Homework Answers
Allowance For baddebt = 2,100
Accounts Receivable = 35,000
So, correct answer is Option ((A) 6%
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UNIT 4 - CHALLENGE 2: Sub ACCOUNTS RECEIVABLE 20XX $35,000 REF CREDIT DATE DEBIT $2,100 ACCOUNT...
On August 31, 2018, Melrose Floral Supply had a $170,000 debit balance in Accounts Receivable and...
On August 31, 2018, Melrose Floral Supply had a $170,000 debit balance in Accounts Receivable and a $6,800 Credit balance in Allowance for Bad Debts. During September, Melrose made: + Sales on account. $560.000. Ignore Cost of Goods Sold. • Collections on account, $598,000 • Write-offs of uncollectible receivables, $8,000 Read the requirements Requirement 1. Journalize all September entries using the allowance method. Bad Debts Expense was estimated at 2% of credit sales. Show all September activity in Accounts Receivable,...
On August 31, 2018, Rosebud Floral Supply had a $145,000 debit balance in Accounts Receivable and...
On August 31, 2018, Rosebud Floral Supply had a $145,000 debit balance in Accounts Receivable and a $5,800 credit balance in Allowance for Bad Debts. During September, Rosebud made: • Sales on account, $590,000. Ignore Cost of Goods Sold. • Collections on account, $627,000. • Write-offs of uncollectible receivables, $6,000. Read the requirements. 1 Requirements - X 1. Journalize all September entries using the allowance method. Bad debts expense was estimated at 4% of credit sales. Show all September activity...
The trial balance of Anderson Ltd included the following balances: Debit Credit Accounts Receivable $35 000...
The trial balance of Anderson Ltd included the following balances: Debit Credit Accounts Receivable $35 000 Allowance for Doubtful Debts $4000 On 1 October 2009, an account for $1600 was determined to be uncollectable. The journal entry to be made on that date would include a debit to: Select one: O a. Cash b. Bad Debts Expense O C. Accounts Receivable Od. Allowance for Doubtful Debts
help please asap On December 31, 2017, when its accounts receivable were $312,000 and its account...
help please asap
On December 31, 2017, when its accounts receivable were $312,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $2,100, Springfield Corp. estimated that $17,500 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Springfield determined that Fei Ya Cheng's account was uncollectible and wrote off $2,000. On November 12, 2018, Cheng paid the amount previously written off. Your answer is correct. Prepare...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside earned revenue of $460,000 on account and collected $321,000 on account. Lakeside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2.300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Southside Company at December 31, 2017, was $26,000. During 2018, Southside...
The Accounts Receivable balance for Southside Company at December 31, 2017, was $26,000. During 2018, Southside earned revenue of $459,000 on account and collected $323,000 on account. Southside wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements Requirement 1. Assume Southside had an unadjusted $2,500 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Southside's December 31, 2018, adjustment to record bad debts expense...
On January 1, 2019, Triangle Corp. has the following account balances: Accounts Receivable Allowance for Bad...
On January 1, 2019, Triangle Corp. has the following account balances: Accounts Receivable Allowance for Bad Debts Bad Debts Expense 22,000 1,400 During the year, Triangle has $160,000 of credit sales, collections of credit sales of $141,000, and write-offs of $3,100. It records bad debts expense at the end of the year using the aging- of - receivables method. At the end of the year, the aging analysis shows that $2.100 is the estimate of uncollectible accounts. Before the year...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Lakeside, Inc. at December 31, 2023, was $22,000. During 2024, Lakeside...
The Accounts Receivable balance for Lakeside, Inc. at December 31, 2023, was $22,000. During 2024, Lakeside eamed revenue of $457,000 on account and collected $329,000 on account. Lakeside wrote off $6,300 receivables as uncollectible Industry experience suggests that Incollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2024. Joumalize Lakeside's December 31, 2024, adjustment to record bad debts expense...
On August 31, 2018, Melrose Floral Supply had a $170,000 debit balance in Accounts Receivable and a $6,800 Credit balance in Allowance for Bad Debts. During September, Melrose made: + Sales on account. $560.000. Ignore Cost of Goods Sold. • Collections on account, $598,000 • Write-offs of uncollectible receivables, $8,000 Read the requirements Requirement 1. Journalize all September entries using the allowance method. Bad Debts Expense was estimated at 2% of credit sales. Show all September activity in Accounts Receivable,...
On August 31, 2018, Rosebud Floral Supply had a $145,000 debit balance in Accounts Receivable and a $5,800 credit balance in Allowance for Bad Debts. During September, Rosebud made: • Sales on account, $590,000. Ignore Cost of Goods Sold. • Collections on account, $627,000. • Write-offs of uncollectible receivables, $6,000. Read the requirements. 1 Requirements - X 1. Journalize all September entries using the allowance method. Bad debts expense was estimated at 4% of credit sales. Show all September activity...
The trial balance of Anderson Ltd included the following balances: Debit Credit Accounts Receivable $35 000 Allowance for Doubtful Debts $4000 On 1 October 2009, an account for $1600 was determined to be uncollectable. The journal entry to be made on that date would include a debit to: Select one: O a. Cash b. Bad Debts Expense O C. Accounts Receivable Od. Allowance for Doubtful Debts
help please asap
On December 31, 2017, when its accounts receivable were $312,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $2,100, Springfield Corp. estimated that $17,500 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Springfield determined that Fei Ya Cheng's account was uncollectible and wrote off $2,000. On November 12, 2018, Cheng paid the amount previously written off. Your answer is correct. Prepare...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside earned revenue of $460,000 on account and collected $321,000 on account. Lakeside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2.300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Southside Company at December 31, 2017, was $26,000. During 2018, Southside earned revenue of $459,000 on account and collected $323,000 on account. Southside wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements Requirement 1. Assume Southside had an unadjusted $2,500 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Southside's December 31, 2018, adjustment to record bad debts expense...
On January 1, 2019, Triangle Corp. has the following account balances: Accounts Receivable Allowance for Bad Debts Bad Debts Expense 22,000 1,400 During the year, Triangle has $160,000 of credit sales, collections of credit sales of $141,000, and write-offs of $3,100. It records bad debts expense at the end of the year using the aging- of - receivables method. At the end of the year, the aging analysis shows that $2.100 is the estimate of uncollectible accounts. Before the year...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Lakeside, Inc. at December 31, 2023, was $22,000. During 2024, Lakeside eamed revenue of $457,000 on account and collected $329,000 on account. Lakeside wrote off $6,300 receivables as uncollectible Industry experience suggests that Incollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2024. Joumalize Lakeside's December 31, 2024, adjustment to record bad debts expense...
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