Question

2. Penkhurst Limited had the following trial balance at 1 January 2018: Debit/s) Credit (S) Accounts receivable 600 000 Allow
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Allowances for Doubtful Accounts Account Receivables $ 8000 $ 8000 Allowances are u% ( Account Receivables) ul. ( 60000 0 - 8

Add a comment
Know the answer?
Add Answer to:
2. Penkhurst Limited had the following trial balance at 1 January 2018: Debit/s) Credit (S) Accounts...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • (Note this question is 2 in the Pre-recorded Tutorial Questions) Peakhurst Limited had the following trial...

    (Note this question is 2 in the Pre-recorded Tutorial Questions) Peakhurst Limited had the following trial balance at 1 January 2016: Debit $ Credit $ Cash 200 000 Accounts receivable 600 000 Inventory 700 000 Prepaid insurance 60 000 Prepaid rent 50 000 Equipment 1 000 000 Allowance for doubtful debt 20 000 Accumulated depreciation 200 000 Accounts payable 500 000 Revenue received in advance 100 000 Income tax payable 500 000 Loan 570 000 Share capital 400 000 Retained...

  • 2. Broadway Limited had an $800 credit balance in Allowance for Doubtful Accounts at December 31,...

    2. Broadway Limited had an $800 credit balance in Allowance for Doubtful Accounts at December 31, 2018, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following (10 marks):                                                                                                           Estimated Percentage                                                                                                                 Uncollectible        Current Accounts........................................... $150,000                       1%        1-30 days past due.............................................. 15,000                       3%        31-60 days past due.............................................. 8,000                       6%        61-90 days past due.............................................. 5,000                     12%        Over 90 days past due....................................       6,000                     30%        Total Accounts...

  • 1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts...

    1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...

  • The trial balance of Anderson Ltd included the following balances: Debit Credit Accounts Receivable $35 000...

    The trial balance of Anderson Ltd included the following balances: Debit Credit Accounts Receivable $35 000 Allowance for Doubtful Debts $4000 On 1 October 2009, an account for $1600 was determined to be uncollectable. The journal entry to be made on that date would include a debit to: Select one: O a. Cash b. Bad Debts Expense O C. Accounts Receivable Od. Allowance for Doubtful Debts

  • A)Accounts receivable accounts B) Allowance for doubtful debts account. C) Statement of profit or loss (extract)....

    A)Accounts receivable accounts B) Allowance for doubtful debts account. C) Statement of profit or loss (extract). D) Statement of financial position(extract). Accounting for Accounts Receivable 15 & Suria commenced business on 1 January 20X0. At year end, 31 December 20X0, the accounts receivable balance was RM10,000. In addition, she found that it was necessary to create an allowance for doubtful debts of RM960. ro During the year ended 31 December 20X1, an amount totalling RM840 proved to be bad and...

  • At 30 June 2018, Hawaii Limited had the following balances: Asset or liability Computers at cost...

    At 30 June 2018, Hawaii Limited had the following balances: Asset or liability Computers at cost Accumulated depreciation Carrying amount Tax base 300 000 300 000 100 000 60 000 Accounts receivable 100 000 100 000 Allowance for doubtful debts 10 000 Provision for warranty costs 30 000 Provision for employee benefits (LSL) 20 000 The following information is available for the year ended 30 June 2019. Statement of comprehensive income for Hawaii Limitedfor the year ended 30 June 2019...

  • Pessimist Incorporated had credit sales totalling $4,900,000 and $5,100,000 for the years ended December 31, 2018...

    Pessimist Incorporated had credit sales totalling $4,900,000 and $5,100,000 for the years ended December 31, 2018 and December 31 2019. respectively. Information on trade accounts receivable for the company is presented below: Days outstanding Balance in accounts receivable December 31, 2018 0-30 400,000 30-60 150,000 61-90 40,000 Over 90 10,000 Balance in accounts receivable December 31, 2019 440,000 160,000 30,000 20,000 % of receivables estimated to be uncollectible 0.5% 1% 2% 5% The credit balance in the allowance for doubtful...

  • Nhende Store had the trial balance below Trial balance as at 31 December 2018                              &n

    Nhende Store had the trial balance below Trial balance as at 31 December 2018                                                                         DR                              CR                                                                         $                                  $ Purchases and sales                                         35 000                         40 000 Sales and Purchases returns                                 500                              620 Opening stock                                                 10 000                         Provision for doubtful debts                                                                     80 Wages and salaries                                          3 000                                       Rates                                                                  600 Telephone                                                           100   Shop fitting at cost 4                                      4 000 Van at cost                                                      3 000   Debtors and creditors                                        980                               7 00 Bad...

  • At December 31, 2018, the Accounts Receivable balance of Foley Distribution Service is $185,000. The Allowance...

    At December 31, 2018, the Accounts Receivable balance of Foley Distribution Service is $185,000. The Allowance for Bad Debts account has a $14,160 debit balance. Foley Distribution Service prepares the following aging schedule for its accounts receivable: (Click the lcon to view the aging schedule.) Read the requirements Requirement 1. Joumalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Begin by...

  • 5. The following accounts were taken from Indigo Inc.'s trial balance at December 31, 2020. Debit Credit $734,900 Net c...

    5. The following accounts were taken from Indigo Inc.'s trial balance at December 31, 2020. Debit Credit $734,900 Net credit sales Allowance for doubtful accounts Accounts receivable $12,740 301,400 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2020. Bad debt expense, as adjusted s

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT