|
Account Titles and explanation | Debit | Credit | |
Bad debt Expense | $17,750 | ||
...Allowance for doubtful Accounts | $17,750 | ||
(To Record the estimated uncollectibles ) |
Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Oriole Company had credit...
Brief Exercise 8-10 (Part Level Submission)
During its first year of operations, Kingbird, Inc. had credit
sales of $3,000,300, of which $401,500 remained uncollected at
year-end. The credit manager estimates that $18,830 of these
receivables will become uncollectible.
(b)
Prepare the current assets section of the balance sheet for
Kingbird, Inc., assuming that in addition to the receivables it has
cash of $89,840, merchandise inventory of $165,430, and supplies of
$11,750. (List current assets in order of
liquidity)
During its...
During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000 remained uncollected at year-end. The credit manager estimates that $25,200 of these receivables will become uncollectible. *(a) Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Brief Exercise 8-3 During its first year of operations, Gavin Company had credit sales of $3,972,100; $660,400 remained uncollected at year-end. The credit manager estimates that $38,610 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the current assets section of the balance sheet for Gavin Company. Assume that in addition to the receivables it has cash of $92,160,...
During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000 remained uncollected at year-end. The credit manager estimates that $25,200 of these receivables will become uncollectible. *(a) Your answer is correct. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 75200 7 "Allowance...
Brief Exercise 9-03 a-b During its first year of operations, Pharoah Company had credit sales of $3,124,900; $652,500 remained uncollected at year-end. The credit manager estimates that $36,100 of these receivables will become uncollectible. Correct answer. Your answer is correct. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Entry field with correct answer Bad Debt Expense Entry field with...
Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT RESOURCES mework Brief Exercise 3-3 During its first year of operations, Gavin Company had credit sales of $3,263,600; $637,800 remained uncollected at year-end. The credit manager estimates that $43.500 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 43,500 Bad Debts Expense Allowance for Doubtful...
During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500 remained uncollected at year-end. The credit manager estimates that $18,830 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare...
Brief Exercise 8-6 Whispering Winds Corp. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $450,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,140. Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit...
Brief Exercise 8-5 Skysong, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 4% of accounts receivable will become uncollectible. Accounts receivable are $376,600 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,872. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $961 instead of a credit balance of $2,872,...
Brief Exercise 8-5 Bramble Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 2% of accounts receivable will become uncollectible. Accounts receivable are $370,200 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,664 (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $956 instead of a credit balance of $2,664,...