Homework Answers
Bad Debt Expense $2500
To Allowance for Doubtful Accounts $2500
( To record estimated bad debts)
Add Answer to:
The percentage of sales method for Schlosberg, Inc. reveals $2,200 of uncollectible accounts. The allowance for...
At the end of the year, Brinkley Incorporated's balance of Allowance for Uncollectible Accounts is $4,000...
At the end of the year, Brinkley Incorporated's balance of Allowance for Uncollectible Accounts is $4,000 (credid before adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $135,000. What is the adjustment Brinkley would record for Allowance for Uncollectible Accounts using the percentage-of-credit-sales method? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Allowance Method for Uncollectible Accounts HEB Inc. had the following sales and accounts receivable balances, prior...
Allowance Method for Uncollectible Accounts HEB Inc. had the following sales and accounts receivable balances, prior to adjustments at year-end. HEB Inc. uses the Percentage of Accounts Receivable at Year-end Method, to estimate its uncollectibles. HEB Inc. uses 4% of accounts receivable. -What is the adjusting entry HEB Inc. should make at year-end? (Please show you work) DR. CR. Credit Sales…………………………..…..… $20,000,000 Accounts Receivable………………$ 4,000,000 Allowance for Uncollectibles……….. $70,000 -What is the year-end net realizable value of its account...
At the end of the year, a company reports a balance in its Allowance for Uncollectible...
At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,100 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $281,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction...
At the end of the year, a company reports a balance in its Allowance for Uncollectible...
At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $1,600 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 4% of credit sales for the year. Credit sales for the year total $283,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) RECORD THE...
Wildhorse Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following...
Wildhorse Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable 166,400 71,700 37,800 32,600 15,700 $8,600 % uncollectible 1% 4% 5% 8% 20% Estimated Bad debts (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts...
Which of these methods is required by GAAP? Aging of accounts receivables Percentage of credit sales Either the per...
Which of these methods is required by GAAP?
Aging of accounts receivables
Percentage of credit sales
Either the percentage of credit sales or aging of accounts
receivables
Assume that Simple Co. had credit sales of $290,000 and cost of goods sold of $170,000 for the period. It estimates that 2 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts...
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts...
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,000 (debit) before any year-end adjustment. The balance of Accounts Receivable is $180,000. The company estimates that 5% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment...
Uncollectible Accounts—Percentage of Sales and Percentage of Receivables At the completion of the current fiscal year...
Uncollectible Accounts—Percentage of Sales and Percentage of Receivables At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yang's Gift Shop was $28,250. Credit sales for the year were $355,200. Required: Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of $345. a. The...
E8-8 Recording and Reporting Allowance for Doubtful Accounts Using the Percentage of Credit Sales and Aging...
E8-8 Recording and Reporting Allowance for Doubtful Accounts Using the Percentage of Credit Sales and Aging of Accounts Receivable Methods [LO 8-2) Innovative Tech Inc. (TI) has been using the percentage of credit sales method to estimate bad debts. During November, ITI sold services on account for $100,000 and estimated that of 1 percent of those sales would be uncollectible. Required: 1. Prepare the November adjusting entry for bad debts. 2. Starting in December, ITI switched to using the aging...
FIUDICI DOTA Auviuco) Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company...
FIUDICI DOTA Auviuco) Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Total 200,000 Number of Days Outstanding 31-60 61-90 91-120 46,000 39,000 23,000 4% 5% 8% 0-30 77,000 1% Accounts receivable % uncollectible Over 120 $15,000 20% Estimated bad debts (b) Prepare the year-end adjusting journal entry to record the bad debts using the...
At the end of the year, Brinkley Incorporated's balance of Allowance for Uncollectible Accounts is $4,000 (credid before adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $135,000. What is the adjustment Brinkley would record for Allowance for Uncollectible Accounts using the percentage-of-credit-sales method? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,100 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $281,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction...
Which of these methods is required by GAAP?
Aging of accounts receivables
Percentage of credit sales
Either the percentage of credit sales or aging of accounts
receivables
Assume that Simple Co. had credit sales of $290,000 and cost of goods sold of $170,000 for the period. It estimates that 2 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts...
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,000 (debit) before any year-end adjustment. The balance of Accounts Receivable is $180,000. The company estimates that 5% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment...
E8-8 Recording and Reporting Allowance for Doubtful Accounts Using the Percentage of Credit Sales and Aging of Accounts Receivable Methods [LO 8-2) Innovative Tech Inc. (TI) has been using the percentage of credit sales method to estimate bad debts. During November, ITI sold services on account for $100,000 and estimated that of 1 percent of those sales would be uncollectible. Required: 1. Prepare the November adjusting entry for bad debts. 2. Starting in December, ITI switched to using the aging...
FIUDICI DOTA Auviuco) Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Total 200,000 Number of Days Outstanding 31-60 61-90 91-120 46,000 39,000 23,000 4% 5% 8% 0-30 77,000 1% Accounts receivable % uncollectible Over 120 $15,000 20% Estimated bad debts (b) Prepare the year-end adjusting journal entry to record the bad debts using the...
Most questions answered within 3 hours.
-
1. (a) When a battery is connected to the plates of a 6.00-µF
capacitor, it stores...
asked 5 minutes ago -
A gas reservoir has the following characteristics:
A= 3,000 acres
h= 30 ft
? = 0.15...
asked 38 minutes ago -
2. A television network executive has a list of 7 sitcoms and 5
reality shows to...
asked 1 hour ago -
LawVIEW Question:
As you saw in your second-order system experiments, your systems
oscillate to a change...
asked 2 hours ago -
consider the titration of 50mL of 1.5 M HCOOH with .50 M NaOH.
Ka= 1.8x10^-4 &...
asked 2 hours ago -
"provide products and mechanisms for (z)-3,4-dimethyl-2-pentene
reaction with Br2 in H2o including stereochemisty"
asked 4 hours ago -
FOR the regular expression r= (a+b)*abb
(1) Find the NFA without ε-moves for r.
(2) Convert...
asked 4 hours ago -
what are the moles of, 1.87 g SiO2, 0.95 g NH4Cl, and 2.46g
NaCl?
asked 4 hours ago -
Transaction costs, as they relate to dividend policy,
A)
include the costs of brokerage fees.
B)...
asked 5 hours ago -
Which of the following is a true statement about
inpatriates?
A. Inpatriates are foreign employees who...
asked 5 hours ago -
I've written this program in C++ to compare 2 pizzas using
classes and it works fine....
asked 5 hours ago -
Assume the following information:
Work-in process, beginning 100 units, 25% complete
Units completed and transferred out...
asked 5 hours ago