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1. The general ledger of Stickler Company included the following accounts and balances as of 12/31/18....
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...
cise 5 88 A company has the following balances on December 31, Year 1, before any...
cise 5 88 A company has the following balances on December 31, Year 1, before any adjustment: Accounts Recevable $57,000, Allowance for Uncollectible Accounts $1,100 (credit On December 31, Year 1, the company estimates uncollectible accounts to be 15% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, Year 1. (If no entry is required for a particuler transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet > <...
1. Metlock Company's unadjusted trial balance at December 31, 2020, included the following accounts. Accounts receivable...
1. Metlock Company's unadjusted trial balance at December 31, 2020, included the following accounts. Accounts receivable Allowance for doubtful accounts Net sales Debit $55,100 5,610 $1,229.500 Matlock Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2020 Bad debt expense for 2020 $ 2. An analysis and aging of Bonita Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
4. The Taylor Company accounts include the following 12/31 unadjusted balances: Credit Debit $300,000 1,200 Accounts...
4. The Taylor Company accounts include the following 12/31 unadjusted balances: Credit Debit $300,000 1,200 Accounts Receivable Allowance for Doubtful Accounts Net Credit Sales $7,000,000 Taylor Company estimates that 2% of gross accounts receivable will become uncollectible. After adjustment on December 31, the Bad Debt Expense account will have a balance of: a) b) oso $14,000 $12,800 $4,800 $6,000 $7,200 5. Accounts Receivable has a debit balance of $5,000, and the Allowance for Uncollectible Accounts has a credit balance of...
On August 18th, TAB Company determines a customer's accounts receivable balance of $1,880 should be written...
On August 18th, TAB Company determines a customer's accounts receivable balance of $1,880 should be written off as a bad debt. Choose the correct journal entry TAB company needs to record in it's accounting records to write off the uncollectible account receivable balance if they use the direct write off method to account for bad debts? Date Account Titles Debit Credit Aug 18 Allowance for Doubtful Accounts 1,880 Bad Debt Expense 1,880 to write off account receivable Date Account Titles...
help please asap On December 31, 2017, when its accounts receivable were $312,000 and its account...
help please asap
On December 31, 2017, when its accounts receivable were $312,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $2,100, Springfield Corp. estimated that $17,500 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Springfield determined that Fei Ya Cheng's account was uncollectible and wrote off $2,000. On November 12, 2018, Cheng paid the amount previously written off. Your answer is correct. Prepare...
In this module, you will learn how to estimate and report the effects of uncollectible accounts....
In this module, you will learn how to estimate and report the effects of uncollectible accounts. Under Generally Accepted Accounting Principles, or GAAP companies must use the allowance method to account for uncollectibles. This method involves the following steps: 1. Estimate and record uncollectibles with an end-of-period adjusting journal entry that increases Bad Debt Expense (debit) and increases the Allowance for Doubtful Accounts (credit). 2. Identify and write off specific customer balances in the period that they are determined to...
In this module, you will learn how to estimate and report the effects of uncollectible accounts....
In this module, you will learn how to estimate and report the effects of uncollectible accounts. Under Generally Accepted Accounting Principles, or GAAP companies must use the allowance method to account for uncollectibles. This method involves the following steps: 1. Estimate and record uncollectibles with an end-of-period adjusting journal entry that increases Bad Debt Expense (debit) and increases the Allowance for Doubtful Accounts (credit). 2. Identify and write off specific customer balances in the period that they are determined to...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016 Total Accounts | Receivable $127,300 $90,000 $54,400 $32600 Historical % Uncollectible 296 1296 18% 34% Number of Days Unpaid Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2016. Prepare the required adjusting entry to record Bad Debt Expense for...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec. 31/19 Balance 390,000 Allowance for Doubtful Accounts 20,400 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,780,000, of which 25% were cash sales (cost of sales $1,795,000). b. Sales returns were $118,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $34,000 was recovered. d. Several accounts were written off: $36,000. e. Collections from...
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...
cise 5 88 A company has the following balances on December 31, Year 1, before any adjustment: Accounts Recevable $57,000, Allowance for Uncollectible Accounts $1,100 (credit On December 31, Year 1, the company estimates uncollectible accounts to be 15% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, Year 1. (If no entry is required for a particuler transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet > <...
1. Metlock Company's unadjusted trial balance at December 31, 2020, included the following accounts. Accounts receivable Allowance for doubtful accounts Net sales Debit $55,100 5,610 $1,229.500 Matlock Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2020 Bad debt expense for 2020 $ 2. An analysis and aging of Bonita Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
4. The Taylor Company accounts include the following 12/31 unadjusted balances: Credit Debit $300,000 1,200 Accounts Receivable Allowance for Doubtful Accounts Net Credit Sales $7,000,000 Taylor Company estimates that 2% of gross accounts receivable will become uncollectible. After adjustment on December 31, the Bad Debt Expense account will have a balance of: a) b) oso $14,000 $12,800 $4,800 $6,000 $7,200 5. Accounts Receivable has a debit balance of $5,000, and the Allowance for Uncollectible Accounts has a credit balance of...
On August 18th, TAB Company determines a customer's accounts receivable balance of $1,880 should be written off as a bad debt. Choose the correct journal entry TAB company needs to record in it's accounting records to write off the uncollectible account receivable balance if they use the direct write off method to account for bad debts? Date Account Titles Debit Credit Aug 18 Allowance for Doubtful Accounts 1,880 Bad Debt Expense 1,880 to write off account receivable Date Account Titles...
help please asap
On December 31, 2017, when its accounts receivable were $312,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $2,100, Springfield Corp. estimated that $17,500 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Springfield determined that Fei Ya Cheng's account was uncollectible and wrote off $2,000. On November 12, 2018, Cheng paid the amount previously written off. Your answer is correct. Prepare...
In this module, you will learn how to estimate and report the effects of uncollectible accounts. Under Generally Accepted Accounting Principles, or GAAP companies must use the allowance method to account for uncollectibles. This method involves the following steps: 1. Estimate and record uncollectibles with an end-of-period adjusting journal entry that increases Bad Debt Expense (debit) and increases the Allowance for Doubtful Accounts (credit). 2. Identify and write off specific customer balances in the period that they are determined to...
In this module, you will learn how to estimate and report the effects of uncollectible accounts. Under Generally Accepted Accounting Principles, or GAAP companies must use the allowance method to account for uncollectibles. This method involves the following steps: 1. Estimate and record uncollectibles with an end-of-period adjusting journal entry that increases Bad Debt Expense (debit) and increases the Allowance for Doubtful Accounts (credit). 2. Identify and write off specific customer balances in the period that they are determined to...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016 Total Accounts | Receivable $127,300 $90,000 $54,400 $32600 Historical % Uncollectible 296 1296 18% 34% Number of Days Unpaid Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2016. Prepare the required adjusting entry to record Bad Debt Expense for...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec. 31/19 Balance 390,000 Allowance for Doubtful Accounts 20,400 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,780,000, of which 25% were cash sales (cost of sales $1,795,000). b. Sales returns were $118,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $34,000 was recovered. d. Several accounts were written off: $36,000. e. Collections from...
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