Homework Answers
34.Answer is d.$1,020
Allowance for doubtful accounts-Ending balance is equal to total estimated non-collectible amount. So that Allowance for doubtful accounts-Ending balance is $790 (credit balance)
| Allowance for doubtful account | |||
| Beginning Balance | $230 | Bad debt expense | $1,020 |
| Ending Balance | $790 | ||
Bad debt expense = $790+230 = $1,020
Hence, the adjusting entry under the aging approach would be for the amount of $1,020
35.Answer is b.$144,580
Allowance for doubtful accounts-Ending balance is equal to total estimated non-collectible amount. So that Allowance for doubtful accounts-Ending balance is $420 (credit balance).
Net receivables:
| Accounts receivable-Ending balance | $145,000 |
| (Less): Allowance for doubtful accounts-Ending balance | ($420) |
| Net receivables | $144,580 |
36. Answer is c. aging the accounts receivable
Aging the accounts receivable is realistic estimate of the net receivables
37. Answer is b.$600
| Allowance for doubtful account | |||
| Beginning balance | $100 | ||
| Bad debt expense | $600 | ||
| End. Bal. | $700 | ||
Bad debt expense = $700-$100 = $600
Hence, the adjusting entry under the aging approach would be for the amount of $1,020
38.Answer is b. required for income tax purposes.
The direct write-off method is required for income tax purposes
39.Answer is d. credit accounts receivable
Entry for written off is : Debit to 'Bad debt expense' and Credit to 'Accounts receivable'
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1). An aging of Calypso Company's accounts receivable indicates that $40,000 is estimated to be uncollectible....
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An aging of a company's accounts receivable indicates that $4,200 is estimated to be uncollectible. If...
An aging of a company's accounts receivable indicates that
$4,200 is estimated to be uncollectible. If Allowance for Doubtful
Accounts has a $800 credit balance, the adjustment to record bad
debts for the period will require a
credit to Allowance for Doubtful Accounts for $5,000.
debit to Allowance for Doubtful Accounts for $3,400.
debit to Bad Debts Expense for $4,200.
debit to Bad Debts Expense for $3,400.
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An aging of a company's accounts receivable indicates that $9400 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $4890 credit balance, the adjustment to record bad debts for the period will require a O credit to Allowance for Doubtful Accounts for $9400. O debit to Allowance for Doubtful Accounts for $4510. O debit to Bad Debt Expense for $9400. O debit to Bad Debt Expense for $4510. Click if you would like to Show Work for...
1.An aging of a company's accounts receivable indicates that $13.000 are estimated to be uncollectible. If Allowanc...
1.An aging of a company's accounts receivable indicates that $13.000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1.200 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debt Expense for $13,000. b. debit to Allowance for Doubtful Accounts for $11,800. c. debit to Bad Debt Expense for $11,800. d. credit to Allowance for Doubtful Accounts for $13,000. 2.Cost of goods sold is determined only at the...
32. After aging the accounts receivable, it is estimated thaf he accou allowance account has an existing credit balance of $A net receivables would be is contra to W ng credit t us estimated that $1,200 will not be collected aU If the accounts receivable total $130,000, the O, to write off an account that has been determined to be uncollectible, the entry would include 34. After aging the accounts account has an existing debit balance of $230. The adjusting...
30, Dude Ranch Circle estimates its uncollectible accounts at 1.5% of its credit sales of$825,000, when adjusting for estimated losses from uncollectible accounts, the debit to Bad Debt Expense is 31. The allowance for bad debts account is contra to which of the following accounts? ATan 32. After aging the accounts receivable, it is estimated that $1,200 will not be collected and the allowance account has an existing credit balance of $400. If the accounts receivable t net receivables would...
accounts in the uncollectible accounts Tilden Co. hacd credit sales in the amount of $470,000, and it had uncollectibie inount of $4,700. Based on last year, what would the percent of estimated 10% be this year? b.4% 1% 4.7% 28. Which of the following is a method of accounting for uncollectible accounts? reserve method allowance method allocation method accounts receivable method b. d. 29. The expense associated with an uncollectible account is recognized when it has been det that a...
Using the aging method of accounts receivable method, $5,300 of the company's Accounts Receivable are estimated to be uncollectible. At the end of the year, the balance of Accounts Receivable is $103,000 and the unadjusted credit balance of the Allowance for Doubtful Accounts is $560. Credit sales during the year totaled $156,000. What is the current year's Bad Debt Expense? Multiple Choice $4,740. S7300 | o ooo $5,300. On June 12, because management knew with near certainty that it had...
An aging of a company's accounts receivable indicates that
$4,200 is estimated to be uncollectible. If Allowance for Doubtful
Accounts has a $800 credit balance, the adjustment to record bad
debts for the period will require a
credit to Allowance for Doubtful Accounts for $5,000.
debit to Allowance for Doubtful Accounts for $3,400.
debit to Bad Debts Expense for $4,200.
debit to Bad Debts Expense for $3,400.
An aging of a company's accounts receivable indicates that $9400 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $4890 credit balance, the adjustment to record bad debts for the period will require a O credit to Allowance for Doubtful Accounts for $9400. O debit to Allowance for Doubtful Accounts for $4510. O debit to Bad Debt Expense for $9400. O debit to Bad Debt Expense for $4510. Click if you would like to Show Work for...
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