Homework Answers
Under allowance method, Provision will create for baddebts expenses at the time of adjustments. so when it is written off, we have to reduce allowance account and accounts receivable.
Option A is the journal entry to create provision for allowance for uncollectible amount
Option D will use written off uncollectible amount under direct write off method
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Describe the correct answer and defend why it was correct. For instance, the transaction would have...
why not b？ Under the direct write-off method, what adjustment is made at the time an...
why not b？
Under the direct write-off method, what adjustment is made at the time an actual bad debt occurs? 6. A. Debit bad debt expense, credit the allowance for uncollectible accounts B. Debit the allowance for uncollectible accounts, credit accounts receivable C. Debit bad debt expense, credit accounts receivable 4 D. Debit the allowance for uncollectible accounts, credit bad debt expense E. No adjustment is made
Please help in finding and/or coming to the correct formulas/numbers to plug in beginning from Requirement...
Please help in finding and/or coming to the correct
formulas/numbers to plug in beginning from Requirement Part 2(b) to
Requirement 3. Everything that has a number of 22,222 needs to be
replaced.
The following information will be useful.
Raintree Cosmetic Company sells its products to customers on a
credit basis. An adjusting entry for bad debt expense is recorded
only at December 31, the company’s fiscal year-end. The 2020
balance sheet disclosed the following:
Current assets:
Receivables, net of allowance...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
only final answers plz releme for uncollectible accounts The difference between total accounts A. Net accounts...
only final answers plz
releme for uncollectible accounts The difference between total accounts A. Net accounts receivable (net realizable value B. Allowance for collectible accounts. C. Net income D. Net revenue. 4. At the end of the year before adjustment account balance of $218.000 and the allowance for collectible accounts had a $600 credit hal a u nts receivable determines that the allowance for uncollectible accounts should be 3 of accounts receivable. The adjusting entry would include a credit to...
please help with these accounting problems! all questions please and thank you! 6. An aging of...
please help with these accounting problems! all questions
please and thank you!
6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9,000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to Bad Debt Expense for $6,600. D) credit to Allowance for...
Multiple Choice questions (1-3) 1 tick for each correct answer. The Bad debt expense account is...
Multiple Choice questions (1-3) 1 tick for each correct answer. The Bad debt expense account is classified as: As part of cost of goods sold. As a contra account. As a cost to the seller for extending credit and report as operating expense. Deducted from accounts receivable account on the Statement of Financial Position. Answer: _____ Apperture Equipment Store uses the % of credit sales method to estimate bad debt expense. Net credit sales for the year amount to RM500,000...
please help with all these accouting multiple choice problems! Ev Alv Times New... 12A AAav BIUvab...
please help with all these accouting multiple choice problems!
Ev Alv Times New... 12A AAav BIUvab x x Aveva Paragraph Styles Sensitivity 6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9.000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to...
When the firm received a notice from a customer that he is not able to make...
When the firm received a notice from a customer that he is not able to make the payment, the firm decides to write off the accounts receivable. Which one should be the correct journal entry? Select one: a. Debit- Bad Debt Expense, Credit- Accounts Receivables b. Debit- Allowance for Uncollectible Receivables, Credit- Accounts Receivable C. Debit- Bad Debt Expense, Credit- Allowance of Unclolletible Receivables d. Debit- Accounts Receivables, Credit- Allowance for Uncollectible Receivables
When the firm received a notice from a customer that he is not able to make...
When the firm received a notice from a customer that he is not able to make the payment, the firm decides to write off the accounts receivable. Which one should be the correct journal entry? Select one: a. Debit-Bad Debt Expense, Credit-Allowance of Unclolletible Receivables X b. Debit- Accounts Receivables, Credit-Allowance for Uncollectible Receivables c. Debit-Bad Debt Expense, Credit- Accounts Receivables d. Debit-Allowance for Uncollectible Receivables, Credit- Accounts Receivable
Revise your worksheet to reflect these updated assumptions then answer the questions that follow. You have...
Revise your worksheet to reflect these updated assumptions then answer the questions that follow. You have been provided with the following Aging Report to use to adjust the Allowance for Uncollectible Accounts for a company at year end. Age Group Not yet due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Accounts Receivable $ 80,000 35,000 18,000 12,000 13,000 $ 158,000 Estimated Percent Uncollectible 5% 10% 20% Allowance for Uncollectible Accounts...
why not b？
Under the direct write-off method, what adjustment is made at the time an actual bad debt occurs? 6. A. Debit bad debt expense, credit the allowance for uncollectible accounts B. Debit the allowance for uncollectible accounts, credit accounts receivable C. Debit bad debt expense, credit accounts receivable 4 D. Debit the allowance for uncollectible accounts, credit bad debt expense E. No adjustment is made
Please help in finding and/or coming to the correct
formulas/numbers to plug in beginning from Requirement Part 2(b) to
Requirement 3. Everything that has a number of 22,222 needs to be
replaced.
The following information will be useful.
Raintree Cosmetic Company sells its products to customers on a
credit basis. An adjusting entry for bad debt expense is recorded
only at December 31, the company’s fiscal year-end. The 2020
balance sheet disclosed the following:
Current assets:
Receivables, net of allowance...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
only final answers plz
releme for uncollectible accounts The difference between total accounts A. Net accounts receivable (net realizable value B. Allowance for collectible accounts. C. Net income D. Net revenue. 4. At the end of the year before adjustment account balance of $218.000 and the allowance for collectible accounts had a $600 credit hal a u nts receivable determines that the allowance for uncollectible accounts should be 3 of accounts receivable. The adjusting entry would include a credit to...
please help with these accounting problems! all questions
please and thank you!
6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9,000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to Bad Debt Expense for $6,600. D) credit to Allowance for...
please help with all these accouting multiple choice problems!
Ev Alv Times New... 12A AAav BIUvab x x Aveva Paragraph Styles Sensitivity 6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9.000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to...
When the firm received a notice from a customer that he is not able to make the payment, the firm decides to write off the accounts receivable. Which one should be the correct journal entry? Select one: a. Debit- Bad Debt Expense, Credit- Accounts Receivables b. Debit- Allowance for Uncollectible Receivables, Credit- Accounts Receivable C. Debit- Bad Debt Expense, Credit- Allowance of Unclolletible Receivables d. Debit- Accounts Receivables, Credit- Allowance for Uncollectible Receivables
When the firm received a notice from a customer that he is not able to make the payment, the firm decides to write off the accounts receivable. Which one should be the correct journal entry? Select one: a. Debit-Bad Debt Expense, Credit-Allowance of Unclolletible Receivables X b. Debit- Accounts Receivables, Credit-Allowance for Uncollectible Receivables c. Debit-Bad Debt Expense, Credit- Accounts Receivables d. Debit-Allowance for Uncollectible Receivables, Credit- Accounts Receivable
Revise your worksheet to reflect these updated assumptions then answer the questions that follow. You have been provided with the following Aging Report to use to adjust the Allowance for Uncollectible Accounts for a company at year end. Age Group Not yet due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Accounts Receivable $ 80,000 35,000 18,000 12,000 13,000 $ 158,000 Estimated Percent Uncollectible 5% 10% 20% Allowance for Uncollectible Accounts...
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