Homework Answers
| a) | ||||
| General Journal | ||||
| Date | Account Titles and Explanation | PR | Debit | Credit |
| Dec. 31 | Bad Debt Expense | $1,050 | ||
| Allowance for Uncollectible Accounts ($60,000*1/100 = $600 + $450) | $1,050 | |||
| (To record the adjusting entry for uncollectible accounts) | ||||
| General Journal | ||||
| Date | Account Titles and Explanation | PR | Debit | Credit |
| Apr. 2 | Allowance for Uncollectible Accounts | $120 | ||
| Accounts Receivable | $120 | |||
| (To record the write off of uncollectible accounts) | ||||
| b) | ||||
| General Journal | ||||
| Date | Account Titles and Explanation | PR | Debit | Credit |
| Dec. 31 | Bad Debt Expense | $303.75 | ||
| Allowance for Uncollectible Accounts ($6,750*5/100 = $337.50 - $33.75) | $303.75 | |||
| (To record the adjusting entry for uncollectible accounts) | ||||
| General Journal | ||||
| Date | Account Titles and Explanation | PR | Debit | Credit |
| Feb. 6 | Allowance for Uncollectible Accounts | $60.75 | ||
| Accounts Receivable | $60.75 | |||
| (To record the write off of uncollectible accounts) | ||||
| c) | ||||
| General Journal | ||||
| Date | Account Titles and Explanation | PR | Debit | Credit |
| Dec. 31 | Bad Debt Expense | $720 | ||
| Allowance for Uncollectible Accounts ($14,400*4/100 = $576 + $144) | $720 | |||
| (To record the adjusting entry for uncollectible accounts) | ||||
| General Journal | ||||
| Date | Account Titles and Explanation | PR | Debit | Credit |
| Jun. 28 | Allowance for Uncollectible Accounts | $144 | ||
| Accounts Receivable | $144 | |||
| (To record the write off of uncollectible accounts) | ||||
| d) | ||||
| General Journal | ||||
| Date | Account Titles and Explanation | PR | Debit | Credit |
| Dec. 31 | Bad Debt Expense | $436.80 | ||
| Allowance for Uncollectible Accounts ($78,000*2/100 = $1,560 - $1,123.20) | $436.80 | |||
| (To record the adjusting entry for uncollectible accounts) | ||||
| General Journal | ||||
| Date | Account Titles and Explanation | PR | Debit | Credit |
| Nov. 15 | Allowance for Uncollectible Accounts | $312 | ||
| Accounts Receivable | $312 | |||
| (To record the write off of uncollectible accounts) | ||||
Add Answer to:
7 - Your Co. uses the allowance method. Complete the following: a) Your Co. had sales...
record the journal entries using the allowance method 7 - Your Co. uses the allowance method....
record the journal entries using the allowance method
7 - Your Co. uses the allowance method. Complete the following: a) Your Co. had sales of $20000, an A/R balance of $3000, and a dr. balance of $150 in the allowance account. Record the adjusting entry if 1% of sales are uncollectible. b) Your Co. had sales of $15000, an A/R balance of $2250, and a cr. balance of $11.25 in the allowance account. Record the adjusting entry if 5% of...
Exercise 225 The Kingbird, Inc. uses the allowance method in accounting for uncollectible accounts. Past experience...
Exercise 225 The Kingbird, Inc. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below 12/31/2021 $417,500 12/31/2022 Net Credit Sales $550,000 85,000 Accounts Receivable 140,000 4,800 Allowance for Doubtful Accounts Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, It has outstanding accounts receivable of $128,000, and it estimates that 5 % will be uncollectible Prepare the adjusting entry to record bad debts expense for the year ended December 31 under the assumption that the Allowance for Doubtful Accounts has: (e) a $2,176 credit balance before the adjustment. b) a $640 debit balance before the adjustment. View transaction...
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience...
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
Exercise 229 The Garvey Sign Company Selected uses the allowance method in accounting for uncollectible accounts....
Exercise 229 The Garvey Sign Company Selected uses the allowance method in accounting for uncollectible accounts. Past account balances at December 31, 2016, and December 31, 2017, appear below: experience indicates that 6% of accounts receivable will eventually be uncollectible Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2016 12/31/2017 400,000 $500,000 100,000 80,000 4,000 Your answer is correct Record the following events in 2017.(Credit account titles are automatically indented when the amount is entered. Do not indent manually)...
Am i doing this problem right? The Marigold Corp. uses the allowance method in accounting for...
Am i doing this problem right?
The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Pas unele L receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
QUESTION RAD DES ALLOWANCE FOR DE BISZALLOWANCE FOR DOUBTFUL ACCOUNTS - Debt Expense and Allowance for...
QUESTION RAD DES ALLOWANCE FOR DE BISZALLOWANCE FOR DOUBTFUL ACCOUNTS - Debt Expense and Allowance for ABC Company had credit sales of $2. walice or $2,000 Allowance for Doubtful Acets sales of $2,200,000 for the year. The Allowance for Doubtful Accounts has a credit to adjusting entries. The accounts receivable balance is $400,000. Cercentage of Credit Sales also referred to as the income Statement approach is PART A: Assumption: Percentage of used by ABC Company Bad Debts Expenses of Credit...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the...
For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the entries to record the following: (1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000. In March of the next year, the...
record the journal entries using the allowance method
7 - Your Co. uses the allowance method. Complete the following: a) Your Co. had sales of $20000, an A/R balance of $3000, and a dr. balance of $150 in the allowance account. Record the adjusting entry if 1% of sales are uncollectible. b) Your Co. had sales of $15000, an A/R balance of $2250, and a cr. balance of $11.25 in the allowance account. Record the adjusting entry if 5% of...
Exercise 225 The Kingbird, Inc. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below 12/31/2021 $417,500 12/31/2022 Net Credit Sales $550,000 85,000 Accounts Receivable 140,000 4,800 Allowance for Doubtful Accounts Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, It has outstanding accounts receivable of $128,000, and it estimates that 5 % will be uncollectible Prepare the adjusting entry to record bad debts expense for the year ended December 31 under the assumption that the Allowance for Doubtful Accounts has: (e) a $2,176 credit balance before the adjustment. b) a $640 debit balance before the adjustment. View transaction...
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
Exercise 229 The Garvey Sign Company Selected uses the allowance method in accounting for uncollectible accounts. Past account balances at December 31, 2016, and December 31, 2017, appear below: experience indicates that 6% of accounts receivable will eventually be uncollectible Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2016 12/31/2017 400,000 $500,000 100,000 80,000 4,000 Your answer is correct Record the following events in 2017.(Credit account titles are automatically indented when the amount is entered. Do not indent manually)...
Am i doing this problem right?
The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Pas unele L receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
QUESTION RAD DES ALLOWANCE FOR DE BISZALLOWANCE FOR DOUBTFUL ACCOUNTS - Debt Expense and Allowance for ABC Company had credit sales of $2. walice or $2,000 Allowance for Doubtful Acets sales of $2,200,000 for the year. The Allowance for Doubtful Accounts has a credit to adjusting entries. The accounts receivable balance is $400,000. Cercentage of Credit Sales also referred to as the income Statement approach is PART A: Assumption: Percentage of used by ABC Company Bad Debts Expenses of Credit...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the entries to record the following: (1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000. In March of the next year, the...
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