Homework Answers
| Particulars | Debit | Credit |
| Bad Debts expenses ( $ 6140 - $ 3170 ) | $2970 | |
| Allowances for doubtful account | $2970 |
# Allowances for doubtful debt account has $ 3170 balance and required uncollectibles is $ 6140.
Net amount written off is $ 2970.
>> Credit balance of allowance is adjusted against the bad debts amount.
| Particulars | Debit | Credit |
| Allowances for doubtful account | $ 6140 | |
| Account Receivable account | $ 6140 |
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S arasota company has a credit balance of $2200 in allowance for doubtful accounts before adjustment....
S
arasota company has a credit balance of $2200 in
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Prepare the adjusting entry.
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was later collected. At December 31, 2020, an aging schedule
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Prepare journal entries to record the 2020 transactions of Metlock
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S
arasota company has a credit balance of $2200 in
allowance for doubtful accounts before adjustment. The estimated
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Prepare the adjusting entry.
com/edugen/Iti/main.uni Previous Next Options- Kimmel, Accounting, 6e Help I System Announcements estion 5 Your answer is partially correct. Try again. rasota Company has a credit balance of $2,200 in Allowance for Doubtful Accounts befo count titles are automatically indented when the amount is entered. Do not in count Titles and Explanation...
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Metlock, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $361,400 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,039. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $979 instead of a credit balance of $3,039, prepare the adjusting...
A trial balance before adjustment included the following: Credit Debit $164,000 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances $1,500 638,000 9,400 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 9% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (2) 4% of gross accounts receivable (assuming a $1,500 debit allowance account balance). (Credit account...
At December 31, 2019, Metlock Company had a credit balance of
$16,100 in Allowance for Doubtful Accounts. During 2020, Metlock
wrote off accounts totaling $12,500. One of those accounts ($3,300)
was later collected. At December 31, 2020, an aging schedule
indicated that the balance in Allowance for Doubtful Accounts
should be $24,400.
Prepare journal entries to record the 2020 transactions of Metlock
Company. (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
Account Titles and...
The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,000 500,000 20,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all the information above is...
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and a credit balance in Allowance for Doubtful Accounts of $31,000. During 2022, the following transactions occurred: sales on account $1,599,000; sales returns and allowances, $147,000;collections from customers, $1,253,000; accounts written off, $37,000; previously written off accounts of $9,000 were collected. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit...
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