Homework Answers
| 20) | Entry to write off | |||||
| Particulars | Debit | Credit | ||||
| Allowance for Uncollectible Accounts | $ 400.00 | |||||
| To Accounts Receivable | $ 400.00 | |||||
| 21) | Balance | ($ 5000 - $ 4910) | $ 90.00 | |
| 22) | Bad debt expense didn't change because of this |
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Use the following to answer questions 20-22 At the beginning of the year; MB, Inc.'s allowance...
Use the following to answer questions 20 – 22 At the beginning of the year; MB,...
Use the following to answer questions 20 – 22 At the beginning of the year; MB, Inc.'s allowance for uncollectible accounts had a beginning balance of $3,600. On January 22nd, MB wrote off the A/R from customer C for $200 20. Record the entry for write-off 21. $ _By the end of the year (December 31st); total accounts written off were $3,550 (including the write off for customer C). What is the balance in the allowance for uncollectible accounts after...
Use the following to answer questions 20-22 Chapter 5 Page 5-2 At the beginning of the...
Use the following to answer questions 20-22 Chapter 5 Page 5-2 At the beginning of the year; MB, Inc.'s allowance for uncollectible accounts had a beginning balance of $5,000. On January 22nd, MB wrote off the A/R from customer C for $400 20. Record the entry for write-off 21. $ By the end of the year (December 31"); total accounts written off were $4,910 (including the write off for customer C). What is the balance in the allowance for uncollectible...
Use the following to answer questions 20-22 Chapter 5 Page 5-2 At the beginning of the...
Use the following to answer questions 20-22 Chapter 5 Page 5-2 At the beginning of the year; MB, Inc.'s allowance for uncollectible accounts had a beginning balance of $5,000. On January 22nd, MB wrote off the A/R from customer C for $400 20. Record the entry for write-off 21. $ By the end of the year (December 31"); total accounts written off were $4,910 (including the write off for customer C). What is the balance in the allowance for uncollectible...
please check work and help with unanswered questions Use the following to answer questions 20-22 At...
please check work and help with unanswered questions
Use the following to answer questions 20-22 At the beginning of the year; MB, Inc.'s allowance for uncollectible accounts had a beginning balance of $5,000. On January 22nd, MB wrote off the A/R from customer for $400 20. Record the entry for write-off ADA 4MO A/ 400 21. $ By the end of the year (December 31"); total accounts written off were $4.910 (including the write off for customer C). What is...
The Allowance for Bad Debts account had a balance of $6,100 at the beginning of the...
The Allowance for Bad Debts account had a balance of $6,100 at the beginning of the year and $7700 at the end of the year. During the year (including the year-end adjustment), bad debts expense of $11,000 was recognized. Required: Calculate the total amount of past-due accounts receivable that were written off as uncollectible during the year. (Hint Make a T- account for the Allowance for Bad Debts account, plug in the amounts that you know, and solve for the...
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off...
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $24,300 Lee Drake 31,195 Jenny Green 29,715 Mike Lamb 17,890 Total $103,100 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 1 %...
Please help in finding and/or coming to the correct formulas/numbers to plug in beginning from Requirement...
Please help in finding and/or coming to the correct
formulas/numbers to plug in beginning from Requirement Part 2(b) to
Requirement 3. Everything that has a number of 22,222 needs to be
replaced.
The following information will be useful.
Raintree Cosmetic Company sells its products to customers on a
credit basis. An adjusting entry for bad debt expense is recorded
only at December 31, the company’s fiscal year-end. The 2020
balance sheet disclosed the following:
Current assets:
Receivables, net of allowance...
BONUS QUESTION: At 1/1/2019 the allowance had a debit balance of 5600. Jackson Inc. wrote off...
BONUS QUESTION: At 1/1/2019 the allowance had a debit balance of 5600. Jackson Inc. wrote off $23,000 of customer accounts on Jun5, 2019. Customers repaid Johnson $18,500 of the accounts that were written off on August 20, 2019. At 12/31/2019 AR was 250,000 and estimated amount uncollectible was 15%. Jackson uses the allowance method for write offs. (3 points total) Given the above answer the following questions 1. What was the balance in the allowance account before adjustment( debit or...
Blimp Company uses the allowance method to account for uncollectible receivables. At the beginning of the...
Blimp Company uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Bad Debts had a credit balance of $ 1 comma 300. During the year Blimp wrote off uncollectible receivables of $ 1 comma 800. Blimp recorded Bad Debts Expense of $ 3 comma 000. Blimp's year-end balance in Allowance for Bad Debts is $ 2 comma 500. Blimp's ending balance of Accounts Receivable is $ 20 comma 800. Compute the net...
Beginning accounts receivable 164,000 Beginning allowance for doubtful accounts 5,400 Sales 2,000,000 Collections on account 1,720,000...
Beginning accounts receivable 164,000 Beginning allowance for doubtful accounts 5,400 Sales 2,000,000 Collections on account 1,720,000 Accounts written off 11,800 Collections of accounts previously written off 1,100 Current balance of bad debt expense 0 Uncollectible accounts as a percentage of receivables 4.00% Using the balance sheet approach, what is the ending balance of bad debt expense?
Use the following to answer questions 20 – 22 At the beginning of the year; MB, Inc.'s allowance for uncollectible accounts had a beginning balance of $3,600. On January 22nd, MB wrote off the A/R from customer C for $200 20. Record the entry for write-off 21. $ _By the end of the year (December 31st); total accounts written off were $3,550 (including the write off for customer C). What is the balance in the allowance for uncollectible accounts after...
Use the following to answer questions 20-22 Chapter 5 Page 5-2 At the beginning of the year; MB, Inc.'s allowance for uncollectible accounts had a beginning balance of $5,000. On January 22nd, MB wrote off the A/R from customer C for $400 20. Record the entry for write-off 21. $ By the end of the year (December 31"); total accounts written off were $4,910 (including the write off for customer C). What is the balance in the allowance for uncollectible...
Use the following to answer questions 20-22 Chapter 5 Page 5-2 At the beginning of the year; MB, Inc.'s allowance for uncollectible accounts had a beginning balance of $5,000. On January 22nd, MB wrote off the A/R from customer C for $400 20. Record the entry for write-off 21. $ By the end of the year (December 31"); total accounts written off were $4,910 (including the write off for customer C). What is the balance in the allowance for uncollectible...
please check work and help with unanswered questions
Use the following to answer questions 20-22 At the beginning of the year; MB, Inc.'s allowance for uncollectible accounts had a beginning balance of $5,000. On January 22nd, MB wrote off the A/R from customer for $400 20. Record the entry for write-off ADA 4MO A/ 400 21. $ By the end of the year (December 31"); total accounts written off were $4.910 (including the write off for customer C). What is...
The Allowance for Bad Debts account had a balance of $6,100 at the beginning of the year and $7700 at the end of the year. During the year (including the year-end adjustment), bad debts expense of $11,000 was recognized. Required: Calculate the total amount of past-due accounts receivable that were written off as uncollectible during the year. (Hint Make a T- account for the Allowance for Bad Debts account, plug in the amounts that you know, and solve for the...
Please help in finding and/or coming to the correct
formulas/numbers to plug in beginning from Requirement Part 2(b) to
Requirement 3. Everything that has a number of 22,222 needs to be
replaced.
The following information will be useful.
Raintree Cosmetic Company sells its products to customers on a
credit basis. An adjusting entry for bad debt expense is recorded
only at December 31, the company’s fiscal year-end. The 2020
balance sheet disclosed the following:
Current assets:
Receivables, net of allowance...
BONUS QUESTION: At 1/1/2019 the allowance had a debit balance of 5600. Jackson Inc. wrote off $23,000 of customer accounts on Jun5, 2019. Customers repaid Johnson $18,500 of the accounts that were written off on August 20, 2019. At 12/31/2019 AR was 250,000 and estimated amount uncollectible was 15%. Jackson uses the allowance method for write offs. (3 points total) Given the above answer the following questions 1. What was the balance in the allowance account before adjustment( debit or...
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