Homework Answers
2) Adjusting entry
| date | account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (70000*3%) | 2100 | |
| Allowance for doubtful accounts | 2100 | ||
3) Adjusting entry
| Date | account and explanation | Debit | Credit |
| May 31 | Interest receivable (30000*9%*1/12) | 225 | |
| Interest revenue | 225 | ||
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2. During 2017 credit sales were $70,000. Bad debts are estimated to be 39 of credit...
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Innovative Tech Inc. (ITI) has been using the percentage of credit sales method to estimate bad debts. During November, ITI sold services on account for $100,000 and estimated that 3/4 of 1 percent of those sales would be uncollectible Required: 1. Prepare the November adjusting entry for bad debts. 2. Starting in December, ITI switched to using the aging method. At its December 31 year-end. total Accounts Receivable is $93,200. aged as follows: (1) 1-30 days old, $77000: (2) 31-90...
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Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of...
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QUESTION RAD DES ALLOWANCE FOR DE BISZALLOWANCE FOR DOUBTFUL ACCOUNTS - Debt Expense and Allowance for...
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Problem 7-3A Aging accounts receivable and accounting for bad debts LO P2, P3
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Innovative Tech Inc. (ITI) has been using the percentage of credit sales method to estimate bad debts. During November, ITI sold services on account for $100,000 and estimated that 3/4 of 1 percent of those sales would be uncollectible Required: 1. Prepare the November adjusting entry for bad debts. 2. Starting in December, ITI switched to using the aging method. At its December 31 year-end. total Accounts Receivable is $93,200. aged as follows: (1) 1-30 days old, $77000: (2) 31-90...
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A company ages its accounts receivables to determine its end of period adjustment for bad debts. At the end of the current year, management estimated that $15,750 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $375. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? 15,7501 Bad Debts Expense Allowance for Doubtful Accounts...
Check my Roby Reg 2 Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $1,400 credit. View transaction list Journal entry worksheet Record estimated bad debts assuming that allowance for Doubtful Accounts has a $1,400 credit balance. Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Total 0 1 $129,000 $84,000 Accounts receivable Percent uncollectible to 30 31...
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2018 Dec. 31 Estimated that bad debts expense for the year was 1% of credit sales of $410,000 and recorded that amount as expense. The company uses the allowance method 31 Made the closing entry for bad debts expense. 2019 Jan. 17 Sold merchandise inventory to Manny Vasquez, 5800, on account. Ignore Cost of Goods Sold Jun. 29 Wrote off Manny Vasquez's account as uncollectible after repeated efforts to collect from him. Aug. 6 Received $800 from Manny Vasquez, along...
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