Homework Answers
Working
Calculation of bad debts using ageing of receivable methos
($76000*4%) + ($3000*19%) = $3610
Allowance for doubtful debts already created = $1861
Adjusting entry = ($3610 - $1861) = $1749
1) Journal Entry
| Date | Accounts | Debit | Credit |
| December 31 | Bad debts expenses | $1749 | |
| Allowance for doubtful debts | $1749 | ||
| (Recorded bad debts expenses for the period) | |||
2) T - Account for ending balance of Allowance for doubtful debts
| Beginning Balance | $1861 | ||
| Adjuatment (Add) | $1749 | ||
| Ending Balance | $3610 |
Add Answer to:
1 Data Table Accounts Receivable Allowance for Bad Debts 79,000 1,861 The aging of accounts receivable...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
e basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at...
e basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. ng the age of each account counts X i Data Table Age of Accounts 31-60 Days Over 90 Days 1-30 Days 61-90 Days 25,000 Accounts Receivable 75,000 $ 15,000 $ 70,000 $ Estimated percent uncollectible 0.5% 3.0 % 9.0 % 50.0 % Done Print Print Done We were unable to transcribe this imageHomework: Chapter 8 Homework Save Score: 0 of 15...
Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened...
Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance. Record the transactions in the general journal (omit explanations), and post to the two T-accounts. 2. Assume the December 31, 2019, balance of Accounts Receivable is $135,000. Show how net accounts receivable would be reported on the balance sheet at that date. More Info - X 2018 Dec. 31 Estimated that bad debts expense...
A company uses the aging of accounts receivable method to estimate its bad debts expense. On...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations)...
1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts. Show how Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet. 3. More Info • Sales on account, $420,000. Ignore Cost of Goods Sold. • Collections on account, $410,260 Wrote off accounts receivable as uncollectible: Raja Co., $1,200; Orvis Redd, $1,100; and Parket, Inc., $400. • Recorded bad debts expense based...
debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad...
debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Debts by using the age of each account. * Data Table Age of Accounts 1-30 Days Accounts Receivable $ 60,000 Estimated percent uncollectibles 0.5% 31-60 Days $ 40,000 3.0 % 61-90 Days $ 15,000 5.0% Over 90 Days $ 25,000 50.0 % Print Done < Answer. Clear All using the age of each account. Acd 1-90 i Requirements Days...
Requirement 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit...
Requirement 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts Begin by journalizing the transactions. (Record debits first, then credits. Exclude explanations from journal entries) Sales on account, $400,000. Ignore Cost of Goods Sold. Accounts and Explanation Debit Credit Dec. 31 Accounts Receivable 400.000 Ses Revenue 400,000 Choose from any list or enter any number in the input fields and then continue to the next question Collections...
illustste t accounts for accounts receivable and allowance for bad debts A) On November 30, Penny...
illustste t accounts for accounts receivable and allowance for
bad debts
A) On November 30, Penny Cohada $41.000 halange in Accounts Recivable and a $3,584 credit balance in the Allowance for Uncollectible Accounts. During December. Pey made credit sales of $200,000. December collections on account were $168.000, and write-offs of uncollectible accounts totaled $2.910. Uncollectible account expense is estimated as 15 of credit sales. No sales returns are expected and ignore cost of goods sold REQUIRED: Journalire les collections, write-offs...
Chech Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3...
Chech Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below) Jarden Company has credit sales of $2,100,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,706. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age...
a.) Journalize the transactions. b.) Post to Allowance for Doubtful Accounts, Income Summary, and Bad Debts...
a.) Journalize the transactions.
b.) Post to Allowance for Doubtful Accounts, Income Summary, and
Bad Debts Expense accounts as needed.
c.)Prepare a current assets section of the balance sheet. Ending
balances needed as follows: Cash, $13,500; Accounts Receivable,
$165,000; Office Supplies, $2,100; Merchandise Inventory, $105,000;
Prepaid Rent, $1,350.
L. POLL balance in Allowance for Doubtful Accounts lui ITC MOUI 3. Sigmund Company completed the following transactions in 2012: • Jan. 9 Sold merchandise on account to Roger's Supply, $1,200. •...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
e basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. ng the age of each account counts X i Data Table Age of Accounts 31-60 Days Over 90 Days 1-30 Days 61-90 Days 25,000 Accounts Receivable 75,000 $ 15,000 $ 70,000 $ Estimated percent uncollectible 0.5% 3.0 % 9.0 % 50.0 % Done Print Print Done We were unable to transcribe this imageHomework: Chapter 8 Homework Save Score: 0 of 15...
Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance. Record the transactions in the general journal (omit explanations), and post to the two T-accounts. 2. Assume the December 31, 2019, balance of Accounts Receivable is $135,000. Show how net accounts receivable would be reported on the balance sheet at that date. More Info - X 2018 Dec. 31 Estimated that bad debts expense...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts. Show how Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet. 3. More Info • Sales on account, $420,000. Ignore Cost of Goods Sold. • Collections on account, $410,260 Wrote off accounts receivable as uncollectible: Raja Co., $1,200; Orvis Redd, $1,100; and Parket, Inc., $400. • Recorded bad debts expense based...
debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Debts by using the age of each account. * Data Table Age of Accounts 1-30 Days Accounts Receivable $ 60,000 Estimated percent uncollectibles 0.5% 31-60 Days $ 40,000 3.0 % 61-90 Days $ 15,000 5.0% Over 90 Days $ 25,000 50.0 % Print Done < Answer. Clear All using the age of each account. Acd 1-90 i Requirements Days...
Requirement 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts Begin by journalizing the transactions. (Record debits first, then credits. Exclude explanations from journal entries) Sales on account, $400,000. Ignore Cost of Goods Sold. Accounts and Explanation Debit Credit Dec. 31 Accounts Receivable 400.000 Ses Revenue 400,000 Choose from any list or enter any number in the input fields and then continue to the next question Collections...
illustste t accounts for accounts receivable and allowance for
bad debts
A) On November 30, Penny Cohada $41.000 halange in Accounts Recivable and a $3,584 credit balance in the Allowance for Uncollectible Accounts. During December. Pey made credit sales of $200,000. December collections on account were $168.000, and write-offs of uncollectible accounts totaled $2.910. Uncollectible account expense is estimated as 15 of credit sales. No sales returns are expected and ignore cost of goods sold REQUIRED: Journalire les collections, write-offs...
Chech Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below) Jarden Company has credit sales of $2,100,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,706. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age...
a.) Journalize the transactions.
b.) Post to Allowance for Doubtful Accounts, Income Summary, and
Bad Debts Expense accounts as needed.
c.)Prepare a current assets section of the balance sheet. Ending
balances needed as follows: Cash, $13,500; Accounts Receivable,
$165,000; Office Supplies, $2,100; Merchandise Inventory, $105,000;
Prepaid Rent, $1,350.
L. POLL balance in Allowance for Doubtful Accounts lui ITC MOUI 3. Sigmund Company completed the following transactions in 2012: • Jan. 9 Sold merchandise on account to Roger's Supply, $1,200. •...
Most questions answered within 3 hours.
-
A dragon biologist is setting up an experimental population of
1000 individuals. In dragons, pointy crests...
asked 1 minute from now -
A uniform thin rod of length 0.851 m is hung from a horizontal
nail passing through...
asked 8 minutes ago -
A 747 has a cruising speed of 235 m/s at a height of 10,700
meters. The...
asked 16 minutes ago -
Part 3: Arrows
Write a python program that prompts the user for a number of
columns,...
asked 24 minutes ago -
Need help answering these questions!!
1. What economic concept do you find most interesting in
Macroeconomics?...
asked 28 minutes ago -
1. Nimbus, Inc. produces and sells brooms. This table shows the
relationship between the number of...
asked 31 minutes ago -
A gas occupies 200. mL in a piston. If the pressure of the
piston were decreased...
asked 48 minutes ago -
A fossil is found to have a 14C level of 71.0% compared to
living organisms. How...
asked 52 minutes ago -
Many communist or socialist countries have a department that
addresses public health as well as the...
asked 54 minutes ago -
the following questions are either true or false answers
1. The Central Limit Theorem allows one...
asked 54 minutes ago -
The patient recovery time from a particular surgical procedure
is normally distributed with a mean of...
asked 1 hour ago -
Human relations refer to the way a company arranges people,
jobs, and communications so that work...
asked 1 hour ago