Ans. A | Adjusted amount (bad debts) = Estimated balance of Allowance for doubtful accounts - Credit balance of allowance account | |||
$45,900 - $9,000 | ||||
$36,900 | ||||
Ans. B | Accounts receivables | $990,000 | ||
Allowance for doubtful accounts (given) | $45,900 | |||
Bad debt expense | $36,900 | |||
Ans. C | Total accounts receivables | $990,000 | ||
Less: Allowance for doubtful accounts | -$45,900 | |||
Net realizable value | $944,100 | |||
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance...
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $735,000; Allowance for Doubtful Accounts has a debit balance of $6,500; and sales for the year total $3,310,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $28,600. a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable...
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Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $565,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,540,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $23,000, a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance...
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $755,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,400,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $24,500. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance...
analysis of recievables method Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $775,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,490,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $32,900. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt...
Example Exercise 9-4 Analysis of Receivable Method At the end of the current year, Accounts Receivable has a balance of $800,000; Allowance for Doubtful Accounts has a credit balance of $7,500; Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $30,000 Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense, and (c) the net realizable value of accounts...
At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and (c) the net realizable value of accounts...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $805,000; Allowance for Doubtful Accounts has a debit balance of $7,000; and sales for the year total $3,620,000. Bad debt expense is estimated at 3/4 of 1% of sales a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable Allowance...