Question

During the current year, Witz Electric, Inc., recorded credit sales of $780,000. Based on prior experience, it estimates a 2

0 0
Add a comment Improve this question Transcribed image text
Answer #1
No Accounts Debit Credit
A Allowance for Doubtful Accounts 2000
Accounts Receivable 2000
B Bad debts expense 15600
Allowance for Doubtful Accounts 15600
(780,000*2%)
Add a comment
Know the answer?
Add Answer to:
During the current year, Witz Electric, Inc., recorded credit sales of $780,000. Based on prior experience,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • During the current year, Witz Electric, Inc., recorded credit sales of $1,300,000. Based on prior experience,...

    During the current year, Witz Electric, Inc., recorded credit sales of $1,300,000. Based on prior experience, it estimates a 1 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On September 29 of the current year, an account receivable for $4,000 from March of the current year was determined to be uncollectible and was written off....

  • Check my work During the current year, Witz Electric, Inc., recorded credit sales of $750,000. Based...

    Check my work During the current year, Witz Electric, Inc., recorded credit sales of $750,000. Based on prior experience, it estimates a 2 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On September 29 of the current year, an account receivable for $2,000 from March of the current year was determined to be! uncollectible and...

  • During the current year, Witz Electric, Inc., recorded credit sales of $770,000. Based on prior experience,...

    During the current year, Witz Electric, Inc., recorded credit sales of $770,000. Based on prior experience, it estimates a 2 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On September 29 of the current year, an account receivable for $2,600 from March of the current year was determined to be uncollectible and was written off. b. The appropriate bad...

  • During the current year, Giatras Electronics recorded credit sales of $690,000. Based on prior experience, it...

    During the current year, Giatras Electronics recorded credit sales of $690,000. Based on prior experience, it estimates a 2.5 percent bad debt rate on credit sales. Required: 1. Prepare journal entries for each of the following transactions. a. On October 28 of the current year, an account receivable for $2,700 from a prior year was determined to be uncollectible and was written off. b. At year-end, the appropriate bad debt expense adjustment was recorded for the current year. 2. Complete...

  • During the current year, Sun Electronics, Incorporated, recorded credit sales of $750,000. Based on prior experience,...

    Dung the current year, Sun Electronics, incorporated, recorded credit sales of $750,000. Based on prior experience, it estimates a 3 percent bad debt rate on credit sales.Required:Prepare journal entries for each transaction: (if no entry is required for a transaction/event, select "No journal entry required" In the first account field.)a. On November 13 of the current year, an account receivable for $300 from a prior year was determined to be uncollectible and was written offb. At year-end, the appropriate bad...

  • Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Alllowance for...

    Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Alllowance for Doubtful Accounts should be $19,700. The account had an unadjusted credit balance of $12,000 at that time Required: Prepare journal entries for each of the following. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. The appropriate bad debt adjustment was recorded b. Later, an account receivable for $1,200 was determined to be uncollectible...

  • During Burns Company's first year of operations, credit sales totaled $166,000 and collections on credit sales...

    During Burns Company's first year of operations, credit sales totaled $166,000 and collections on credit sales totaled $118,000. Burns estimates that bad debt losses will be 2.0% of credit sales. By year-end, Burns had written off $430 of specific accounts as uncollectible Required: 1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. Show the year-end balance sheet presentation for accounts receivable. Complete this question by entering your answers in the tabs below. Required 1...

  • At year-end (December 31), Chan Company estimates its bad debts as 100% of its annual credit...

    At year-end (December 31), Chan Company estimates its bad debts as 100% of its annual credit sales of $692,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $346 account of P Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet < 1 2 3...

  • At the end of the year, a company reports a balance in its Allowance for Uncollectible...

    At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,100 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $281,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction...

  • Prior to recording the following. Elite Electronics, Inc., had a credit balance of $1,600 in its...

    Prior to recording the following. Elite Electronics, Inc., had a credit balance of $1,600 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a On August 31, a customer balance for $260 from a prior year was determined to be uncollectible and was written off b. On December 15, the customer balance for $260 written off on August...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT