Use the following to answer questions 12-15 At December 31, KC Co reported accounts receivable of...
Use the following to answer questions 12-15 At December 31, KC Co reported accounts receivable of $50,000 and an allowance for uncollectible accounts of $300 (credit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 7% of accounts receivable. 12. S_ _Estimate the amount of uncollectible receivables: 13. $_ When recording the adjusting entry for bad debt expense how much should Allowance for Uncollectible accounts be credited? 14. On January 10, a customer's account balance...
Use the following to answer questions 12 – 15 At December 31, KC Co reported accounts receivable of $75,000 and an allowance for uncollectible accounts of $400 (credit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 8% of accounts receivable. 12. $_ _Estimate the amount of uncollectible receivables: 13. $. __When recording the adjusting entry for bad debt expense how much should Allowance for Uncollectible accounts be credited? 14. On January 10, a customer's...
Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. Increase, B. decrease, or C. no effect Stockholders' equity Assets Liabilities Revenues Expenses Credit sales transaction cycle 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off
Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Assets Liabilities Stockholders' equity Revenues Expenses Credit sales transaction cycle 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off
Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Assets Liabilities Stockholders' equity Revenues Expenses Credit sales transaction cycle 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off
At December 31, Gill Co. reported accounts receivable of $246,000 and an allowance for uncollectible accounts of $1,800 (debit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: At December 31, Gill Co. reported accounts receivable of $232,000 and an allowance for uncollectible accounts of $1,100 (credit) before any adjustments. An analysis of accounts receivable suggests that the...
As of December 31, 2015, Gill Co. reported accounts receivable of $218,000 and an allowance for uncollectible accounts of $8,800. During 2016, accounts receivable increased by $22,400 , and $7,650 of bad debts were written off. An analysis of Gill Co.'s December 31, 2016, accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. Bad debt expense for 2016 would be: $6,062. $7,212. None of these answer choices are correct. $7,650.
33 As of December 31, 2015, Gill Co. reported accounts receivable of $226,000 and an allowance for uncollectible accounts of $8,500. During 2016, accounts receivable Increased by $22,800. Including $7.600 in bad debts that were written off. An analysis of Gill Co.'s December 31, 2016. accounts receivable suggests that the allowance for uncollectible accounts should be 4% of accounts receivable. Bad debt expense for 2016 would be: 00:29:09) Multiple Choice 0 None othecenswer choices are correct 0
At December 31, Gill Co. reported accounts receivable of $261,000 and an allowance for uncollectible accounts of $1,150 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Multiple Choice $1,150. $3,980. $4,070. $5,220.
Question 11 (1 point) Saved As of December 31, 2017, Gill Co. reported accounts receivable of $216,000 and an allowance for uncollectible accounts of $8,400. During 2018, accounts receivable increased by $22,000 (that change includes $7,800 of bad debts that were written off). An analysis of Gill Co.'s December 31, 2018, accounts receivable suggests that the allowance for uncollectible accounts should be 3 % of accounts receivable. Bad debt expense for 2018 would be: $6.540. $7,800. $7,140. None of these...