Homework Answers
Journal Entry
| Bad Debts a/c | Dr | 500 |
| Provision for Doubtful debt | Cr | 500 |
Option C is The Correct answer.
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11:47 PM V If on balance day, the business decided to increase the provision for doubtful...
2) On 1 January 2005 there was a balance of $1000 in the provision for doubtful...
2) On 1 January 2005 there was a balance of $1000 in the provision for doubtful debts account, and it was decided to maintain the provision at 10% of the debtors at each year end. The debtors on 31 December each year were: • 2005=24,000 • 2006=16,000 • 2007=16,000 Show the necessary entries for the three years ended 31 December 2005 to 2007 inclusive in the following: 1) Provision for doubtful debts accounts (ii) Profit & loss accounts. (2b) What...
An increase in the provision for doubtful debts will A increase the net profit for the...
An increase in the provision for doubtful debts will A increase the net profit for the year B increase the gross profit for the year C decrease the net profit for the year D decrease the gross profit for the year 11:47 PM ✓
Patterson Co. had a debit balance of $1,000 in its Allowance for Doubtful Accounts account on...
Patterson Co. had a debit balance of $1,000 in its Allowance for Doubtful Accounts account on December 31,2015. Their net sales for the year totaled $700,000 and they had $100,000 in their Accounts Receivable account. If they estimate their Bad Debt for the year to be 10% of Accounts Receivable, their year end adjusting entry for Bad Debts would be: A. Debit Bad Debt Expense and credit Allowance for Doubtful Accounts for $9,000. B. Debit Bad Debt Expense and credit...
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...
inchado $300 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's pr...
inchado $300 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for collectible accounts. An aging of the accounts receivable revealed the following Estimated Percentage Uncollectible Current Accounts $160,000 1-30 days past de 16,000 31-60 days paste 11.500 61-90 days past due 7.600 Over 90 days past due 10,000 Total Accounts Receivable $205.100 Your a wer is partially correct Prepare the adjusting entry on December 31, 2022, to recognize bad debts expense. Credit...
Allowance for Doubtful Accounts has a credit balance of $1,390 at the end of the year...
Allowance for Doubtful Accounts has a credit balance of $1,390 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $20,504. Which of the following entries records the proper adjustment for bad debt expense? a. debit Bad Debt Expense, $19,114; credit Allowance for Doubtful Accounts, $19,114 b. debit Allowance for Doubtful Accounts, $21,894; credit Bad Debt Expense, $21,894 c. debit Allowance for Doubtful Accounts, $19,114; credit Bad Debt Expense, $19,114 d. debit...
Calculator Allowance for Doubtful Accounts has a debit balance of $2,300 at the end of the...
Calculator Allowance for Doubtful Accounts has a debit balance of $2,300 at the end of the year (before adjustment). The company prepares an analys of customers' accounts and estimates the amount of uncollectible accounts to be $31,900. Which of the following adjusting entries is needed to record the bad debt expense for the year? a. debit Bad Debt Expense, $34,200; credit Allowance for Doubtful Accounts, $34,200 b. debit Allowance for Doubtful Accounts, $34,200; credit Bad Debt Expense, $34,200 c. debit...
Allowance for Doubtful Accounts has a debit balance of $842 at the end of the year...
Allowance for Doubtful Accounts has a debit balance of $842 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates uncollectible receivables of $16,139. Which of the following entries records the proper adjusting entry for bad debt expense? Select the correct answer. debit Bad Debt Expense, $15,297 credit Allowance for Doubtful Accounts, $15,297 debit Bad Debt Expense, $16,981 credit Allowance for Doubtful Accounts, $16,981 debit Allowance for Doubtful Accounts, $16,139 credit Bad...
Allowance for Doubtful Accounts has a debit balance of $1,969 at the end of the year...
Allowance for Doubtful Accounts has a debit balance of $1,969 at the end of the year before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $13.419 Which of the following entries records the proper adjustment for Bad Debt Expense? Select the correct answer debit Allowance for Doubtful Accounts, $15,388 credit Bad Debt Expense, $15,388 debit Allowance for Doubtful Accounts, $11.450 credit Bad Debt Expense, $11.450 debit Bad Debt Expense, $11.450 credit Allowance for Doubtful Accounts, $11.450 debit...
Do It! Review 8-02a Kingbird has been in business several years. At the end of the...
Do It! Review 8-02a Kingbird has been in business several years. At the end of the current year, the unadjusted trial balance shows: $336,000 Dr. Accounts Receivable 2,287,000 Cr Sales Revenue 6,006 Cr Allowance for Doubtful Accounts Bad debts are estimated to be 6% of receivables. Prepare the entry to adjust Allowance for Doubtful Accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Exercise 8-05 The ledger of...
2) On 1 January 2005 there was a balance of $1000 in the provision for doubtful debts account, and it was decided to maintain the provision at 10% of the debtors at each year end. The debtors on 31 December each year were: • 2005=24,000 • 2006=16,000 • 2007=16,000 Show the necessary entries for the three years ended 31 December 2005 to 2007 inclusive in the following: 1) Provision for doubtful debts accounts (ii) Profit & loss accounts. (2b) What...
An increase in the provision for doubtful debts will A increase the net profit for the year B increase the gross profit for the year C decrease the net profit for the year D decrease the gross profit for the year 11:47 PM ✓
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...
inchado $300 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for collectible accounts. An aging of the accounts receivable revealed the following Estimated Percentage Uncollectible Current Accounts $160,000 1-30 days past de 16,000 31-60 days paste 11.500 61-90 days past due 7.600 Over 90 days past due 10,000 Total Accounts Receivable $205.100 Your a wer is partially correct Prepare the adjusting entry on December 31, 2022, to recognize bad debts expense. Credit...
Allowance for Doubtful Accounts has a credit balance of $1,390 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $20,504. Which of the following entries records the proper adjustment for bad debt expense? a. debit Bad Debt Expense, $19,114; credit Allowance for Doubtful Accounts, $19,114 b. debit Allowance for Doubtful Accounts, $21,894; credit Bad Debt Expense, $21,894 c. debit Allowance for Doubtful Accounts, $19,114; credit Bad Debt Expense, $19,114 d. debit...
Calculator Allowance for Doubtful Accounts has a debit balance of $2,300 at the end of the year (before adjustment). The company prepares an analys of customers' accounts and estimates the amount of uncollectible accounts to be $31,900. Which of the following adjusting entries is needed to record the bad debt expense for the year? a. debit Bad Debt Expense, $34,200; credit Allowance for Doubtful Accounts, $34,200 b. debit Allowance for Doubtful Accounts, $34,200; credit Bad Debt Expense, $34,200 c. debit...
Allowance for Doubtful Accounts has a debit balance of $1,969 at the end of the year before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $13.419 Which of the following entries records the proper adjustment for Bad Debt Expense? Select the correct answer debit Allowance for Doubtful Accounts, $15,388 credit Bad Debt Expense, $15,388 debit Allowance for Doubtful Accounts, $11.450 credit Bad Debt Expense, $11.450 debit Bad Debt Expense, $11.450 credit Allowance for Doubtful Accounts, $11.450 debit...
Do It! Review 8-02a Kingbird has been in business several years. At the end of the current year, the unadjusted trial balance shows: $336,000 Dr. Accounts Receivable 2,287,000 Cr Sales Revenue 6,006 Cr Allowance for Doubtful Accounts Bad debts are estimated to be 6% of receivables. Prepare the entry to adjust Allowance for Doubtful Accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Exercise 8-05 The ledger of...
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