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A company has $293,000 in credit sales. The company uses the allowance method to account for...
A company has $325,000 in credit sales. The company uses the allowance method to account for...
A company has $325,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The Allowance for Doubtful Accounts now has an $8,160 debit balance. If the company estimates 6% of credit sales will be uncollectible, what will be the amount of the journal entry to record estimated uncollectible accounts? O A $8,160 OB. $19,500 OC. $27,660 OD $11,340
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
Credit Losses Based on Credit Sales Lewis Company uses the allowance method for recording its expected...
Credit Losses Based on Credit Sales Lewis Company uses the allowance method for recording its expected credit losses. It estimates credit losses at 1% of credit sales which were $1,250,000 during the year. On December 31, the Accounts Receivable balance was $300,000 and the Allowance for Doubtful Accounts had a credit balance of $13,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts...
Wildhorse Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following...
Wildhorse Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable 166,400 71,700 37,800 32,600 15,700 $8,600 % uncollectible 1% 4% 5% 8% 20% Estimated Bad debts (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts...
Assume that Simple Co. had credit sales of $280,000 and cost of goods sold of $165,000 for the period. It estimates that...
Assume that Simple Co. had credit sales of $280,000 and cost of goods sold of $165,000 for the period. It estimates that 2 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $6,900 when it uses the aging method. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $400. Prepare the...
The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,900,000...
The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,900,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,359. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts Receivable $...
FIUDICI DOTA Auviuco) Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company...
FIUDICI DOTA Auviuco) Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Total 200,000 Number of Days Outstanding 31-60 61-90 91-120 46,000 39,000 23,000 4% 5% 8% 0-30 77,000 1% Accounts receivable % uncollectible Over 120 $15,000 20% Estimated bad debts (b) Prepare the year-end adjusting journal entry to record the bad debts using the...
Cedar Corp. has given you the following information from its aging of Accounts Receivable. Using this...
Cedar Corp. has given you the following information from its aging of Accounts Receivable. Using this information, determine the amount of the journal entry to record the estimated uncollectible accounts. Current 31 -60 days 61 - 90 days 91 and up $19.000 3,200 2,900 2,000 4% uncollectible 6% uncollectible 10% uncollectible 16% uncollectible The current balance in Allowance for Doubtful Accounts is a $160 credit. O A. $1,722 OB. $1,402 OC. $1,562 OD. None of the above
A company has $325,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The Allowance for Doubtful Accounts now has an $8,160 debit balance. If the company estimates 6% of credit sales will be uncollectible, what will be the amount of the journal entry to record estimated uncollectible accounts? O A $8,160 OB. $19,500 OC. $27,660 OD $11,340
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,900,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,359. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts Receivable $...
FIUDICI DOTA Auviuco) Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Total 200,000 Number of Days Outstanding 31-60 61-90 91-120 46,000 39,000 23,000 4% 5% 8% 0-30 77,000 1% Accounts receivable % uncollectible Over 120 $15,000 20% Estimated bad debts (b) Prepare the year-end adjusting journal entry to record the bad debts using the...
Cedar Corp. has given you the following information from its aging of Accounts Receivable. Using this information, determine the amount of the journal entry to record the estimated uncollectible accounts. Current 31 -60 days 61 - 90 days 91 and up $19.000 3,200 2,900 2,000 4% uncollectible 6% uncollectible 10% uncollectible 16% uncollectible The current balance in Allowance for Doubtful Accounts is a $160 credit. O A. $1,722 OB. $1,402 OC. $1,562 OD. None of the above
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