Bad Debt Expense/Allowance for Uncollectible accounts
The company estimates future uncollectible accounts. The company determines $26,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record bad debts at the end of January.
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Bad Debt Expense
The company estimates future uncollectible accounts. The company determines $26,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record bad debts at the end of January.
The company estimates future uncollectible accounts. The company determines $14,000 of accounts receivable on January 31...
The company estimates future uncollectible accounts. The company determines $14,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record bad debts at the end of January. Note: Enter debits before credits. Date General Journal Debit...
Date General Journal Debit Credit Jan 31 2021 Bad Debt Expense ? Allowance for Uncollectible Accounts...
Date
General Journal
Debit
Credit
Jan 31 2021
Bad Debt Expense
?
Allowance for Uncollectible Accounts
?
Record the closing entry for
revenue
31 Jan 2021
?
?
?
?
Record the closing entry for
expenses
31 Jan 2021
?
?
?
?
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit Accounts Cash $27,500 15,400 Accounts Receivable Allowance for Uncollectible Accounts S 4,400 Supplies Notes Receivable (6%, due in 2...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit Acc...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit Accounts $ 24,300 Cash 13,800 Accounts Receivable Allowance for Uncollectible Accounts 1,200 Supplies Notes Receivable (6%, due in 2 years) 2,700 22,000 Land 77,200 Accounts Payable Common Stock 8,200 98,000 Retained Earnings 32,600 $140,000 $140,000 Totals During January 2021, the following transactions occur: 2 Provide services to customers for cash, $37,100 6 Provide services to customers on account, $74,400 January 15 Write...
பானாரான Debit 58,900 25,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (51,...
பானாரான Debit 58,900 25,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (51, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 36,500 14,400 157,000 15,000 222,000 52,800 $292,200 $292,200 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,700. The company estimates a residual value of $1,700 and a five-year service life. January 4 Pay cash on accounts payable, $9,700. January 8 Purchase additional inventory on account, $84,900. January 15...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts...
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit Cash $ 59,800 Accounts Receivable 27,200 Allowance for Uncollectible Accounts $ 3,300 Inventory 37,400 Notes Receivable (5%, due in 2 years) 25,200 Land 166,000 Accounts Payable 15,900 Common Stock 231,000 Retained Earnings 65,400 Totals $ 315,600 $ 315,600 During January 2021, the following transactions occur: January 1 Purchase equipment for $20,600. The company estimates a residual value of $2,600 and a...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit Accounts $ 22,700 38,500 Cash Accounts Receivable Allowance for Uncollectible 3,900 $ Accounts 34,000 67,600 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock 30,400 34,000 60,000 34,500 Retained Earnings $162,800 $162,800 Totals The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
Help Save $ 59,500 26,600 $ 3.009 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes...
Help Save $ 59,500 26,600 $ 3.009 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 37,100 21,600 163.000 15,600 228,000 61,289 $307,880 $307,800 During January 2021, the following transactions occur January 1 Purchase equipment for $20,300. The company estimates a residual value of $2,300 and a five-year service life. January 4 Pay cash on accounts payable, $10,300. January 8 Purchase additional inventory on account, $99,900....
A company record the sales return for my credit customer indicate how this transaction would affect...
A company record the sales return for my credit customer
indicate how this transaction would affect assets stockholders
equity in revenues
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,300 Accounts Receivable 13,800 Allowance for Uncollectible Accounts $ 1,200 Supplies 2,700 Notes Receivable (68, due in 2 years) 22.000 Land 7,200 Accounts Payable 8.200 Common Stock 98,000 Retained Earnings 32.600 Totals $140,000 $140,000 During January 2021, the...
Date
General Journal
Debit
Credit
Jan 31 2021
Bad Debt Expense
?
Allowance for Uncollectible Accounts
?
Record the closing entry for
revenue
31 Jan 2021
?
?
?
?
Record the closing entry for
expenses
31 Jan 2021
?
?
?
?
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit Accounts Cash $27,500 15,400 Accounts Receivable Allowance for Uncollectible Accounts S 4,400 Supplies Notes Receivable (6%, due in 2...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit Accounts $ 24,300 Cash 13,800 Accounts Receivable Allowance for Uncollectible Accounts 1,200 Supplies Notes Receivable (6%, due in 2 years) 2,700 22,000 Land 77,200 Accounts Payable Common Stock 8,200 98,000 Retained Earnings 32,600 $140,000 $140,000 Totals During January 2021, the following transactions occur: 2 Provide services to customers for cash, $37,100 6 Provide services to customers on account, $74,400 January 15 Write...
பானாரான Debit 58,900 25,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (51, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 36,500 14,400 157,000 15,000 222,000 52,800 $292,200 $292,200 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,700. The company estimates a residual value of $1,700 and a five-year service life. January 4 Pay cash on accounts payable, $9,700. January 8 Purchase additional inventory on account, $84,900. January 15...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit Credit Accounts $ 22,700 38,500 Cash Accounts Receivable Allowance for Uncollectible 3,900 $ Accounts 34,000 67,600 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock 30,400 34,000 60,000 34,500 Retained Earnings $162,800 $162,800 Totals The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
Help Save $ 59,500 26,600 $ 3.009 Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 37,100 21,600 163.000 15,600 228,000 61,289 $307,880 $307,800 During January 2021, the following transactions occur January 1 Purchase equipment for $20,300. The company estimates a residual value of $2,300 and a five-year service life. January 4 Pay cash on accounts payable, $10,300. January 8 Purchase additional inventory on account, $99,900....
A company record the sales return for my credit customer
indicate how this transaction would affect assets stockholders
equity in revenues
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 24,300 Accounts Receivable 13,800 Allowance for Uncollectible Accounts $ 1,200 Supplies 2,700 Notes Receivable (68, due in 2 years) 22.000 Land 7,200 Accounts Payable 8.200 Common Stock 98,000 Retained Earnings 32.600 Totals $140,000 $140,000 During January 2021, the...
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