answers
9-6) Journal entry
| date | Account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (969000*.30%) | 2907 | |
| Allowance for doubtful accounts | 2907 | ||
| Feb 1 | Allowance for doubtful accounts | 485 | |
| Account receivable-P.Park | 485 | ||
| June 5 | Account receivable-P.Park | 485 | |
| Allowance for doubtful accounts | 485 | ||
| cash | 485 | ||
| Account receivable-P.Park | 485 | ||
9-07 Journal entry
| date | account and explanation | debit | Credit |
| Dec 31 | Bad debt expense (149000*4%-2533) | 3427 | |
| Allowance for doubtful accounts | 3427 | ||
| Dec 31 | Bad debt expense (149000*4%+745) | 6705 | |
| Allowance for doubtful accounts | 6705 | ||
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Exercise 9-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates...
Exercise 9-6 Percent of sales method; write-off P3 At year-end (December 31), Chan Company estimates its...
Exercise 9-6 Percent of sales method; write-off P3 At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries to record the transactions of...
Exercise 9-5 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates...
Exercise 9-5 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as 0.40% of its annual credit sales of $940,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $470 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions. Note:...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, It has outstanding accounts receivable of $128,000, and it estimates that 5 % will be uncollectible Prepare the adjusting entry to record bad debts expense for the year ended December 31 under the assumption that the Allowance for Doubtful Accounts has: (e) a $2,176 credit balance before the adjustment. b) a $640 debit balance before the adjustment. View transaction...
Mazie Supply Co. uses the percent of accounts receivable method On December 31, it has outstanding...
Mazie Supply Co. uses the percent of accounts receivable method On December 31, it has outstanding accounts receivable of $71,500, 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 $1,216 credit balance before the adjustment (b) a $358 debit balance before the adjustment View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding...
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...
Question no.1 Percent of sales method; write-off At year-end (December 31), Rashed Company estimates its bad...
Question no.1 Percent of sales method; write-off At year-end (December 31), Rashed Company estimates its bad debts as 0.5 % of its annual credit sales of AED975,000. Rashed records its bad debts expense for that estimate. On the following March 15, Rashed decides that the AED1,250 account of A. Abdulla is uncollectible and writes it off as a bad debt On April 15, Abdulla unexpectedly pays the amount previously written off. Required: Prepare the joumal entries of Rashed to record...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $79,500, and it estimates that 2% 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 $1,352 credit balance before the adjustment. (b) a $398 debit balance before the adjustment. View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense...
At year-end (December 31), Chan Company estimates its bad debts as 100% of its annual credit...
At year-end (December 31), Chan Company estimates its bad debts as 100% of its annual credit sales of $692,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $346 account of P Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet < 1 2 3...
At each calendar year-end, Mazie Supply Co uses the percent of accounts receivable method to estimate...
At each calendar year-end, Mazie Supply Co uses the percent of accounts receivable method to estimate bad debts. On December 31, 2017, it has outstanding accounts receivable of $108,500, and it estimates that 4% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,845 credit balance before the adjustment (b) a $543 debit balance before the adjustment. View transaction list View journal...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $103,500, and it estimates that 4% will be uncollectible. 1.42 points Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,760 credit balance before the adjustment. (b) a $518 debit balance before the adjustment. eBook View transaction list Hint Journal entry worksheet Print Prepare the year-end adjusting entry...
Exercise 9-6 Percent of sales method; write-off P3 At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries to record the transactions of...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, It has outstanding accounts receivable of $128,000, and it estimates that 5 % will be uncollectible Prepare the adjusting entry to record bad debts expense for the year ended December 31 under the assumption that the Allowance for Doubtful Accounts has: (e) a $2,176 credit balance before the adjustment. b) a $640 debit balance before the adjustment. View transaction...
Mazie Supply Co. uses the percent of accounts receivable method On December 31, it has outstanding accounts receivable of $71,500, 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 $1,216 credit balance before the adjustment (b) a $358 debit balance before the adjustment View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense...
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...
Question no.1 Percent of sales method; write-off At year-end (December 31), Rashed Company estimates its bad debts as 0.5 % of its annual credit sales of AED975,000. Rashed records its bad debts expense for that estimate. On the following March 15, Rashed decides that the AED1,250 account of A. Abdulla is uncollectible and writes it off as a bad debt On April 15, Abdulla unexpectedly pays the amount previously written off. Required: Prepare the joumal entries of Rashed to record...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $79,500, and it estimates that 2% 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 $1,352 credit balance before the adjustment. (b) a $398 debit balance before the adjustment. View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense...
At year-end (December 31), Chan Company estimates its bad debts as 100% of its annual credit sales of $692,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $346 account of P Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet < 1 2 3...
At each calendar year-end, Mazie Supply Co uses the percent of accounts receivable method to estimate bad debts. On December 31, 2017, it has outstanding accounts receivable of $108,500, and it estimates that 4% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,845 credit balance before the adjustment (b) a $543 debit balance before the adjustment. View transaction list View journal...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $103,500, and it estimates that 4% will be uncollectible. 1.42 points Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,760 credit balance before the adjustment. (b) a $518 debit balance before the adjustment. eBook View transaction list Hint Journal entry worksheet Print Prepare the year-end adjusting entry...
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