Homework Answers
| Answer: |
| 1) |
| Accounts Receivable increases by $ 10,000 |
| Option (a) is Correct |
| 2) |
| Balance of Accounts Receivable |
| Less: Allowance for Doubtful Accounts |
| Net Accounts Receivable |
| Option (d) is Correct |
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Action Signs recorded credit sales of $10,000 using the gross method. Terms are 2/20, n/30. Select...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales,...
Flyer Company has provided the following information prior to any year-end bad debt adjustment: Cash sales, $157,000 Credit sales, $457,000 Selling and administrative expenses, $117,000 Sales returns and allowances, $37,000 Gross profit, $497,000 Accounts receivable, $175,000 Sales discounts, $21,000 Allowance for doubtful accounts credit balance, $1,900 Flyer prepares an aging of accounts receivable and the result shows that 3% of accounts receivable is estimated to be uncollectible. What is the balance in the allowance for doubtful accounts after bad debt...
D) $3,360 12. Under the allowance method of accounting for credit losses, the entry to write...
D) $3,360 12. Under the allowance method of accounting for credit losses, the entry to write off a specific account: A) Will increase total assets B) Debits Bad Debts Expense and credits Allowance for Doubtful Accounts C) is the same as the entry to write off a specific account under the direct write-off method D) Does not affect net income or total assets 13. Boulder Beaver Company had a $150.000 beginning balance in Accounts Receivable and a $6,000 credit balance...
Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a...
Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales $873,600 Allowance for doubtful accounts, 1/1 la credit balance) 19,430 Accounts receivable, 1/1 67,350 Collections on account receivable 846,000 Accounts receivable written off 16,840 Bradford estimates that 3.3 percent of credit sales will eventually default. 1. Compute bad debt expense for the year (Round to the nearest whole number). $ 28,829 ♡ 2. Determine the ending balances in accounts receivable...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales Allowance for doubtful accounts, 1/1 (a credit balance) Accounts receivable, 1/1 Collections on account receivable Accounts receivable written off Bradford estimates that 2.6% of credit sales will eventually default. $547,900 8,740 42,340 489,770 14,250 1. Compute bad debt expense for the year (rounding to the nearest whole number) $14,245 2. Determine the ending balances in accounts receivable...
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts...
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2016: Accounts receivable $650,000 Allowance for bad debts 20,700 (credit balance) Transactions during 2017 were as follows: Gross credit sales $4,200,000 Collections of accounts receivable ($3,690,000 less cash discounts of $63,000) 3,627,000 Sales returns and allowances (from credit sales) 46,000 Accounts receivable written off as uncollectible 19,000 Balance in Allowance for Bad Debts on December 31, 2017 (based on percent of...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales Allowance for doubtful accounts, 1/1 (a credit balance) $547,900 8,740 42,340 Accounts receivable, 1/1 Collections on account receivable Accounts receivable written off 489,770 14,250 Bradford estimates that 3.2% of credit sales will eventually default. Required: 1. Compute bad debt expense for the year (rounding to the nearest whole number). $ 14,245 x 2. Determine the ending balances...
Please answer the question belowe, first picture is just the info. Thanks! Problem 8-1A (Part Level...
Please answer the question belowe, first picture is just the
info. Thanks!
Problem 8-1A (Part Level Submission) At December 31, 2018, Bramble Corp. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $972,000 82,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debits previously written off...
Problem #2: Accounts Receivables Valuation (under allowance method) The ledger of Meteo Company at the end...
Problem #2: Accounts Receivables Valuation (under allowance method) The ledger of Meteo Company at the end of the current year shows Accounts Receivable $420,000, Sales Revenue $920,000, and Sales Returns and Allowances $10,000 Instructions: If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1.5% of net sales, and (2) 8% of accounts receivable. (c) If Allowance for Doubtful Accounts...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
D) $3,360 12. Under the allowance method of accounting for credit losses, the entry to write off a specific account: A) Will increase total assets B) Debits Bad Debts Expense and credits Allowance for Doubtful Accounts C) is the same as the entry to write off a specific account under the direct write-off method D) Does not affect net income or total assets 13. Boulder Beaver Company had a $150.000 beginning balance in Accounts Receivable and a $6,000 credit balance...
Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales $873,600 Allowance for doubtful accounts, 1/1 la credit balance) 19,430 Accounts receivable, 1/1 67,350 Collections on account receivable 846,000 Accounts receivable written off 16,840 Bradford estimates that 3.3 percent of credit sales will eventually default. 1. Compute bad debt expense for the year (Round to the nearest whole number). $ 28,829 ♡ 2. Determine the ending balances in accounts receivable...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales Allowance for doubtful accounts, 1/1 (a credit balance) Accounts receivable, 1/1 Collections on account receivable Accounts receivable written off Bradford estimates that 2.6% of credit sales will eventually default. $547,900 8,740 42,340 489,770 14,250 1. Compute bad debt expense for the year (rounding to the nearest whole number) $14,245 2. Determine the ending balances in accounts receivable...
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2016: Accounts receivable $650,000 Allowance for bad debts 20,700 (credit balance) Transactions during 2017 were as follows: Gross credit sales $4,200,000 Collections of accounts receivable ($3,690,000 less cash discounts of $63,000) 3,627,000 Sales returns and allowances (from credit sales) 46,000 Accounts receivable written off as uncollectible 19,000 Balance in Allowance for Bad Debts on December 31, 2017 (based on percent of...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales Allowance for doubtful accounts, 1/1 (a credit balance) $547,900 8,740 42,340 Accounts receivable, 1/1 Collections on account receivable Accounts receivable written off 489,770 14,250 Bradford estimates that 3.2% of credit sales will eventually default. Required: 1. Compute bad debt expense for the year (rounding to the nearest whole number). $ 14,245 x 2. Determine the ending balances...
Please answer the question belowe, first picture is just the
info. Thanks!
Problem 8-1A (Part Level Submission) At December 31, 2018, Bramble Corp. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $972,000 82,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debits previously written off...
Problem #2: Accounts Receivables Valuation (under allowance method) The ledger of Meteo Company at the end of the current year shows Accounts Receivable $420,000, Sales Revenue $920,000, and Sales Returns and Allowances $10,000 Instructions: If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1.5% of net sales, and (2) 8% of accounts receivable. (c) If Allowance for Doubtful Accounts...
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