Homework Answers
| Option A is the answer | |
| Allowance for Doubtful Accounts Account is the account which shows the balance of Accounts Receivable which thr company thinks it may note collect |
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Question 6 Which account shows the amount of accounts receivable that the business does not expect...
The balance sheet account used to report the amount of accounts receivable that a company does not expect to collect is...
The balance sheet account used to report the amount of accounts receivable that a company does not expect to collect is called ________. A) net accounts receivable B) allowance for uncollectible accounts C) uncollectible accounts expense D) bad debts expense What is the effect on the accounting equation of writing off an uncollectible account of $75? A) increase assets $75 and decrease liabilities $75 B) decrease assets $75 and decrease liabilities $75 C) decrease assets $75 and increase expense $75...
1. Providing for Doubtful Accounts At the end of the current year, the accounts receivable account...
1. Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $755,000 and sales for the year total $8,560,000. The allowance account before adjustment has a debit balance of $10,200. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a debit balance of $10,200. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $32,600. The allowance account...
Question 7 The records of Sarasota Company at the end of the current year shows Accounts...
Question 7 The records of Sarasota Company at the end of the current year shows Accounts Receivable $80,300; Credit Sales $769,390; and Sales Returns and Allowances $41,700. (a) If Sarasota uses the direct write-off method to account for uncollectible accounts and Sarasota determines that Matisse's $820 balance is uncollectible, what will Sarasota record as bad debt expense? Bad debt expense (b) If Allowance for Doubtful Accounts has a balance of $1,112 and Sarasota concludes bad debts are expected to be...
The ledger of Costello Company at the end of the current year shows Accounts Receivable $110,000,...
The ledger of Costello Company at the end of the current year shows Accounts Receivable $110,000, Sales Revenue $840,000, and Sales Returns and Allowances $20,000. Instructions (a) If Costello uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Costello determines that L. Dole’s $1,400 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming...
The ledger of Ruru Company at the end of the current year shows Accounts Receivable $200,000,...
The ledger of Ruru Company at the end of the current year shows Accounts Receivable $200,000, Sales $1,400,000, and Sales Returns and Allowances $50,000. Instructions: (a) If Ruru uses the direct write-off method to account for uncollectible accounts, journalize theadjusting entry at December 31, assuming Ruru determines that Barking Ghosts Company’s $2,400 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $3,500 in the trial balance, journalize the adjusting entry at December 31, assuming bad...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable $78,000; Credit Sales $855,000, and Sales Returns and Allowances $36,000 (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,150 in the trial balance, journalize the adjusting entry at December 31,...
The balance sheet account used to report the amount of accounts receivable that a company does...
The balance sheet account used to report the amount of accounts receivable that a company does not expect to collect is called ________. A) net accounts receivable B) allowance for uncollectible accounts C) uncollectible accounts expense D) bad debts expense What is the effect on the accounting equation of writing off an uncollectible account of $75? A) increase assets $75 and decrease liabilities $75 B) decrease assets $75 and decrease liabilities $75 C) decrease assets $75 and increase expense $75...
The ledger of Larkspur, Inc. at the end of the current year shows Accounts Receivable $89,000;...
The ledger of Larkspur, Inc. at the end of the current year shows Accounts Receivable $89,000; Credit Sales $830,000; and Sales Returns and Allowances $50,000 (a) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Larkspur determines that Matisse $700 balance is uncollectible (b) If Allowance for Doubtful Account has a credit balance of $1,400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The edge of Concord Corporation at the end of the current year shows Accounts Receivable 375.800:...
The edge of Concord Corporation at the end of the current year shows Accounts Receivable 375.800: Credit Sales 818 100, and Sales Returns and Allowances $39.00 a Concord Corporation uses the direct write-off method to account for uncollectible accounts.journalize the adjusting entry at December 31, assuming Concord Corporation determines that Matisse's 5812 balance is uncollectible. b) If Allowance for Doubtful Accounts has a credit balance of $1.060 in the trial balance, journalize the adjusting entry at December 31, assuming bad...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000:...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000: Credit Sales $810,000; and Sales Returns and Allowances $40.000 (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
Question 7 The records of Sarasota Company at the end of the current year shows Accounts Receivable $80,300; Credit Sales $769,390; and Sales Returns and Allowances $41,700. (a) If Sarasota uses the direct write-off method to account for uncollectible accounts and Sarasota determines that Matisse's $820 balance is uncollectible, what will Sarasota record as bad debt expense? Bad debt expense (b) If Allowance for Doubtful Accounts has a balance of $1,112 and Sarasota concludes bad debts are expected to be...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable $78,000; Credit Sales $855,000, and Sales Returns and Allowances $36,000 (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,150 in the trial balance, journalize the adjusting entry at December 31,...
The ledger of Larkspur, Inc. at the end of the current year shows Accounts Receivable $89,000; Credit Sales $830,000; and Sales Returns and Allowances $50,000 (a) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Larkspur determines that Matisse $700 balance is uncollectible (b) If Allowance for Doubtful Account has a credit balance of $1,400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The edge of Concord Corporation at the end of the current year shows Accounts Receivable 375.800: Credit Sales 818 100, and Sales Returns and Allowances $39.00 a Concord Corporation uses the direct write-off method to account for uncollectible accounts.journalize the adjusting entry at December 31, assuming Concord Corporation determines that Matisse's 5812 balance is uncollectible. b) If Allowance for Doubtful Accounts has a credit balance of $1.060 in the trial balance, journalize the adjusting entry at December 31, assuming bad...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000: Credit Sales $810,000; and Sales Returns and Allowances $40.000 (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
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