Homework Answers
| Answer | ||
|
1) Journal entry |
||
| Account title and explanation | Debit | Credit |
| bad debt expense (156000*6%-1160) | $ 8,200 | |
| Allowance for doubtful accounts | $ 8,200 | |
| 2) Journal entry | ||
| Account title and explanation | Debit | Credit |
| bad debt expense (156000*2%+1160) | $ 4,280 | |
| Allowance for doubtful accounts | $ 4,280 | |
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Question 3 View Policies Current Attempt in Progress A trial balance before adjustment included the following:...
A trial balance before adjustment included the following: Credit Debit $164,000 Accounts receivable Allowance for doubtful...
A trial balance before adjustment included the following: Credit Debit $164,000 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances $1,500 638,000 9,400 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 9% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (2) 4% of gross accounts receivable (assuming a $1,500 debit allowance account balance). (Credit account...
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...
The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivab...
The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,000 500,000 20,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all the information above is...
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...
Testbank Problem 162 a-b The trial balance before adjustment of Sheffield Company reports the following balances:...
Testbank Problem 162 a-b The trial balance before adjustment of Sheffield Company reports the following balances: Cr. Dr. $143,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,570 600,000 55,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 14% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all...
he trial balance before adjustment of Windsor, Inc. shows the following balances: Dr. Cr. Accounts r...
he trial balance before adjustment of Windsor, Inc. shows the
following balances:
Dr.
Cr.
Accounts receivable
$104,800
Allowance for doubtful accounts
1,970
Sales revenue (all on credit)
$672,000
Sales returns and allowances
29,100
Give the entry for bad debt expense for the current year
assuming the allowance should be 4% of gross accounts receivable.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles...
Question 6 of 6 < - / 10 III View Policies Current Attempt in Progress Sandhill...
Question 6 of 6 < - / 10 III View Policies Current Attempt in Progress Sandhill Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $155,400 Allowance for Doubtful Accounts $3.790 Sales Revenue (all on credit) 819,100 Sales Returns and Allowances 54.900 Prepare the journal entry to record bed debt expense assuming Sandhill Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $1,630...
Question 3 2/4 View Policies Show Attempt History Current Attempt in Progress H55 Limited's general ledger reports a ba...
Question 3 2/4 View Policies Show Attempt History Current Attempt in Progress H55 Limited's general ledger reports a balance in Accounts Receivable of $339,000 at the end of December. (a) ✓ Your answer is correct. Assuming that Allowance for Doubtful Accounts has a credit balance of $4,800 and that uncollectible accounts are determined to be $37,290 by aging the accounts, record the adjusting entry at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent...
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment....
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment. Debit Credit Accounts Receivable $180,300 Allowance for Doubtful Accounts $ 1.460 Sales Revenue 855,400 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $9.260 of accounts receivable will be uncollectible. (b) Repeat part(a), assuming that instead of a credit balance there is a $1.460 debit balance in Allowance for Doubtful Accounts. (d)...
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...
A trial balance before adjustment included the following: Credit Debit $164,000 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances $1,500 638,000 9,400 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 9% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (2) 4% of gross accounts receivable (assuming a $1,500 debit allowance account balance). (Credit account...
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...
The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,000 500,000 20,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all the information above is...
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...
Testbank Problem 162 a-b The trial balance before adjustment of Sheffield Company reports the following balances: Cr. Dr. $143,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,570 600,000 55,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 14% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all...
he trial balance before adjustment of Windsor, Inc. shows the
following balances:
Dr.
Cr.
Accounts receivable
$104,800
Allowance for doubtful accounts
1,970
Sales revenue (all on credit)
$672,000
Sales returns and allowances
29,100
Give the entry for bad debt expense for the current year
assuming the allowance should be 4% of gross accounts receivable.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles...
Question 6 of 6 < - / 10 III View Policies Current Attempt in Progress Sandhill Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $155,400 Allowance for Doubtful Accounts $3.790 Sales Revenue (all on credit) 819,100 Sales Returns and Allowances 54.900 Prepare the journal entry to record bed debt expense assuming Sandhill Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $1,630...
Question 3 2/4 View Policies Show Attempt History Current Attempt in Progress H55 Limited's general ledger reports a balance in Accounts Receivable of $339,000 at the end of December. (a) ✓ Your answer is correct. Assuming that Allowance for Doubtful Accounts has a credit balance of $4,800 and that uncollectible accounts are determined to be $37,290 by aging the accounts, record the adjusting entry at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent...
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment. Debit Credit Accounts Receivable $180,300 Allowance for Doubtful Accounts $ 1.460 Sales Revenue 855,400 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $9.260 of accounts receivable will be uncollectible. (b) Repeat part(a), assuming that instead of a credit balance there is a $1.460 debit balance in Allowance for Doubtful Accounts. (d)...
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...
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