Homework Answers
Answer------------$68,000
Working
| Allowance for doubtful account Beginning balance | $ 25,000 | Cr |
| Less: Written off | $ (30,000) | Dr |
| Dr | ||
| Add: Accounts written off recovered | $ 3,000 | Cr |
| Unadjusted balance | $ (2,000) | Dr |
| Allowance for doubtful account balance required | $ 66,000 | Cr |
| Bad debts to be recorded | $ 68,000 | Cr |
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HOW Question 15/1 port ) At the beginning of the year , X Ltd. had a...
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Aging Method
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Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
At the beginning of 2022, Terrarium Co. had $1,620,000 of gross accounts receivables and $201,000 in their allowance for doubtful accounts. During 2022, Terrarium sold $4,860,000 worth of plants on account and collected $2,550,000 worth of receivables in cash. In addition, Terrarium wrote-off $63,000 worth of accounts receivables and made $3,000 of cash recoveries in 2022. Terrarium Co. uses the percentage sales method to determine bad debt expense, estimating 6% of sales to be uncollectible. What are the gross accounts...
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I understand part A, but I do not understand B and C. I only
need B and C. If possible, can you give a detail solution. Thank
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