Homework Answers
| Date | Account | Debit | Credit |
| Dec 31 | Bad debts expense | 5,000 | |
| Allowance for Doubtful Accounts | 5,000 | ||
| (250,000*2%) |
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Required information Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information...
Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to...
Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to the questions displayed below.) Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $250,000 45,000 1,000 (debit) kercise 5-20A Part 1 quired: Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 10% of ceivables will not be collected. (If no...
Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to...
Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.) A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 2 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 3% of credit...
Required information Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) The following information...
Required information Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) The following information applies to the questions displayed below.] A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 1 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). 3 Credit Sales for 2021 $260,000 55,000 1,100 (Credit Accounts Receivable, December 31, 2021 Allovance for Uncollectible Accounts, December 31, 2021 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12 % of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal...
Required information The following information applies to the questions displayed below) Suzuki Supply reports the following...
Required information The following information applies to the questions displayed below) Suzuki Supply reports the following amounts at the end of 2021 before adjustment) Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 3240,000 35,000 1,200 (Credit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage of receivables method Suzuki estimates 11% of receivables will not be collected (f no entry is required for a particular transaction/event, select "No Journal...
Required information Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information...
Required information Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.) A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 3 3. Calculate the effect on net income (before taxes) and total assets in Year 1 for...
0 Required information The following information applies to the questions displayed below Suzuki Supply reports the...
0 Required information The following information applies to the questions displayed below Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). $256,000 51,e00 1,000 (Credtt) Credit Sales for 2021 Accounts Recelvable, December 31, 2821 Allowance for Uncollectible Accounts, December 31, 2021 Required: he adjusting entry for uncollectible accounts using the percentage receivables method Suzuki estimates 10% of recelvables will not be collected (If no entry is required for a particuler transaction/event, select "No Journel Entry Required"...
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following...
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following information applies to the questions displayed below] At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24.900 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires...
Which of these methods is required by GAAP? Aging of accounts receivables Percentage of credit sales Either the per...
Which of these methods is required by GAAP?
Aging of accounts receivables
Percentage of credit sales
Either the percentage of credit sales or aging of accounts
receivables
Assume that Simple Co. had credit sales of $290,000 and cost of goods sold of $170,000 for the period. It estimates that 2 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts...
Required information Exercise 5-6B Record credit sales with a sales allowance (LO5-1, 5-2) [The following information...
Required information
Exercise 5-6B Record credit sales with a sales allowance (LO5-1,
5-2)
[The following information applies to the questions
displayed below.]
On April 25, a company installs wiring in a new home for $3,000 on
account. However, on April 27, the company's work does not pass
inspection, and the company grants the customer an allowance of
$550 because of the problem. The customer makes full payment of the
balance owed, excluding the allowance, on April 30.
Exercise 5-6B Parts...
Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to the questions displayed below.) Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $250,000 45,000 1,000 (debit) kercise 5-20A Part 1 quired: Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 10% of ceivables will not be collected. (If no...
Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.) A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 2 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 3% of credit...
Required information Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) The following information applies to the questions displayed below.] A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 1 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). 3 Credit Sales for 2021 $260,000 55,000 1,100 (Credit Accounts Receivable, December 31, 2021 Allovance for Uncollectible Accounts, December 31, 2021 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12 % of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal...
Required information The following information applies to the questions displayed below) Suzuki Supply reports the following amounts at the end of 2021 before adjustment) Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 3240,000 35,000 1,200 (Credit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage of receivables method Suzuki estimates 11% of receivables will not be collected (f no entry is required for a particular transaction/event, select "No Journal...
Required information Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.) A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 3 3. Calculate the effect on net income (before taxes) and total assets in Year 1 for...
0 Required information The following information applies to the questions displayed below Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). $256,000 51,e00 1,000 (Credtt) Credit Sales for 2021 Accounts Recelvable, December 31, 2821 Allowance for Uncollectible Accounts, December 31, 2021 Required: he adjusting entry for uncollectible accounts using the percentage receivables method Suzuki estimates 10% of recelvables will not be collected (If no entry is required for a particuler transaction/event, select "No Journel Entry Required"...
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following information applies to the questions displayed below] At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24.900 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires...
Which of these methods is required by GAAP?
Aging of accounts receivables
Percentage of credit sales
Either the percentage of credit sales or aging of accounts
receivables
Assume that Simple Co. had credit sales of $290,000 and cost of goods sold of $170,000 for the period. It estimates that 2 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts...
Required information
Exercise 5-6B Record credit sales with a sales allowance (LO5-1,
5-2)
[The following information applies to the questions
displayed below.]
On April 25, a company installs wiring in a new home for $3,000 on
account. However, on April 27, the company's work does not pass
inspection, and the company grants the customer an allowance of
$550 because of the problem. The customer makes full payment of the
balance owed, excluding the allowance, on April 30.
Exercise 5-6B Parts...
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