Homework Answers
Ans: Adjusting entry would be
Option c , ( Debit to bad debts expense and Credit to allowance for doubtful accounts)
Working:
1) Debit Account receivable and Credit Sales/Services on account
When Sale/Service made.
2) Debit Allowance for doubtful accounts and Credit Accounts receivable
When accounts receivable become doubtful
3) Debit Bad debt expense and Credit Allowance for doubtful accounts
When Bad expenses are to be accounted
If any doubts or queries please comment and clarify I'll explain ASAP
Add Answer to:
At year-end, Yates Company estimates that $1,500 of its accounts receivable balance is uncollectible Yates uses...
At each calendar year-end, Mazie Supply Co uses the percent of accounts receivable method to estimate...
At each calendar year-end, Mazie Supply Co uses the percent of accounts receivable method to estimate bad debts. On December 31, 2017, it has outstanding accounts receivable of $108,500, and it estimates that 4% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,845 credit balance before the adjustment (b) a $543 debit balance before the adjustment. View transaction list View journal...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2017, it has outstanding accounts receivable of $74,000, and it estimates that 3% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,258 credit balance before the adjustment. (b) a $370 debit balance before the adjustment. View transaction list View journal...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $50,000, and it estimates that 2% will be uncollectible.
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $50,000, and it estimates that 2% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $850 credit balance before the adjustment. (b) a $250 debit balance before the adjustment.
The following selected amounts are reported on the year-end unadjusted trial balance report for a company...
The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. Accounts receivable $ 426,000 Debit Allowance for Doubtful Accounts 1,440 Debit Net Sales 2,290,000 Credit All sales are made on credit. Based on past experience, the company estimates 2.0% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record...
Question no. 2: At cach calendar year-end. Abdulla LLC uses the percent of accounts receivable method...
Question no. 2: At cach calendar year-end. Abdulla LLC uses the percent of accounts receivable method to cum debts. On December 31, 2018, it has outstanding accounts receivable of AED90,000, and it estimates that 3% of accounts receivables will be uncollectible. a) Prepare the adiustino Frepare the adjusting entry to record bad debts exnense for vear 2018 under the assumption that the allowance for Doubtful Accounts has a AED700 credit balance before the adjustment. (1 marks) Journal Entry Date Dec...
Mazie Supply Co. uses the percent of accounts receivable method On December 31, it has outstanding...
Mazie Supply Co. uses the percent of accounts receivable method On December 31, it has outstanding accounts receivable of $71,500, and it estimates that 6% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has (a) a $1,216 credit balance before the adjustment (b) a $358 debit balance before the adjustment View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $126,500, and it estimates that 6% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $2,151 credit balance before the adjustment. (b) a $633 debit balance before the adjustment. View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense...
The following selected amounts are reported on the year-end unadjusted trial balance report for a company...
The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. Accounts receivable Allowance for Doubtful Accounts Net Sales $ 435,000 Debit 1,250 Debit 2,100,000 Credit All sales are made on credit. Based on past experience, the company estimates 1% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, it has outstanding accounts receivable of $98,500, and it estimates that 5% will be uncollectible. Prepare the adjusting entry to record bad debts expense for the year ended December 31 under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,675 credit balance before the adjustment. (b) a $493 debit balance before the adjustment. Date General Journal...
Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows...
Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $132,500, allowance for doubtful accounts of $945 (credit) and sales of $1,065,000. If uncollectible accounts are estimated to be 8% of accounts receivable, what is the amount of the bad debts expense adjusting entry?
At each calendar year-end, Mazie Supply Co uses the percent of accounts receivable method to estimate bad debts. On December 31, 2017, it has outstanding accounts receivable of $108,500, and it estimates that 4% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,845 credit balance before the adjustment (b) a $543 debit balance before the adjustment. View transaction list View journal...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2017, it has outstanding accounts receivable of $74,000, and it estimates that 3% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,258 credit balance before the adjustment. (b) a $370 debit balance before the adjustment. View transaction list View journal...
Question no. 2: At cach calendar year-end. Abdulla LLC uses the percent of accounts receivable method to cum debts. On December 31, 2018, it has outstanding accounts receivable of AED90,000, and it estimates that 3% of accounts receivables will be uncollectible. a) Prepare the adiustino Frepare the adjusting entry to record bad debts exnense for vear 2018 under the assumption that the allowance for Doubtful Accounts has a AED700 credit balance before the adjustment. (1 marks) Journal Entry Date Dec...
Mazie Supply Co. uses the percent of accounts receivable method On December 31, it has outstanding accounts receivable of $71,500, and it estimates that 6% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has (a) a $1,216 credit balance before the adjustment (b) a $358 debit balance before the adjustment View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $126,500, and it estimates that 6% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $2,151 credit balance before the adjustment. (b) a $633 debit balance before the adjustment. View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense...
The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. Accounts receivable Allowance for Doubtful Accounts Net Sales $ 435,000 Debit 1,250 Debit 2,100,000 Credit All sales are made on credit. Based on past experience, the company estimates 1% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record...
Most questions answered within 3 hours.
-
Hey im just confused about how to put the ' A angle n' and ' S...
asked 6 minutes ago -
Define Diet counceling? What are the
responsibilities of a counselor?
asked 7 minutes ago -
A short essay about the WSJ article on Oreo versus Hydrox.
asked 8 minutes ago -
##8. A program contains the following function definition:
##def cube(num):
##return num * num * num...
asked 15 minutes ago -
find the value z of a standard Normal variable that satisfies
each of the given conditions....
asked 38 minutes ago -
"banana".find('z')
Out[22]: -1
why is this -1
python 3.7
asked 19 minutes ago -
Ilegal Consideration Marna Balin was involved in two automobile
accidents in which she suffered severe injures.She...
asked 28 minutes ago -
Walk through the operation of QuickSort when n = 7 and the input
array is A...
asked 23 minutes ago -
Answer with True or False. Argue the answers
7) The circulation of field B on any...
asked 31 minutes ago -
Chase Co. uses the perpetual inventory method. The inventory
records for Chase reflected the following
Jan...
asked 29 minutes ago -
what are is the correct compression for these two ipv6 ips.. i
keep getting them wrong...
asked 34 minutes ago -
How does the amount of silica gel used change separation?
asked 35 minutes ago