Brief Exercise 215 The ledger of the Ramirez Company at the end of the current year shows Accounts Receivable of $200,000.
If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 8% of accounts receivable, journalize the adjusting entry for end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
If Allowance for Doubtful Accounts has a debit balance of $3,000
in the trial balance and bad debts are expected to be 8% of
accounts receivable, journalize the adjusting entry for end of the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
1.
Bad debt expense = ($200,000 X 8%) - $3,000 = $13,000
2.
Bad debt expense = ($200,000 X 8%) + $3,000 = $19,000
General Journal | Debit | Credit |
Bad debt expense | $13,000 | - |
Allowance for doubtful accounts | - | $13,000 |
Bad debt expense | $19,000 | - |
Allowance for doubtful accounts | - | $19,000 |
Brief Exercise 215 The ledger of the Ramirez Company at the end of the current year...
help please The ledger of the Concord Corporation at the end of the current year shows Accounts Receivable of $246,000. Your answer is correct. If Allowance for Doubtful Accounts has a credit balance of $4,700 in the trial balance and bad debts are expected to be 8% of accounts receivable, journalize the adjusting entry for the end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit...
*Exercise 9-05 a-c The ledger of Sheffield Company at the end of the current year shows Accounts Receivable $ 148,000, Sales Revenue $841,000, and Sales Returns and Allowances $30,000. Journalize the following independent situations. If Sheffield uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sheffield determines that L. Dole's $2,500 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles...
me leger or the lamarisk, Inc. at the end of the current year shows Accounts Receivable of $227.000 If Allowance for Doubtful Accounts has a credit balance of $3,400 in the trial balance and bad debts are expected to be 9% of accounts receivable, journalize the adjusting entry for the end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List...
7, and drag to the Favorites Bar folder. Or import from another browser. Import favorites Kimmel, Accounting, 6e Help 1 System Announcements CALCULATOR PRINTER VERSION BACK Brief Exercise 215 The ledger of the Ramirez Company at the end of the current year shows Accounts Receivable of $200,000. If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 8% of accounts receivable, journalize the adjusting entry for end of...
Exercise 8-4 The ledger of Bramble Corp. at the end of the current year shows Accounts Receivable $74,700; Credit Sales $870,160; and Sales Returns and Allowances $36,960 a If Bramble Corp. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Bramble Corp. determines that Matisse's $829 balance is uncollectible. (b) 1f Allowance for Doubtful Accounts has a credit balance of $1,023 in the trial balance, journalize the adjusting entry at December...
The ledger of Sunland Company at the end of the current year shows Accounts Receivable $127,000, Sales Revenue $851,000, and Sales Returns and Allowances $22,000. Journalize the following independent situations. Your answer is correct. If Sunland uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sunland determines that L. Dole’s $1,600 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles...
Exercise 8-05 The ledger of Shamrock, Inc. at the end of the current year shows Accounts Receivable 589,000; Credit Sales $845,000; and Sales Returns and Allowances $38,000. (a) If Shamrock uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Shamrock determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,300 in the trial balance, journalize the adjusting entry at December 31, assuming...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000: Credit Sales $810,000; and Sales Returns and Allowances $40.000 (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000; and Sales Returns and Allowances $40,000. (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable $78,000; Credit Sales $855,000, and Sales Returns and Allowances $36,000 (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,150 in the trial balance, journalize the adjusting entry at December 31,...