Homework Answers
| a | ||||
| Bad debts expense | 200000 | =40000000*0.5% | ||
| Allowance for doubtful accounts | 200000 | |||
| b | ||||
| Bad debts expense | 216000 | =198000+18000 | ||
| Allowance for doubtful accounts | 216000 | |||
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Acompany rports the following account balances on December 31, before year-end adjusting journal entries have been...
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prep...
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past DueTotal0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable$570,000$396,000$90,000$36,000$18,000$30,000Percent uncollectible 1%2%5%7% 10%a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a...
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis.
Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,800 credit. c. Prepare the adjusting entry to record bad debts expense using...
Daley Company prepared the following aging of receivables analysis at December 31. Exercise 9-8 Aging of...
Exercise 9-8 Aging of receivables method P3Daley Company prepared the following aging of receivables analysis at December 31. Days Past DueTotal0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable$570,000$396,000$90,000$36,000$18,000$30,000Percent uncollectible 1%2%5%7% 10% a. Estimate the balance of the Allowance for Doubtful Accounts using aging of accounts receivable b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,600 credit. c. Prepare the adjusting entry to record bad...
Daley Company prepared the following aging of receivables analysis at December 31.
Daley Company prepared the following aging of receivables analysis at December 31. a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,500 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate...
Daley Company prepared the following aging of receivables analysis at December 31.
Daley Company prepared the following aging of receivables analysis at December 31. a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,000 credit. c. Prepare the adjusting entry to record bad debts expense using the...
end of the current year, ARS Industries has the following account balances before making an adjusting entry for uncollec...
end of the current year, ARS Industries has the following account balances before making an adjusting entry for uncollectible accounts Accounts Receivable has a balance $1,300,000; Allowance for Doubtful Accounts $ 7,000 Credit sales for this year $8,500,000 A. If the company uses the percent of sales method and estimates that ½ of 1% of credit sales for the year will be uncollectible, then a. Determine the bad debt expense for the period, and journalize the adjusting entries. (2 points)...
Question no.1 Percent of sales method; write-off At year-end (December 31), Rashed Company estimates its bad...
Question no.1 Percent of sales method; write-off At year-end (December 31), Rashed Company estimates its bad debts as 0.5 % of its annual credit sales of AED975,000. Rashed records its bad debts expense for that estimate. On the following March 15, Rashed decides that the AED1,250 account of A. Abdulla is uncollectible and writes it off as a bad debt On April 15, Abdulla unexpectedly pays the amount previously written off. Required: Prepare the joumal entries of Rashed to record...
Exercise 9-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates...
Exercise 9-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as 0.30 % of its annual credit sales of $969,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $485 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions....
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment...
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...
The account balances of Oriole Company at December 31, 2017, the end of the current year,...
The account balances of Oriole Company at December 31, 2017, the
end of the current year, show Accounts Receivable $147,600;
Allowance for Doubtful Accounts $1,804 (credit); Sales $1,164,400;
Sales Returns and Allowances $41,000; and Sales Discounts
$16,400.
Record the adjusting entry at December 31, 2017, assuming bad
debts are estimated to be (1) 10% of accounts receivable, and (2)
1.50% of net sales.
No.
Date
Account Titles and Explanation
Debit
Credit
(1)
Dec. 31
(2)
Dec. 31
Calculate the net...
Question no.1 Percent of sales method; write-off At year-end (December 31), Rashed Company estimates its bad debts as 0.5 % of its annual credit sales of AED975,000. Rashed records its bad debts expense for that estimate. On the following March 15, Rashed decides that the AED1,250 account of A. Abdulla is uncollectible and writes it off as a bad debt On April 15, Abdulla unexpectedly pays the amount previously written off. Required: Prepare the joumal entries of Rashed to record...
Exercise 9-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as 0.30 % of its annual credit sales of $969,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $485 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions....
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...
The account balances of Oriole Company at December 31, 2017, the
end of the current year, show Accounts Receivable $147,600;
Allowance for Doubtful Accounts $1,804 (credit); Sales $1,164,400;
Sales Returns and Allowances $41,000; and Sales Discounts
$16,400.
Record the adjusting entry at December 31, 2017, assuming bad
debts are estimated to be (1) 10% of accounts receivable, and (2)
1.50% of net sales.
No.
Date
Account Titles and Explanation
Debit
Credit
(1)
Dec. 31
(2)
Dec. 31
Calculate the net...
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