Homework Answers
| Allowance for doubtful debts | |||
| ($1.3million*3.5%) | $45,500 | ||
| Bal in Allowance for doubtful debts | $22,000 | ||
| Entry required | $23,500 | ||
| 1 | Bad Debt Expense Dr | $23,500 | |
| Allowance for doubtful debts Cr | $23,500 | ||
| 2 | Income Summary a/c Dr | $23,500 | |
| Bad debts expense a/c Cr | $23,500 | ||
| Account Receivable balance | $4,25,000 | ||
| Less Allowance for doubtful debts | -$45,500 | ||
| $3,79,500 |
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4. Jackson Co. currently has an Allowance for Doubtful Accounts (contra account to accounts receivable) credit...
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Accounts Receivable has a debit balance of $40,000 and Allowance for Doubtful Accounts has a credit...
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A)Accounts receivable accounts
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C) Statement of profit or loss (extract).
D) Statement of financial position(extract).
Accounting for Accounts Receivable 15 & Suria commenced business on 1 January 20X0. At year end, 31 December 20X0, the accounts receivable balance was RM10,000. In addition, she found that it was necessary to create an allowance for doubtful debts of RM960. ro During the year ended 31 December 20X1, an amount totalling RM840 proved to be bad and...
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At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,500,000. An analysis of receivables estimates uncollectible receivables as $25,000 Determine the amount of the adjusting entry for bad debt expense and the adjusted balance of Allowance for Doubtful Accounts, respectively. a. $30,500 and $525,000 b. $19,500 and $525,000 c. $19,500 and $25,000 Od. $30,500 and $25,000
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A)Accounts receivable accounts
B) Allowance for doubtful debts account.
C) Statement of profit or loss (extract).
D) Statement of financial position(extract).
Accounting for Accounts Receivable 15 & Suria commenced business on 1 January 20X0. At year end, 31 December 20X0, the accounts receivable balance was RM10,000. In addition, she found that it was necessary to create an allowance for doubtful debts of RM960. ro During the year ended 31 December 20X1, an amount totalling RM840 proved to be bad and...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000 a. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at 1 of 1% of sales. b. The allowance account before adjustment has a debit balance of $68,250. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $575,000 c. The...
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