Answer
Event | Accounts title | Debit | Credit |
1 | Uncollectible account expense/Bad Debt Expense [($39000 x 9%) - $ 2200] | $1,310 | |
Allowance for uncollectible accounts | $1,310 | ||
(to record and adjust allowance account) | |||
Event | Accounts title | Debit | Credit |
2 | Uncollectible account expense/Bad Debt Expense [$120000 x 4%] | $4,800 | |
Allowance for uncollectible accounts | $4,800 | ||
(to record and adjust allowance account) |
A company reports the following amounts at the end of the year (before any year-end adjustment)....
A company reports the following amounts at the end of the year before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for uncollectible accounts $129,000 34,000 1,800 (credit) Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the company estimates 11% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 4% of credit sales will not be collected. (If no entry is required for a particular transaction/event,...
Help Save & Exit Submit A company reports the following amounts at the end of the year (before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for uncollectible accounts $129,000 34,000 1,800 (eredit) Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the company estimates 11% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 4% of credit sales will not be collected. (If no entry is...
At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,100 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $281,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction...
At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $1,600 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 4% of credit sales for the year. Credit sales for the year total $283,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) RECORD THE...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). 3 Credit Sales for 2021 $260,000 55,000 1,100 (Credit Accounts Receivable, December 31, 2021 Allovance for Uncollectible Accounts, December 31, 2021 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12 % of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal...
At the end of the year, Brinkley Incorporated's balance of Allowance for Uncollectible Accounts is $4,000 (credid before adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $135,000. What is the adjustment Brinkley would record for Allowance for Uncollectible Accounts using the percentage-of-credit-sales method? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Required information The following information applies to the questions displayed below) Suzuki Supply reports the following amounts at the end of 2021 before adjustment) Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 3240,000 35,000 1,200 (Credit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage of receivables method Suzuki estimates 11% of receivables will not be collected (f no entry is required for a particular transaction/event, select "No Journal...
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,000 (debit) before any year-end adjustment. The balance of Accounts Receivable is $180,000. The company estimates that 5% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment...
the year, a company has the following accounts receivable and estimates of 2. At the end of the year, a company has the follow uncollectible accounts: s not yet due - $70,000, estimated uncollectible = 4%. 2. Accounts 1-30 days past due $30,000; estimated uncollectible -15%. 3. Accounts more than 30 days past due = $5,000; estimated uncollectible = 40%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,200 (debit)....
Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.) A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 2 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 3% of credit...