Homework Answers
Answer-------------True.
.
The balance required in allowance for doubtful account is $1800. Since $300 is already in the balance only 1500 needs to be added so that its balance becomes equal to $1800.
Bad debts will be debited for $1500 and allowance account will be credited for $1500 as the adjusting entry.
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Question 7 (4 points) If after aging the accounts receivables, it is estimated that $1.800 will...
32. After aging the accounts receivable, it is estimated thaf he accou allowance account has an...
32. After aging the accounts receivable, it is estimated thaf he accou allowance account has an existing credit balance of $A net receivables would be is contra to W ng credit t us estimated that $1,200 will not be collected aU If the accounts receivable total $130,000, the O, to write off an account that has been determined to be uncollectible, the entry would include 34. After aging the accounts account has an existing debit balance of $230. The adjusting...
34. After aging the accounts receivable, it is estimated that $790 will not be collected and...
34. After aging the accounts receivable, it is estimated that $790 will not be collected and the allowance s an exristing debit balance of $230. The adjusting entry under the aging approach would b for the amount of $790. b. $230. c. $560. d $1,020. 35. After aging the accounts receivable, it is estimated that $420 will not be collected and the allowance account has an existing debit balance of $100. If accounts receivable is $14 would be a. $145,000....
Question 6 (4 points) When an account has been written off under the direct write-off method...
Question 6 (4 points) When an account has been written off under the direct write-off method in one period and is collected in a subsequent period, the credit to reinstate the account is made to O Accounts Receivable. Bad Debt Expense. Bad Debt Income. Uncollectible Accounts Recovered. Question 8 (4 points) If after taking a percentage of sales on account, it is estimated that $1,000 will not be collected and the allowance account has an existing credit balance of $200,...
30, Dude Ranch Circle estimates its uncollectible accounts at 1.5% of its credit sales of$825,000, when...
30, Dude Ranch Circle estimates its uncollectible accounts at 1.5% of its credit sales of$825,000, when adjusting for estimated losses from uncollectible accounts, the debit to Bad Debt Expense is 31. The allowance for bad debts account is contra to which of the following accounts? ATan 32. After aging the accounts receivable, it is estimated that $1,200 will not be collected and the allowance account has an existing credit balance of $400. If the accounts receivable t net receivables would...
7 Assignment Exercise 7-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using...
7 Assignment Exercise 7-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. ints Days Past Due Skipped 1 Total $635,000 0 $400,000 to 30 $103,000 31 to 60 61 to 90 $49,000 $31,000 Over 90 $43,000 Book Accounts receivable Percent uncollectible Hint Print references a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging...
Unit Assesment 7- prepare a receivables aging This assessment addresses the following course objective(s): Record various...
Unit Assesment 7- prepare a receivables aging
This assessment addresses the following course
objective(s):
Record various business transactions in accordance with
generally accepted accounting principles.
In this assignment, we will estimate the amount for the
allowance account by analyzing and aging Accounts Receivable.
Wright Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Total Days Past Due 01-30 411,000 105000 29 1.109 000 Accounts receivable Percent uncollectible 31-60 515000 5%...
QS 7-9 Aging of receivables method LO P3 Net Zero Products, a wholesaler of sustainable raw...
QS 7-9 Aging of receivables method LO P3 Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Accounts receivable Percent uncollectible Total $115,200 $80,000 1x 1 to 30 $18,000 3x 31 to 60 $ 7,200 5% 61 to 90 $ 4,000 8 Over 90 $ 6,000 11% 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to...
Daley Company prepared the following aging of receivables analysis at December 31.
Daley Company prepared the following aging of receivables analysis at December 31. a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,500 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate...
Problem 7-4 Uncollectible accounts [LO7-5, 7-6] Raintree Cosmetic Company sells its products to c...
Problem 7-4 Uncollectible accounts [LO7-5, 7-6] Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company’s fiscal year-end. The 2017 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2018, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a...
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis.
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,800 credit. c. Prepare the adjusting entry to record bad debts expense using...
32. After aging the accounts receivable, it is estimated thaf he accou allowance account has an existing credit balance of $A net receivables would be is contra to W ng credit t us estimated that $1,200 will not be collected aU If the accounts receivable total $130,000, the O, to write off an account that has been determined to be uncollectible, the entry would include 34. After aging the accounts account has an existing debit balance of $230. The adjusting...
34. After aging the accounts receivable, it is estimated that $790 will not be collected and the allowance s an exristing debit balance of $230. The adjusting entry under the aging approach would b for the amount of $790. b. $230. c. $560. d $1,020. 35. After aging the accounts receivable, it is estimated that $420 will not be collected and the allowance account has an existing debit balance of $100. If accounts receivable is $14 would be a. $145,000....
Question 6 (4 points) When an account has been written off under the direct write-off method in one period and is collected in a subsequent period, the credit to reinstate the account is made to O Accounts Receivable. Bad Debt Expense. Bad Debt Income. Uncollectible Accounts Recovered. Question 8 (4 points) If after taking a percentage of sales on account, it is estimated that $1,000 will not be collected and the allowance account has an existing credit balance of $200,...
30, Dude Ranch Circle estimates its uncollectible accounts at 1.5% of its credit sales of$825,000, when adjusting for estimated losses from uncollectible accounts, the debit to Bad Debt Expense is 31. The allowance for bad debts account is contra to which of the following accounts? ATan 32. After aging the accounts receivable, it is estimated that $1,200 will not be collected and the allowance account has an existing credit balance of $400. If the accounts receivable t net receivables would...
7 Assignment Exercise 7-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. ints Days Past Due Skipped 1 Total $635,000 0 $400,000 to 30 $103,000 31 to 60 61 to 90 $49,000 $31,000 Over 90 $43,000 Book Accounts receivable Percent uncollectible Hint Print references a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging...
Unit Assesment 7- prepare a receivables aging
This assessment addresses the following course
objective(s):
Record various business transactions in accordance with
generally accepted accounting principles.
In this assignment, we will estimate the amount for the
allowance account by analyzing and aging Accounts Receivable.
Wright Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Total Days Past Due 01-30 411,000 105000 29 1.109 000 Accounts receivable Percent uncollectible 31-60 515000 5%...
QS 7-9 Aging of receivables method LO P3 Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Accounts receivable Percent uncollectible Total $115,200 $80,000 1x 1 to 30 $18,000 3x 31 to 60 $ 7,200 5% 61 to 90 $ 4,000 8 Over 90 $ 6,000 11% 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to...
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