Homework Answers
Allowance for doubtful accounts is classified as a CONTRA ASSET and normal CREDIT balance
ANSWER IS C-(CONTRA ASSET,CREDIT)
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clasified as als — and has a normal and has somal – balone balance. 4. Allowance...
The allowance for doubtful accounts normally has a credit balance, and is a/an: Select one: a....
The allowance for doubtful accounts normally has a credit balance, and is a/an: Select one: a. Asset account. b. Liability account. c. Contra liability account. d. Contra asset account.
What is the type of account and normal balance of Allowance for Doubtful Accounts? a.contra asset,...
What is the type of account and normal balance of Allowance for Doubtful Accounts? a.contra asset, debit b.asset, credit c.asset, debit d.contra asset, credit To record estimated uncollectible receivables using the allowance method, the adjusting entry would be a a.debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts b.debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable c.debit to Loss on Credit Sales and a credit to Accounts Receivable d.debit to Bad Debt Expense...
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...
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...
EX 2-5 Normal entries for accounts During the month, Gates Labs Co. has a substantial number...
EX 2-5 Normal entries for accounts During the month, Gates Labs Co. has a substantial number of transactions affecting following accounts. State for each account whether it is likely to have (a) debit entri credit entries only, or (c) both debit and credit entries. 1. Accounts Payable ! 5. Insurance Expense a 2. Accounts Receivable a 6. Dividends 3. Cash a 7. Utilities Expense a 4. Fees Earned Save PQQ- Angela Bums c. $5,000 d. $ 8,000 8. The difference...
Salaries Payable would be recorded for a. $18,000 b. $12,950 C. $12,650 d. $11,534 A pension...
Salaries Payable would be recorded for a. $18,000 b. $12,950 C. $12,650 d. $11,534 A pension plan which requires the employer to make annual pension contributions, with no promise to employees regarding future pension payments, is termed a. funded b. unfunded c. defined benefit d. defined contribution 26. A pension plan which promises employees a fixed annual pension benefit, based on years of service and compensation, is called a(n) a. defined contribution plan b. defined benefit plan c. unfunded plan...
7/What is the purpose of the account Allowance for (SO2) Doubtful Accounts? Although the normal balance...
7/What is the purpose of the account Allowance for (SO2) Doubtful Accounts? Although the normal balance of this account is a credit balance, it sometimes has a debit alance. Explain how this can happen.
The balance of Allowance for Doubtful Accounts prior to making the adjusting entry to record estimated...
The balance of Allowance for Doubtful Accounts prior to making the adjusting entry to record estimated uncollectible accounts a. is relevant to both bases of adjusting for uncollectible accounts. b. will never show a debit balance at this stage in the accounting cycle. c. is relevant when using the percentage of receivables basis. d. is relevant when using the direct write-off basis. 2. To record estimated uncollectible accounts using the allowance method, the adjusting entry would be a a. debit...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
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...
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...
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...
EX 2-5 Normal entries for accounts During the month, Gates Labs Co. has a substantial number of transactions affecting following accounts. State for each account whether it is likely to have (a) debit entri credit entries only, or (c) both debit and credit entries. 1. Accounts Payable ! 5. Insurance Expense a 2. Accounts Receivable a 6. Dividends 3. Cash a 7. Utilities Expense a 4. Fees Earned Save PQQ- Angela Bums c. $5,000 d. $ 8,000 8. The difference...
Salaries Payable would be recorded for a. $18,000 b. $12,950 C. $12,650 d. $11,534 A pension plan which requires the employer to make annual pension contributions, with no promise to employees regarding future pension payments, is termed a. funded b. unfunded c. defined benefit d. defined contribution 26. A pension plan which promises employees a fixed annual pension benefit, based on years of service and compensation, is called a(n) a. defined contribution plan b. defined benefit plan c. unfunded plan...
7/What is the purpose of the account Allowance for (SO2) Doubtful Accounts? Although the normal balance of this account is a credit balance, it sometimes has a debit alance. Explain how this can happen.
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
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