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A company reports the following amounts at 12/31/YR2 (before any year-end adjustment). Management estimates 7% of...
A company reports the following amounts at 12/31/YR2 (before any year-end adjustment). Management estimates 8% of...
A company reports the following amounts at 12/31/YR2 (before any year-end adjustment). Management estimates 8% of the receivables will not be collectible. The company uses the percent-of-receivables method to determine bad debt expense. Credit sales for the year 500,000 Accounts receivable (A/R) 35,000 Allowance for uncollectible accounts (“AUA”) 300 (credit) 1. How much of the Accounts Receivable does management not expect to collect? 2. What amount will the company record as bad debt expense for the year? 3. What amount...
A company reports the following amounts at the end of the year before any year-end adjustment)....
A company reports the following amounts at the end of the year before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for uncollectible accounts $129,000 34,000 1,800 (credit) Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the company estimates 11% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 4% of credit sales will not be collected. (If no entry is required for a particular transaction/event,...
At December 31, 2019, the trial balance of Larkspur Company contained the following amounts before adjustment....
At December 31, 2019, the trial balance of Larkspur Company contained the following amounts before adjustment. Credit Debit $377,000 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,100 955,800 Based on the information given, which method of accounting for bad debts is Larkspur Company using-the direct write-off method or the allowance method? (b) Prepare the adjusting entry at December 31, 2019, for bad debt expense, assuming an aging schedule indicates that $12.500 of accounts receivable will be uncollectible. (c)...
A company reports the following amounts at the end of the year (before any year-end adjustment)....
A company reports the following amounts at the end of the year (before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for uncollectible accounts $120,000 39,000 2,200 (credit) Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the company estimates 9% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 4% of credit sales will not be collected. (If no entry is required for a particular transaction/event,...
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr....
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr. $163,000 $ 1,260 500,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 26,000 15. Assume that Risen Company estimates doubtful accounts to be 10% of gross accounts receivable Bad Debt Expense for 2014 would be: a. $16,300 b. $13,780 c. $17,560 d. $15,040 16. The following accounts were taken from Robot Company's unadjusted trial balance at December 31,...
P8.4B (LO 2) AP Information for Jager Company in 2021 follows amounts and Total net credit...
P8.4B (LO 2) AP Information for Jager Company in 2021 follows amounts and Total net credit sales $3,300,000 Accounts receivable at December 31 Accounts receivable written off Amount collected on accounts previously written off (after write off but before year end) 1,250,000 48,000 8,000 Instructions a. Assume that Jager Company decides to use the allowance method and estimates its uncollectible ac counts to be $52,000 based on an aging schedule. What amount of bad debt expense will Jager record if...
amounts and P8.4B (LO 2) AP Information for Jager Company in 2021 follows: Total net credit...
amounts and P8.4B (LO 2) AP Information for Jager Company in 2021 follows: Total net credit sales Accounts receivable at December 31 Accounts receivable written off Amount collected on accounts previously written off (after write off but before year end) $3,300,000 1.250,000 48,000 8,000 Instructions a. Assume that Jager Company decides to use the allowance method and estimates its uncollectible ac counts to be $52,000 based on an aging schedule. What amount of bad debt expense will Jager record if...
Question no.1 Percent of sales method; write-off At year-end (December 31), Rashed Company estimates its bad...
Question no.1 Percent of sales method; write-off At year-end (December 31), Rashed Company estimates its bad debts as 0.5 % of its annual credit sales of AED975,000. Rashed records its bad debts expense for that estimate. On the following March 15, Rashed decides that the AED1,250 account of A. Abdulla is uncollectible and writes it off as a bad debt On April 15, Abdulla unexpectedly pays the amount previously written off. Required: Prepare the joumal entries of Rashed to record...
4. The Taylor Company accounts include the following 12/31 unadjusted balances: Credit Debit $300,000 1,200 Accounts...
4. The Taylor Company accounts include the following 12/31 unadjusted balances: Credit Debit $300,000 1,200 Accounts Receivable Allowance for Doubtful Accounts Net Credit Sales $7,000,000 Taylor Company estimates that 2% of gross accounts receivable will become uncollectible. After adjustment on December 31, the Bad Debt Expense account will have a balance of: a) b) oso $14,000 $12,800 $4,800 $6,000 $7,200 5. Accounts Receivable has a debit balance of $5,000, and the Allowance for Uncollectible Accounts has a credit balance of...
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment...
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment Debits $385,000 Credits Accounts receivable Allowance for doubtful accounts Sales $2,000 950,000 Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the allowance method? Prepare the adjusting entry at December 31, 2010, for bad debts expense under each of the following independent assumptions (1) An aging schedule indicates that $11.750 of accounts receivable...
A company reports the following amounts at 12/31/YR2 (before any year-end adjustment). Management estimates 8% of the receivables will not be collectible. The company uses the percent-of-receivables method to determine bad debt expense. Credit sales for the year 500,000 Accounts receivable (A/R) 35,000 Allowance for uncollectible accounts (“AUA”) 300 (credit) 1. How much of the Accounts Receivable does management not expect to collect? 2. What amount will the company record as bad debt expense for the year? 3. What amount...
A company reports the following amounts at the end of the year before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for uncollectible accounts $129,000 34,000 1,800 (credit) Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the company estimates 11% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 4% of credit sales will not be collected. (If no entry is required for a particular transaction/event,...
At December 31, 2019, the trial balance of Larkspur Company contained the following amounts before adjustment. Credit Debit $377,000 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,100 955,800 Based on the information given, which method of accounting for bad debts is Larkspur Company using-the direct write-off method or the allowance method? (b) Prepare the adjusting entry at December 31, 2019, for bad debt expense, assuming an aging schedule indicates that $12.500 of accounts receivable will be uncollectible. (c)...
A company reports the following amounts at the end of the year (before any year-end adjustment). Credit sales for the year Accounts receivable Allowance for uncollectible accounts $120,000 39,000 2,200 (credit) Record the adjustment for uncollectible accounts (1) using the percentage-of-receivables method, assuming the company estimates 9% of receivables will not be collected, and (2) using the percentage-of-credit-sales method, assuming the company estimates 4% of credit sales will not be collected. (If no entry is required for a particular transaction/event,...
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr. $163,000 $ 1,260 500,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 26,000 15. Assume that Risen Company estimates doubtful accounts to be 10% of gross accounts receivable Bad Debt Expense for 2014 would be: a. $16,300 b. $13,780 c. $17,560 d. $15,040 16. The following accounts were taken from Robot Company's unadjusted trial balance at December 31,...
P8.4B (LO 2) AP Information for Jager Company in 2021 follows amounts and Total net credit sales $3,300,000 Accounts receivable at December 31 Accounts receivable written off Amount collected on accounts previously written off (after write off but before year end) 1,250,000 48,000 8,000 Instructions a. Assume that Jager Company decides to use the allowance method and estimates its uncollectible ac counts to be $52,000 based on an aging schedule. What amount of bad debt expense will Jager record if...
amounts and P8.4B (LO 2) AP Information for Jager Company in 2021 follows: Total net credit sales Accounts receivable at December 31 Accounts receivable written off Amount collected on accounts previously written off (after write off but before year end) $3,300,000 1.250,000 48,000 8,000 Instructions a. Assume that Jager Company decides to use the allowance method and estimates its uncollectible ac counts to be $52,000 based on an aging schedule. What amount of bad debt expense will Jager record if...
Question no.1 Percent of sales method; write-off At year-end (December 31), Rashed Company estimates its bad debts as 0.5 % of its annual credit sales of AED975,000. Rashed records its bad debts expense for that estimate. On the following March 15, Rashed decides that the AED1,250 account of A. Abdulla is uncollectible and writes it off as a bad debt On April 15, Abdulla unexpectedly pays the amount previously written off. Required: Prepare the joumal entries of Rashed to record...
4. The Taylor Company accounts include the following 12/31 unadjusted balances: Credit Debit $300,000 1,200 Accounts Receivable Allowance for Doubtful Accounts Net Credit Sales $7,000,000 Taylor Company estimates that 2% of gross accounts receivable will become uncollectible. After adjustment on December 31, the Bad Debt Expense account will have a balance of: a) b) oso $14,000 $12,800 $4,800 $6,000 $7,200 5. Accounts Receivable has a debit balance of $5,000, and the Allowance for Uncollectible Accounts has a credit balance of...
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment Debits $385,000 Credits Accounts receivable Allowance for doubtful accounts Sales $2,000 950,000 Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the allowance method? Prepare the adjusting entry at December 31, 2010, for bad debts expense under each of the following independent assumptions (1) An aging schedule indicates that $11.750 of accounts receivable...
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