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Exercle Analyzing receivables and allowance for doubtful accounts on 2.3 Account Receivable Dec. 31/19 Balance 83.000...
Accounts Receivable Dec. 31/19 Balance 73,000 370,000 396,000 2,870 200 Dec. 31/20 Balance 44,130 200 Allowance...
Accounts Receivable Dec. 31/19 Balance 73,000 370,000 396,000 2,870 200 Dec. 31/20 Balance 44,130 200 Allowance for Doubtful Accounts 2,780 Dec. 31/19 Balance 200 2,870 2,400 | 2,510 Dec. 31/20 Balance Required: Analyzing the information presented in the T-accounts above, identify the dollar value related to each of the following: a. Credit sales during the period. b. Collection of credit sales made during the period. c. Write-off of an uncollectible account. d. Recovery of the account previously written off. e....
Leave 'verches Receivables, allowance for doubtful accounts, write-ot and subsequent recovery Loi, 2.3 Outdoor Equipment (OE)...
Leave 'verches Receivables, allowance for doubtful accounts, write-ot and subsequent recovery Loi, 2.3 Outdoor Equipment (OE) sells camping equipment. On December the accounts receivable accent had a balance of $50,000, the bad debe expense account had a balance of 50, and the allowance for dorful accounts had a credit balance of 5.000 Journaliere the remaining journal entries for the 2020 year. Dec 2 Seld tents for $5.000 on account with a cost of $2,500 20 Determined that the total accounts...
Check my work Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful...
Check my work Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) 48,151 8,419 Accounts Receivable (Net) (A) $ 39,732 During the current year, sales on account were $305,298, collections on account were $290,200, write-offs of bad debts were $7,004, and the bad debt expense adjustment was $4,720 Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations. 1-b. Complete the amounts...
accounts receivable has a debit balance of $150,000 allowance for doubtful accounts has a credit balance...
accounts receivable has a debit balance of $150,000 allowance for doubtful accounts has a credit balance of $5000 Sales on account as a credit balance of $400,000 sales returns/allowance has a debit balance of $50,000 The company estimates 5% of account receivable will be uncollectible with a balance sheet allowance method calculate the ending balance of the allowance for doubtful accounts in the amount recorded for bad debt expense what is an NRV of A/R after bad debt expense adjustment...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 932,000 918,000 Collections Write-offs of accounts receivable 5,600 Collections of accounts previously written off 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts...
Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11,470 944,000 906,000 5,400 2,000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented whe amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) $135,000 Allowance for doubtful accounts...
Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
2,200
Uncollectible accounts are expected to be 6% of the ending balance
in accounts receivable.
Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
What is the type of account and normal balance of Allowance for Doubtful Accounts? a.contra asset,...
What is the type of account and normal balance of Allowance for Doubtful Accounts? a.contra asset, debit b.asset, credit c.asset, debit d.contra asset, credit To record estimated uncollectible receivables using the allowance method, the adjusting entry would be a a.debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts b.debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable c.debit to Loss on Credit Sales and a credit to Accounts Receivable d.debit to Bad Debt Expense...
Assume the following information for Skysong Corp Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning...
Assume the following information for Skysong Corp Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $151,000 11,370 932,000 918,000 5,600 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. ✓ Your answer is correct. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not...
Accounts Receivable Dec. 31/19 Balance 73,000 370,000 396,000 2,870 200 Dec. 31/20 Balance 44,130 200 Allowance for Doubtful Accounts 2,780 Dec. 31/19 Balance 200 2,870 2,400 | 2,510 Dec. 31/20 Balance Required: Analyzing the information presented in the T-accounts above, identify the dollar value related to each of the following: a. Credit sales during the period. b. Collection of credit sales made during the period. c. Write-off of an uncollectible account. d. Recovery of the account previously written off. e....
Leave 'verches Receivables, allowance for doubtful accounts, write-ot and subsequent recovery Loi, 2.3 Outdoor Equipment (OE) sells camping equipment. On December the accounts receivable accent had a balance of $50,000, the bad debe expense account had a balance of 50, and the allowance for dorful accounts had a credit balance of 5.000 Journaliere the remaining journal entries for the 2020 year. Dec 2 Seld tents for $5.000 on account with a cost of $2,500 20 Determined that the total accounts...
Check my work Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) 48,151 8,419 Accounts Receivable (Net) (A) $ 39,732 During the current year, sales on account were $305,298, collections on account were $290,200, write-offs of bad debts were $7,004, and the bad debt expense adjustment was $4,720 Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations. 1-b. Complete the amounts...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 932,000 918,000 Collections Write-offs of accounts receivable 5,600 Collections of accounts previously written off 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11,470 944,000 906,000 5,400 2,000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented whe amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
2,200
Uncollectible accounts are expected to be 6% of the ending balance
in accounts receivable.
Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
Assume the following information for Skysong Corp Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $151,000 11,370 932,000 918,000 5,600 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. ✓ Your answer is correct. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not...
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