Homework Answers
15. A . 16300
bad Debt= 10% of 163000= 16300
16. c. 38000
Allowance for doubtful debt=
3% of 1,000,000+8000 = $38000
17. d. allowance is decreased and write-off none
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The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr....
(7 points) The trial balance before adjustment of Risen Company reports the following balances: Cr. Dr....
(7 points) The trial balance before adjustment of Risen Company reports the following balances: Cr. Dr. $800.000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $60,000 9,750,000 147.000 Instructions (3 points) Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 8% of gross accounts receivable. (b) (2 points) Assume that all the information above in is the same except that the Allowance for Doubtful Accounts has a debit...
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...
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Exercise 7-9 The trial balance before adjustment of Windsor Inc. shows the following balances. Dr. Cr....
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P -Entries for bad debt expense. The trial balance before adjustment of Risen Company reports the...
P -Entries for bad debt expense. The trial balance before adjustment of Risen Company reports the following balances $300,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 5,000 1,700,000 80,000 Instructions (a) Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 6% of gross accounts receivable. (b) Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of...
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment...
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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...
At December 31, 2019, the trial balance of Larkspur Company contained the following amounts before adjustment....
At December 31, 2019, the trial balance of Larkspur Company contained the following amounts before adjustment. Credit Debit $377,000 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,100 955,800 Based on the information given, which method of accounting for bad debts is Larkspur Company using-the direct write-off method or the allowance method? (b) Prepare the adjusting entry at December 31, 2019, for bad debt expense, assuming an aging schedule indicates that $12.500 of accounts receivable will be uncollectible. (c)...
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...
(7 points) The trial balance before adjustment of Risen Company reports the following balances: Cr. Dr. $800.000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $60,000 9,750,000 147.000 Instructions (3 points) Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 8% of gross accounts receivable. (b) (2 points) Assume that all the information above in is the same except that the Allowance for Doubtful Accounts has a debit...
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...
The trial balance before adjustment of Buffalo Inc shows the following balances. Dr. Cr. $73,800 Accounts Receivable Allowance for Doubtful Accounts 1,435 $557,600 Sales Revenue (all on credit) Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,700 credit balance. (If no entry is required, select "No Entry"...
Exercise 7-9 The trial balance before adjustment of Teal Inc. shows the following balances. Dr. Cr. Accounts Receivable $95,900 Allowance for Doubtful Accounts 3,260 Sales Revenue (all on credit) $656,600 Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 5% of gross accounts receivable and (b) 6% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,532 credit balance. (If no entry is required, select...
P -Entries for bad debt expense. The trial balance before adjustment of Risen Company reports the following balances $300,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 5,000 1,700,000 80,000 Instructions (a) Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 6% of gross accounts receivable. (b) Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of...
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment Debits $385,000 Credits Accounts receivable Allowance for doubtful accounts Sales $2,000 950,000 Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the allowance method? Prepare the adjusting entry at December 31, 2010, for bad debts expense under each of the following independent assumptions (1) An aging schedule indicates that $11.750 of accounts receivable...
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...
At December 31, 2019, the trial balance of Larkspur Company contained the following amounts before adjustment. Credit Debit $377,000 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,100 955,800 Based on the information given, which method of accounting for bad debts is Larkspur Company using-the direct write-off method or the allowance method? (b) Prepare the adjusting entry at December 31, 2019, for bad debt expense, assuming an aging schedule indicates that $12.500 of accounts receivable will be uncollectible. (c)...
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...
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