Homework Answers
Solution 1:
Amount of bad debts expense for 2019 = Ending allowance account - Beginning allowance account = $91,000 - $75,400 = $15,600
Hence last option is correct.
Solution 2:
Amount of bad debts expense to be recorded for the year = Required allowance - Existing balance in allowance account
= $7,600 - $2,200 = $5,400
Hence 2nd option is correct.
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Assume Zap industries reported the following adjusted account balances at year-end. 2019 2018 Accounts Receivable $1,680,200...
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Explanation?? ACCOUNTS RECEIVABLE On November 1, 2019, Iginla Company showed the following account balances: Credit Account...
Explanation??
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Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
Using the aging method of accounts receivable method, $5,300 of the company's Accounts Receivable are estimated...
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Explanation??
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At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ 48,127 Allowance for Doubtful Accounts (XA) 8, 409 Accounts Receivable (Net) (A) $ 39,718 During the current year, sales on account were $305,048, collections on account were $290,100, write-offs of bad debts were $6,994, and the bad debt expense adjustment was $4,710. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to...
3. Stratege4U Company unadjusted year-end Trial Balance has the following balances: Accounts Receivable Credit Sales Revenue Allowance for Doubtful Accounts $200,000 $1,00,000 $4,500 Dr. Cr. Dr. Stratege4U Company Accounts Receivable Aging schedule has an estimated Allowance for Doubtful Account calculation of $5,500. Please calculate Bad Debt Expense. Show your work for full points. Bad Debt Expense Allowance for Doubtful Account
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ 48,127 Allowance for Doubtful Accounts (XA) 8,409 Accounts Receivable (Net) (A) $ 39,718 During the current year, sales on account were $305,048, collections on account were $290,100, write-offs of bad debts were $6,994, and the bad debt expense adjustment was $4,710. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
Using the aging method of accounts receivable method, $5,300 of the company's Accounts Receivable are estimated to be uncollectible. At the end of the year, the balance of Accounts Receivable is $103,000 and the unadjusted credit balance of the Allowance for Doubtful Accounts is $560. Credit sales during the year totaled $156,000. What is the current year's Bad Debt Expense? Multiple Choice $4,740. S7300 | o ooo $5,300. On June 12, because management knew with near certainty that it had...
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