Homework Answers
| Date | Account title | debit | credit |
|---|---|---|---|
| December 31 |
bad debt expenses ($11800 + $400) Allowance for uncollectible accounts |
$12200 . |
. $12200 |
| December 31 |
bad debt expenses ($14500 - $900) Allowance for uncollectible accounts |
$13600 . |
. $13600 |
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Problem 3 3A) Prepare adjusting journal entries for the following independent situations. a. The Allowance for...
3B) For each of the following independent situations, compute net accounts receivable. a. Accounts Receivable has...
3B) For each of the following independent situations, compute net accounts receivable. a. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25,700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 of uncollectible accounts....
reach of the following independent situations, compute net accounts receivable. Accounts Receivable has a balance of...
reach of the following independent situations, compute net accounts receivable. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a crean balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25.700. The Allowance for Uncollectible Accounts has a deon balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 OR uncollectible accounts. Answer:
On December 31, prior to adjustment, Allowance for Doubtful Accounts has a debit balance of $400....
On December 31, prior to adjustment, Allowance for Doubtful Accounts has a debit balance of $400. An analysis of the aging of the accounts receivable produces an estimate of $3,100 of probable losses from uncollectible accounts. The adjusting entry needed to record the estimated losses from uncollectible accounts is A. $3,100 B. $3,500 C. $2,700 D. $400
At December 31 (before adjusting journal entries), the Allowance for Doubtful Accounts of a company showed...
At December 31 (before adjusting journal entries), the Allowance for Doubtful Accounts of a company showed a credit balance of $1,400 and the Accounts Receivable account showed a balance of $88,000. An aging of the accounts receivable indicated that the amount expected to be uncollectible was $2,200. The accountant also does a calculation based on the company’s net credit sales and determines an alternate estimate of bad debt based on those net sales would show $1,900 uncollectible. If the accountant...
Treat the following parts as three independent situations. Part 1 of 3 Lynbrook Automotive, Inc. applies...
Treat the following parts as three independent situations. Part 1 of 3 Lynbrook Automotive, Inc. applies the allowance method to record transactions relating to their accounts receivables. On December 31, 2019, the company had a debit balance of $700,000 in Accounts Receivable and a credit balance of $20,000 in their Allowance for Doubtful Accounts. During 2020, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts. These transactions are summarized as follows: a) Provided...
Treat the following parts as three independent situations. Part 1 of 3 Lynbrook Automotive, Inc. applies...
Treat the following parts as three independent situations. Part 1 of 3 Lynbrook Automotive, Inc. applies the allowance method to record transactions relating to their accounts receivables. On December 31, 2019, the company had a debit balance of $700,000 in Accounts Receivable and a credit balance of $20,000 in their Allowance for Doubtful Accounts. During 2020, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts. These transactions are summarized as follows: a) Provided...
Problem 4 (24 pts) Chambers Products had sales of $15,000,000 for 2017. On December 31, 2017,...
Problem 4 (24 pts) Chambers Products had sales of $15,000,000 for 2017. On December 31, 2017, the balance in Accounts Receivable was $3,500,000. An aging analysis of the accounts receivable indicated that $154,000 in accounts are expected to be uncollectible. Prepare the adjusting entry to record estimated bad debts expense using the percentage of receivables basis under each of the following independent assumptions: Allowance for Doubtful Accounts has a credit balance of $4,500 before adjustment. Allowance for Doubtful Accounts has...
At December 31, 2018, the Accounts Receivable balance of Alpha Company is $180,000. The Allowance for...
At December 31, 2018, the Accounts Receivable balance of Alpha Company is $180,000. The Allowance for Bad Debts account has a $12,390 debit balance. Alpha Company prepares the following aging schedule for its accounts receivable: (Click the lcon to view the aging schedule.) Read the reauirements Requirement 1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Begin by determining the...
At December 31, 2018, the Accounts Receivable balance of Alpha Company is $180,000. The Allowance for...
At December 31, 2018, the Accounts Receivable balance of Alpha Company is $180,000. The Allowance for Bad Debts account has a $12,390 debit balance. Alpha Company prepares the following aging schedule for its accounts receivable: (Click the lcon to view the aging schedule.) Read the reauirements Requirement 1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Begin by determining the...
Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 The...
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 $2,400,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,904. 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 category...
3B) For each of the following independent situations, compute net accounts receivable. a. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25,700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 of uncollectible accounts....
reach of the following independent situations, compute net accounts receivable. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a crean balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25.700. The Allowance for Uncollectible Accounts has a deon balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 OR uncollectible accounts. Answer:
Treat the following parts as three independent situations. Part 1 of 3 Lynbrook Automotive, Inc. applies the allowance method to record transactions relating to their accounts receivables. On December 31, 2019, the company had a debit balance of $700,000 in Accounts Receivable and a credit balance of $20,000 in their Allowance for Doubtful Accounts. During 2020, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts. These transactions are summarized as follows: a) Provided...
Problem 4 (24 pts) Chambers Products had sales of $15,000,000 for 2017. On December 31, 2017, the balance in Accounts Receivable was $3,500,000. An aging analysis of the accounts receivable indicated that $154,000 in accounts are expected to be uncollectible. Prepare the adjusting entry to record estimated bad debts expense using the percentage of receivables basis under each of the following independent assumptions: Allowance for Doubtful Accounts has a credit balance of $4,500 before adjustment. Allowance for Doubtful Accounts has...
At December 31, 2018, the Accounts Receivable balance of Alpha Company is $180,000. The Allowance for Bad Debts account has a $12,390 debit balance. Alpha Company prepares the following aging schedule for its accounts receivable: (Click the lcon to view the aging schedule.) Read the reauirements Requirement 1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Begin by determining the...
At December 31, 2018, the Accounts Receivable balance of Alpha Company is $180,000. The Allowance for Bad Debts account has a $12,390 debit balance. Alpha Company prepares the following aging schedule for its accounts receivable: (Click the lcon to view the aging schedule.) Read the reauirements Requirement 1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Begin by determining the...
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 $2,400,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,904. 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 category...
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