Ned used a journal entry in which a customer currently owed
$9,200 to illustrate the damaging effects of uncollectible
accounts.
In Ned's journal entry, he debited $9,200 for __________
and entered a credit of $9,200 for __________.
Homework Answers
Option 3 - Allowance for bad debts; accounts receivable
| Ned | |||
| Journal entries | |||
| Date | Account | Debit | Credit |
| Allowance for bad debts | $ 9,200 | ||
| Accounts Receivable | $ 9,200 |
Since its allowance method, allowance is debited and accounts receivable is credited as its damaged
Add Answer to:
Ned used a journal entry in which a customer currently owed
$9,200 to illustrate the damaging...
Question 20 As Ned reviewed the credit accounts, he noticed that a customer who recently filed...
Question 20
As Ned reviewed the credit accounts, he noticed that a customer
who recently filed bankruptcy had an accounts receivable balance of
$4,890. Ned instructed the accountant to make a journal entry to
write off the customer's entire balance.
Which of the following journal entries would be listed as
debit?
Bad Debt Expense
Allowance for Bad Debts
Accounts Receivable
Cash
Question 1
Nancy received $5,000 cash from her credit union to fund the
remodeling of her store.
Which kind...
What is the journal entry to write off a customer's account under the direct write-off method?...
What is the journal entry to write off a customer's account under the direct write-off method? O No entry is required. O Debit Cash; credit Accounts Receivable/customer name. Debit Bad Debt Expense; credit Allowance for Uncollectible Accounts Debit Bad Debt Expense; credit Accounts Receivable/customer name.
Drag the words into the correct boxes - An amount owed by a customer who has...
Drag the words into the correct boxes - An amount owed by a customer who has purchased the company's product or Percentage-of-receivables approach Accounts Receivable service. Allowance for bad debts - The amount of cash that a company expects to collect from its total accounts Allowance Method receivable. - The expense resulting from the inability to collect accounts receivable. Bad Debt Expense Percentage-of-sales approach Net realizable value Aging Schedule Direct Write-Off Method - Method in which bad debt expense is...
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
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
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 for uncollectible accounts of $33,000 $ 447,000 During 2021, credit sales were $1,765,000, cash collections from customers $1,845,000, and $38,000 in accounts receivable were written off. In addition, $3,300 was collected from a customer whose account was written...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
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 for uncollectible accounts of $30,000 $432,000 During 2021, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a customer whose account was written off...
QUESTION 8 Table 6-2 Triangle Company has sales of $900,000, of which 25% are cash sales...
QUESTION 8 Table 6-2 Triangle Company has sales of $900,000, of which 25% are cash sales and the remainder is on credit. As of year-end, but before the bad debts adjustment, the Allowance for Uncollectible Accounts has a credit balance of $300, and accounts receivable has a debit balance of $60,000. Referring to Table 6-2, if bad debts are estimated to be 1.5% of credit sales, what journal entry will Triangle Company need to prepare in order to estimate bad...
In this module, you will learn how to estimate and report the effects of uncollectible accounts....
In this module, you will learn how to estimate and report the effects of uncollectible accounts. Under Generally Accepted Accounting Principles, or GAAP companies must use the allowance method to account for uncollectibles. This method involves the following steps: 1. Estimate and record uncollectibles with an end-of-period adjusting journal entry that increases Bad Debt Expense (debit) and increases the Allowance for Doubtful Accounts (credit). 2. identify and write off specific customer balances in the period that they are determined to...
accounts in the uncollectible accounts Tilden Co. hacd credit sales in the amount of $470,000, and...
accounts in the uncollectible accounts Tilden Co. hacd credit sales in the amount of $470,000, and it had uncollectibie inount of $4,700. Based on last year, what would the percent of estimated 10% be this year? b.4% 1% 4.7% 28. Which of the following is a method of accounting for uncollectible accounts? reserve method allowance method allocation method accounts receivable method b. d. 29. The expense associated with an uncollectible account is recognized when it has been det that a...
Question 20
As Ned reviewed the credit accounts, he noticed that a customer
who recently filed bankruptcy had an accounts receivable balance of
$4,890. Ned instructed the accountant to make a journal entry to
write off the customer's entire balance.
Which of the following journal entries would be listed as
debit?
Bad Debt Expense
Allowance for Bad Debts
Accounts Receivable
Cash
Question 1
Nancy received $5,000 cash from her credit union to fund the
remodeling of her store.
Which kind...
What is the journal entry to write off a customer's account under the direct write-off method? O No entry is required. O Debit Cash; credit Accounts Receivable/customer name. Debit Bad Debt Expense; credit Allowance for Uncollectible Accounts Debit Bad Debt Expense; credit Accounts Receivable/customer name.
Drag the words into the correct boxes - An amount owed by a customer who has purchased the company's product or Percentage-of-receivables approach Accounts Receivable service. Allowance for bad debts - The amount of cash that a company expects to collect from its total accounts Allowance Method receivable. - The expense resulting from the inability to collect accounts receivable. Bad Debt Expense Percentage-of-sales approach Net realizable value Aging Schedule Direct Write-Off Method - Method in which bad debt expense is...
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
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 for uncollectible accounts of $33,000 $ 447,000 During 2021, credit sales were $1,765,000, cash collections from customers $1,845,000, and $38,000 in accounts receivable were written off. In addition, $3,300 was collected from a customer whose account was written...
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 for uncollectible accounts of $30,000 $432,000 During 2021, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a customer whose account was written off...
In this module, you will learn how to estimate and report the effects of uncollectible accounts. Under Generally Accepted Accounting Principles, or GAAP companies must use the allowance method to account for uncollectibles. This method involves the following steps: 1. Estimate and record uncollectibles with an end-of-period adjusting journal entry that increases Bad Debt Expense (debit) and increases the Allowance for Doubtful Accounts (credit). 2. identify and write off specific customer balances in the period that they are determined to...
accounts in the uncollectible accounts Tilden Co. hacd credit sales in the amount of $470,000, and it had uncollectibie inount of $4,700. Based on last year, what would the percent of estimated 10% be this year? b.4% 1% 4.7% 28. Which of the following is a method of accounting for uncollectible accounts? reserve method allowance method allocation method accounts receivable method b. d. 29. The expense associated with an uncollectible account is recognized when it has been det that a...
Most questions answered within 3 hours.
-
A 4.45 percent coupon municipal bond has 12 years left to
maturity and has a price...
asked 5 minutes ago -
13. In the book, “The Goal” to what country does Alex convince
Johnny the company should...
asked 7 minutes ago -
Write a simple Python program to find the day for the given
date. The procedure to...
asked 12 minutes ago -
5) A semi-permeable membrane is used to separate pyruvic acid
from an aqueous solution of 0.1...
asked 14 minutes ago -
The resistance of the body varies from approximately 500 kΩ
(when it is very dry) to...
asked 19 minutes ago -
Please explain how participation income and expenses are
allocated to each partner. Where is this defined?
asked 28 minutes ago -
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 43 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 48 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 47 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 53 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 51 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 1 hour ago