Homework Answers
Answer
- Correct Answer = Option #3: It will ‘increase the allowance for doubtful accounts’.
- This is because when previously written off account is
collected,
#1 the account is first re-instated into account by increasing allowance account balance and accounts receivables balance, and then
#2 collection of payment is recorded by increasing cash and decreasing account receivables balance, - The Allowance account balance gets increased when the written off accounts gets re-instated.
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Question 9 View Policies Current Attempt in Progress When the allowance method of recognizing bad debt...
1.) When the allowance method of recognizing bad debt expense is used, the entries at the...
1.) When the allowance method of recognizing bad debt expense is used, the entries at the time of collection of an account previously written off would? a.) Increase net income b.) Decrease total current liabilities c.) Have no effect on total current assets d.) Increase working capital
please help with this accounting question! Question 9 View Policies Current Attempt in Progress Assume the...
please help with this accounting question!
Question 9 View Policies Current Attempt in Progress Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11.470 944.000 906,000 5.400 2.000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles...
Under the allowance method of recognizing uncollectible accounts, the entry to recognize the collection of a...
Under the allowance method of recognizing uncollectible accounts, the entry to recognize the collection of a previously written off uncollectible account Cincreases the allowance for doubtful accounts. C has no effect on the allowance for doubtful accounts. decreases the allowance for doubtful accounts. Dincreases net income.
View Policies Current Attempt in Progress At the beginning of the current period, Metlock, Inc. had...
View Policies Current Attempt in Progress At the beginning of the current period, Metlock, Inc. had balances in Accounts Receivable of $211.200 and in Allowance for Doubtful Accounts of $ 9 90 credit). During the period, it had net credit sales of $804 300 and collections of $839.000 wrote of a collect counts receivable of $7.902. However, a $3.002 account previously written off as uncollectible was recovered before the end of the current period Uncollectie accounts we estimated to total...
Question 10 View Policies Current Attempt in Progress The following are a series of unrelated situations....
Question 10 View Policies Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Pronghorn Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7.790 $1,279,500 Pronghorn Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense...
Send to Gradebook < Prev Next > Question 20 --/1 View Policies Current Attempt in Progress...
Send to Gradebook < Prev Next > Question 20 --/1 View Policies Current Attempt in Progress An aging of a company's accounts receivable indicates that $14400 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1160 credit balance, the adjustment to record bad debts for the period will require a O debit to Allowance for Doubtful Accounts for $13240. O credit to Allowance for Doubtful Accounts for $14400. O debit to Bad Debt Expense for $14400. debit...
Send to Gradebook < Prev Next > Question 21 --/1 View Policies Current Attempt in Progress...
Send to Gradebook < Prev Next > Question 21 --/1 View Policies Current Attempt in Progress port An aging of a company's accounts receivable indicates that $15500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1180 credit balance, the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $14320 O credit to Allowance for Doubtful Accounts for $15500. Odebit to Bad Debt Expense for $14320. debit to...
E c CICERO assessment, education.wiley.com View Policies Current Attempt In Progress Assume the following information for...
E c CICERO assessment, education.wiley.com View Policies Current Attempt In Progress Assume the following information for Kingbird Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $135.000 11,300 930,000 900,000 5,000 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable Prepare the entries to record sales and collections during the period. Credit condities are automat i ncented when...
please help with this accounting question! Question 7 View Policies Current Attempt in Progress On December...
please help with this accounting question!
Question 7 View Policies Current Attempt in Progress On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1.371. Tamarisk, Inc. estimates that 8% of its accounts receivable balance of $77,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts On May 11, 2022, Tamarisk, Inc, determined that B. Jared's account was uncollectible and wrote off $1,135, On June 12, 2022, Jared paid the amount...
camdencc.instructure.com # @ 54% Question 23 --/1 ons View Policies Current Attempt in Progress Support Bonita...
camdencc.instructure.com # @ 54% Question 23 --/1 ons View Policies Current Attempt in Progress Support Bonita Company uses the percentage of receivables method for recording bad debt expense. The accounts receivable balance is $609000 and credit sales are $2700000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Bonita Company make to record bad debt expense if the Allowance for Doubtful Accounts has a $4500 credit balance before adjustment? O Bad Debt Expense 30450 30450...
please help with this accounting question!
Question 9 View Policies Current Attempt in Progress Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11.470 944.000 906,000 5.400 2.000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles...
Under the allowance method of recognizing uncollectible accounts, the entry to recognize the collection of a previously written off uncollectible account Cincreases the allowance for doubtful accounts. C has no effect on the allowance for doubtful accounts. decreases the allowance for doubtful accounts. Dincreases net income.
View Policies Current Attempt in Progress At the beginning of the current period, Metlock, Inc. had balances in Accounts Receivable of $211.200 and in Allowance for Doubtful Accounts of $ 9 90 credit). During the period, it had net credit sales of $804 300 and collections of $839.000 wrote of a collect counts receivable of $7.902. However, a $3.002 account previously written off as uncollectible was recovered before the end of the current period Uncollectie accounts we estimated to total...
Question 10 View Policies Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Pronghorn Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7.790 $1,279,500 Pronghorn Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense...
Send to Gradebook < Prev Next > Question 20 --/1 View Policies Current Attempt in Progress An aging of a company's accounts receivable indicates that $14400 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1160 credit balance, the adjustment to record bad debts for the period will require a O debit to Allowance for Doubtful Accounts for $13240. O credit to Allowance for Doubtful Accounts for $14400. O debit to Bad Debt Expense for $14400. debit...
Send to Gradebook < Prev Next > Question 21 --/1 View Policies Current Attempt in Progress port An aging of a company's accounts receivable indicates that $15500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1180 credit balance, the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $14320 O credit to Allowance for Doubtful Accounts for $15500. Odebit to Bad Debt Expense for $14320. debit to...
E c CICERO assessment, education.wiley.com View Policies Current Attempt In Progress Assume the following information for Kingbird Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $135.000 11,300 930,000 900,000 5,000 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable Prepare the entries to record sales and collections during the period. Credit condities are automat i ncented when...
please help with this accounting question!
Question 7 View Policies Current Attempt in Progress On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1.371. Tamarisk, Inc. estimates that 8% of its accounts receivable balance of $77,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts On May 11, 2022, Tamarisk, Inc, determined that B. Jared's account was uncollectible and wrote off $1,135, On June 12, 2022, Jared paid the amount...
camdencc.instructure.com # @ 54% Question 23 --/1 ons View Policies Current Attempt in Progress Support Bonita Company uses the percentage of receivables method for recording bad debt expense. The accounts receivable balance is $609000 and credit sales are $2700000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Bonita Company make to record bad debt expense if the Allowance for Doubtful Accounts has a $4500 credit balance before adjustment? O Bad Debt Expense 30450 30450...
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