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 $130,500, allowance for doubtful accounts of $925 (credit) and sales of $1,055,000. If uncollectible accounts are estimated to be 7% of accounts receivable, what is the amount of the bad debts expense adjusting entry?
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$8,210
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$9,135
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$8,545
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$10,060
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$8,395
Homework Answers
Answer: $ 8210.
>> Un-collectible accounts receivable = $ 130500 * 7 % = $ 9135.
>> Credit balance in doubtful accounts = $ 925.
>> Bad debts expenses to be recorded = $ 9135 - $ 925 = $ 8210.
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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...
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?
Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows A...
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?
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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. 440,000 Debit Accounts receivable 1,300 Debit Allowance for Doubtful Accounts Net Sales 2,150,000 Credit All sales are made on credit. Based on past experience, the company estimates 3.0 % of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record...
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Warner Company's year-end unadjusted trial balance shows accounts receivable of $118,000, allowance for doubtful accounts of $790 (credit), and sales of $470,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. View transaction list View journal entry worksheet No General Journal Debit Credit Date Dec 31 Bad debts expense Allowance for doubtful accounts
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