Homework Answers
Uncollectible account balance by using aging of receivable method is calculated based on balance sheet approaches
so balance would be $2280 after adjusting entry.
So answer is a) $2280
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R. Antonio Company had the following ntormation in 2014 $ 26,000 1,500 94,000 28,000 100,000 Allowance...
Cornelius Company had the following information in 2014. $12,000 700 42,000 13,000 43,000 Allowance for uncollectible...
Cornelius Company had the following information in 2014. $12,000 700 42,000 13,000 43,000 Allowance for uncollectible account 12/31/14 (before adjustment) Collections from customers on account during 2014 If uncollectible accounts are determined by the aging-of-receivables method to be $1,150, the uncollectible-account expense for 2014 would be $450. The balance of the Allowance account after the adjusting entry would be $1,150. The net realizable value of accounts receivable on the December 31, 2014 balance sheet would be OA. $13,150. B. $10,850....
Christopher Company had the following information in 2014. 7,000 700 37,000 17,000 44,000 Allowance for uncollectible...
Christopher Company had the following information in 2014. 7,000 700 37,000 17,000 44,000 Allowance for uncollectible account 12/31/14 (before adjustment) Collections from customers on account during 2014 If uncollectible accounts are determined by the aging-of-receivables method to be $1,280, the uncollectible-account expense for 2014 would be: O A. $700. ОВ. $580. Oc. $740. OD. $1,280
Daniel Company had the following information in 2014. 8,000 950 40,000 16,000 40,000 Allowance for uncollectible...
Daniel Company had the following information in 2014. 8,000 950 40,000 16,000 40,000 Allowance for uncollectible accounts 12/31/14 (before adjustment) . . Cash sales during 2014 Collections from customers on account during 2014 Uncollectible-account expense for 2014 is $1,600. What is the adjusted balance in the Allowance account at year-end for 2014? O A. $2,550 B. $650 OC. $1,500 O D. $950
Joshua Company had the following information in 2014 6,000 750 40,000 14,000 42,000 Allowance for uncollectible...
Joshua Company had the following information in 2014 6,000 750 40,000 14,000 42,000 Allowance for uncollectible account 12/31/14 (before adjustment) . . . Collections from customers on account during 2014 Uncollectible accounts are determined by the percent-of-sales method to be 2% of credit sales. How much is uncollectible-account expense for 2014 OA. $750 B. $120 Ос. s800 O D. $1,080
Citywide Real Estate reported the following information for 2017: (Click the icon to view the information.)...
Citywide Real Estate reported the following information for 2017: (Click the icon to view the information.) 1. If uncollectible accounts are determined by the percent-of-sales method to be 2 percent of net credit sales, what is the bad debt expense for 2017? 2. If uncollectible accounts are determined by the aging of receivables to be $4,000, what is the amount of net accounts receivable after adjusting entries for 2017? 1. If uncollectible accounts are determined by the percent-of-sales method to...
19. Tanning Company analyzes its receivables to estimate bad debt expense The accounts receivable balance is...
19. Tanning Company analyzes its receivables to estimate bad debt expense The accounts receivable balance is $300 000 and credit sales are $1,000,000. An Aging of accounts receivable shows that approximately 10 of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? A Bad Debt Expense 26,000 Allowance for Doubtful 26,000 Accounts B. Bad Debt Expense 30,000 Allowance for Doubtful Accounts C....
Exercise 7-8 Percent of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance...
Exercise 7-8 Percent 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 Days Past DueTotal0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable$620,000$406,000$100,000$46,000$28,000$40,000Percent uncollectible 2%3%6%8% 11%a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% 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...
Kendall Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable...
Kendall Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $600,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $22,000 at the beginning of 2016 and $26,000 in receivables were written off during the year as uncollectible. Also, $1,500 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by...
EXERCISE 2 Brown Company had a $1,000 credit balance in Allowance for Doubtful Accounts at December...
EXERCISE 2 Brown Company had a $1,000 credit balance in Allowance for Doubtful Accounts at December 31, 2020, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $100,000 1% 1–30 days past due 12,000 3% 31–60 days past due 10,000 6% 61–90 days past due 6,000 25% Over 90 days past due 8,000 50% Total Accounts Receivable $136,000 Instructions: (a) Prepare the adjusting entry on December 31, 2020, to recognize bad debts expense. (b) Assume the same facts as above except...
1) The company had sales revenue $4,000,000 reported on its Income Statement The company had an...
1) The company had sales revenue $4,000,000 reported on its Income Statement The company had an accounts receivable balance of $200,000 and an allowance for uncollectible accounts balance of $1,000 (credit) at the end of the year (before any adjusting entry) The accountant determined that 1% of the SALES REVENUE will ultimately be uncollectible. a) Prepare the journal entry to record Uncollectible Accounts expense for the year. Account Name debit Credit b) Fill in the amounts that would appear on...
Cornelius Company had the following information in 2014. $12,000 700 42,000 13,000 43,000 Allowance for uncollectible account 12/31/14 (before adjustment) Collections from customers on account during 2014 If uncollectible accounts are determined by the aging-of-receivables method to be $1,150, the uncollectible-account expense for 2014 would be $450. The balance of the Allowance account after the adjusting entry would be $1,150. The net realizable value of accounts receivable on the December 31, 2014 balance sheet would be OA. $13,150. B. $10,850....
Christopher Company had the following information in 2014. 7,000 700 37,000 17,000 44,000 Allowance for uncollectible account 12/31/14 (before adjustment) Collections from customers on account during 2014 If uncollectible accounts are determined by the aging-of-receivables method to be $1,280, the uncollectible-account expense for 2014 would be: O A. $700. ОВ. $580. Oc. $740. OD. $1,280
Daniel Company had the following information in 2014. 8,000 950 40,000 16,000 40,000 Allowance for uncollectible accounts 12/31/14 (before adjustment) . . Cash sales during 2014 Collections from customers on account during 2014 Uncollectible-account expense for 2014 is $1,600. What is the adjusted balance in the Allowance account at year-end for 2014? O A. $2,550 B. $650 OC. $1,500 O D. $950
Joshua Company had the following information in 2014 6,000 750 40,000 14,000 42,000 Allowance for uncollectible account 12/31/14 (before adjustment) . . . Collections from customers on account during 2014 Uncollectible accounts are determined by the percent-of-sales method to be 2% of credit sales. How much is uncollectible-account expense for 2014 OA. $750 B. $120 Ос. s800 O D. $1,080
Citywide Real Estate reported the following information for 2017: (Click the icon to view the information.) 1. If uncollectible accounts are determined by the percent-of-sales method to be 2 percent of net credit sales, what is the bad debt expense for 2017? 2. If uncollectible accounts are determined by the aging of receivables to be $4,000, what is the amount of net accounts receivable after adjusting entries for 2017? 1. If uncollectible accounts are determined by the percent-of-sales method to...
19. Tanning Company analyzes its receivables to estimate bad debt expense The accounts receivable balance is $300 000 and credit sales are $1,000,000. An Aging of accounts receivable shows that approximately 10 of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? A Bad Debt Expense 26,000 Allowance for Doubtful 26,000 Accounts B. Bad Debt Expense 30,000 Allowance for Doubtful Accounts C....
Exercise 7-8 Percent 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 Days Past DueTotal0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable$620,000$406,000$100,000$46,000$28,000$40,000Percent uncollectible 2%3%6%8% 11%a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% 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...
1) The company had sales revenue $4,000,000 reported on its Income Statement The company had an accounts receivable balance of $200,000 and an allowance for uncollectible accounts balance of $1,000 (credit) at the end of the year (before any adjusting entry) The accountant determined that 1% of the SALES REVENUE will ultimately be uncollectible. a) Prepare the journal entry to record Uncollectible Accounts expense for the year. Account Name debit Credit b) Fill in the amounts that would appear on...
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