perfent of sales method Ch 9-2 Practice Exercises BE Percent of Sales Method At the end...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $3,750,000, Allowance for Doubtful Accounts has a credit balance of $22,750, and sales for the year total $48,400,000. Bad Debt Expense is estimated at ¾ 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 $...
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...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $595,000; Allowance for Doubtful Accounts has a debit balance of $5,500; and sales for the year total $2,680,000. Bad debt expense is estimated at 1/2 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...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $600,000; Allowance for Doubtful Accounts has a debit balance of $5,500; and sales for the year total $2,700,000. 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...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $400,000; Allowance for Doubtful Accounts has a debit balance of $3,500; and sales for the year total $1,800,000. Bad debt expense is estimated at l/4 of 1% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts 4,500 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts...
Module 2 Assignment Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $540,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,430,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ 18,225 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $510,000; Allowance for Doubtful Accounts has a credit balance of $4,500; and sales for the year total $2,300,000. Bad debt expense is estimated at 1/4 of 1% of sales. 1. Determine the amount of the adjusting entry for un-collectible accounts. $ 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ Allowance for Doubtful...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $465,000; Allowance for Doubtful Accounts has a debit balance of $4,000; and sales for the year total $2,090,000. Bad debt expense is estimated at 1/4 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 Accounts Receivable $ Allowance for Doubtful Accounts...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $900,000; Allowance for Doubtful Accounts has a debit balance of $8,000; and sales for the year total $4,050,000. Bad debt expense is estimated at 1/2 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ 20,250 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts...
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $495,000; Allowance for Doubtful Accounts has a debit balance of $4,500; and sales for the year total $2,230,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $19,800. 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...