Requirement a:
Requirement b:
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable Master Company's December 31,...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable Master Company’s December 31, 2019, balances related to accounts receivable follow. Accounts receivable $720,000 Dr. Allowance for doubtful accounts 36,000 Cr. During 2020, $81,000 of accounts receivable is considered uncollectible, and no more effort to collect these accounts will be made. Total sales for 2020 are $2,160,000, of which $360,000 are cash sales. A total of $1,620,000 was collected on account during 2020. a. Assuming that Master uses...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable Orange Company’s December 31, 2019, balances related to accounts receivable follow. Accounts receivable $80,000 Dr. Allowance for doubtful accounts 4,000 Cr. During 2020, $9,000 of accounts receivable is considered uncollectible, and no more effort to collect these accounts will be made. Total sales for 2020 are $240,000, of which $40,000 are cash sales. A total of $180,000 was collected on account during 2020. a. Assuming that Orange uses...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $324,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $1,620 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $32,490. 4. Uncollectible accounts to be written off, December 31, 2020, $1,890. 5....
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable Master Company’s December 31, 2019, balances related to accounts receivable follow. Accounts receivable $800,000 Dr. Allowance for doubtful accounts 40,000 Cr. During 2020, $90,000 of accounts receivable is considered uncollectible, and no more effort to collect these accounts will be made. Total sales for 2020 are $2,400,000, of which $400,000 are cash sales. A total of $1,800,000 was collected on account during 2020. a. Assuming that Master uses...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $288,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $1,440 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $28,880. 4. Uncollectible accounts to be written off, December 31, 2020, $1,680. 5....
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $720,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $3,600 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $72,200. 4. Uncollectible accounts to be written off, December 31, 2020, $4,200. 5....
E6-8 (Algo) Reporting Bad Debt Expense and Accounts Receivable LO6-2 At the end of the prior year, Durney's Outdoor Outfitters reported the following information Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ 48,103 Allowance for Doubtful Accounts (XA) 8.399 $ 39,704 Accounts Receivable (Net) (A) During the current year, sales on account were $304,798, collections on account were $290,000, write-offs of bad debts were $6,984. and the bad debt expense adjustment was $4,700. Required: 1-a. Complete the...
Given the following information: Accounts receivable 31 December 2015 $281,962 Allowance for doubtful accounts balance: 31 December 2014 $3,693 Charged to costs and expenses: $2,951 Write-offs net of recoveries: ($714) Balance at 31 December 2015: $5,930 Calculate the entry to be made into the bad debt expense account for the year ended 31 Dec 2015. Also, Net receivables
On December 31, 2015, a company reported the following information on its balance sheet: Accounts receivable $838,000 Less: Allowance for Doubtful Accounts 46,000 (cr.) During 2016, the company had the following transactions related to receivables: Sales on account $3,000,000 Collections of accounts receivable 2,712,000 Write-offs of accounts determined to be uncollectible 31,500 Recovery of prior write-offs 6,600 a) Determine the ending accounts receivable balance on December 31, 2016. b)If the company estimates 3% of credit sales will not be collected,...
Problem 85A Accounts receivable transactions and bad debt adjustments 01, 2, 3 CHECK AGURES: 2. Bad Debt Expense = $20,460,5. Bad Debt Expense = $7.200 Swiss Supplies showed the following selected adjusted balances at its December 31, 2019. yearend: Accounts Receivable Dec. 31/19 Balance Allowance for Doubtful Accounts 16,400 Dec. 31/19 Balance 490,000 During 2020, the following selected transactions occurred: 2. Sales totalled $2.800.000, of which 25% were cash sales (cost of sales $1.804,000). Sales returns were $108,000, half regarding...