Homework Answers
| 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 Answer to:
During the current year, Witz Electric, Inc., recorded credit sales of $780,000. Based on prior experience,...
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...
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 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, 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...
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 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 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 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 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 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...
Most questions answered within 3 hours.
-
Liquid octane
(CH3(CH2)6CH3) will
react with gaseous oxygen (O2) to produce gaseous carbon
dioxide (CO2) and...
asked 40 seconds from now -
For the reaction N2(g) +
O2(g) --> 2NO(g), if the initial
concentration of NO was 0.00M...
asked 2 minutes ago -
On a recent quiz, the class mean was 75 with a standard
deviation of 2.2. Calculate...
asked 18 minutes ago -
Discuss the Coefficient of Restitution in an elastic collision
compared to the Coefficient of Restitution in...
asked 22 minutes ago -
Pretend that you are
the audit manager on an annual financial statement audit engagement
for a...
asked 31 minutes ago -
A certain lens focuses light from an object 1.65 m away as an
image 41.8 cm...
asked 31 minutes ago -
Which metal has a resistivity that is within the range or
closest to 4.2X10^-6 to 4.7X10^-6...
asked 36 minutes ago -
5.) Suppose a researcher collected data on the mean height of
tomato plants grown in organic...
asked 49 minutes ago -
(b) A medical statistician wants to estimate the average weight
loss of people who are on...
asked 54 minutes ago -
In scala,
Can you explain what is the difference between them, and why the
first one...
asked 54 minutes ago -
True (T) or False (F) Questions
In a queuing system, if the system’s utilization is 100%,...
asked 1 hour ago -
What is the total energy transported per hour along a narrow
cylindrical laser beam 1.60 mm...
asked 1 hour ago