If the estimate of uncollectible is made by taking 10% of gross account receivables
A trial balance before adjustments included the following:
| Debit | Credit | |
| Sales | $425,000 | |
| Sales returns and allowance | $14,000 | |
| Accounts receivable | $53,000 | |
| Allowance for doubtful accounts | $760 |
If the estimate of uncollectible is made by taking 10% of gross account receivables using the balance sheet approach, the amount of the adjustment is
a. $4,540.
b. $5,300.
c. $5,224.
d. $6,060.
Homework Answers
The correct answer is A) $4540
Explaination
Adjustment amount = Desired balance of allowance for doubtful account (credit) - existing balance of allowance for doubtful account (credit)
= (53000*10%) - 760
= 5300 -760
= $4540
Thus the correct answer amount of adjustment = $ 4540
Note
adjustment entry will be
Particular Debit Credit
Bad debt expense 4540
Allowance for boudtful account 4540
Add Answer to:
If the estimate of uncollectible is made by taking 10% of gross account receivables
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit...
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit Credit $500,000 Sales Sales Returns and Allowance. Accounts Receivable. Allowance for Doubtful Accounts $ 10,000 80,000 . 1,000 ccount Receuades 1. If the estimate of uncollectibles is made by taking 10% of gross account, the amount of the adjustment under the Allowance Method is A. $6,000 C. $8,000. B. $7,000. D. $9.000. 2. Under 1 above, If the Allowance of Doubtful Accounts had a...
A trial balance before adjustment included the following: Debit Credit Accounts receivable €80,000 Allowance for doubtful...
A trial balance before adjustment included the following: Debit Credit Accounts receivable €80,000 Allowance for doubtful accounts 730 Sales €340,000 Sales returns and allowances 8,000 a) Give journal entries assuming that the estimate of uncollectible is determined by taking 5% of gross accounts receivable. Explain your answer b) Give journal entries assuming that the estimate of uncollectible is determined by taking 4% of gross accounts receivable and the allowance for doubtful accounts has a debit balance of €1,000. Explain your answer
prepare journa entries assuming that the estimate of uncollectible is determined by taking Credit Debit $128,000...
prepare journa entries assuming that the estimate of
uncollectible is determined by taking
Credit Debit $128,000 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances $670 342,000 8 ,200 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 6% of gross accounts receivable (Credit account titles are automatically indented when Account Titles and Explanation Debit Bad Debt Expense Allowance for Doubtful Accounts Sentered Do not Indent manually (211% of gross accounts receivable assuming...
An aging of a company's accounts receivable indicates the estimate of uncollectible receivables totals $5,218. If...
An aging of a company's accounts receivable indicates the estimate of uncollectible receivables totals $5,218. If Allowance for Doubtful Accounts has a $992 credit balance, the adjustment to record the bad debt expense for the period will require a Oa. debit to Bad Debt Expense for $4,226. Ob. credit to Allowance for Doubtful Accounts for $5,218. Oc. debit to Bad Debt Expense for $5,218. Od. debit to Bad Debt Expense for $992
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit...
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit Credit Sales . . . $500,000 Sales Returns and Allowance $ 10,000 Accounts Receivable. 80,000 Allowance for Doubtful Accounts 1000 1,000 1. If the estimate of uncollectibles is made by taking 10% of gross account, the amount of the adjustment under the Allowance Method is A. $6,000. C. $8,000. B. $7,000. D. $9,000. Recetaller D2. 2. Under 1 above, If the Allowance of Doubtful...
UNCOLLECTIBLE ACCOUNTS_PERCENTAGE OF SALES AND PERCEN OF RECEIVABLES At the completion of the current fiscal year...
UNCOLLECTIBLE ACCOUNTS_PERCENTAGE OF SALES AND PERCEN OF RECEIVABLES At the completion of the current fiscal year ending December the balance of Accounts Receivable for Yang's Gift Shop was $30,000. Credit sales fo the year were $355,200. REQUIRED Make the necessary adjusting entry in general journal form under each of the fol- lowing 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 $330. (a) The...
Question 3 View Policies Current Attempt in Progress A trial balance before adjustment included the following:...
Question 3 View Policies Current Attempt in Progress A trial balance before adjustment included the following: Credit Debit $156,000 $1,160 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances 444,000 8.200 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 6% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Account Titles and Explanation Debit Credit (2) 2% of gross accounts receivable (assuming a $1,160 debit allowance...
A trial balance before adjustment included the following: Credit Debit $164,000 Accounts receivable Allowance for doubtful...
A trial balance before adjustment included the following: Credit Debit $164,000 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances $1,500 638,000 9,400 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 9% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (2) 4% of gross accounts receivable (assuming a $1,500 debit allowance account balance). (Credit account...
25. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are...
25. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $14,000. If the balance of the Allowance for Doubtful Accounts is $3,000 debit before adjustment what is the amount of bad debt expense for that period? A) $3,000 B) $14,000 C) $11,000 D) $17,000
10) A trial balance before adjustments included the following Sales Accounts receivable Allowance for doubtful accounts...
10) A trial balance before adjustments included the following Sales Accounts receivable Allowance for doubtful accounts Debit 300,000 Credit $1.700.000 5.000 laking 6% of gross accounts receivables, the If the estimate of uncollectible accounts is made by taking 6% of gross amount of the bad debt expense to be recorded is $13,000 $18,000 $23,000. $28,000. b. INA - Kaniper's policy is to treat as cash equivalents all highly liquid investments with a maturity of three months or less when purchased....
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit Credit $500,000 Sales Sales Returns and Allowance. Accounts Receivable. Allowance for Doubtful Accounts $ 10,000 80,000 . 1,000 ccount Receuades 1. If the estimate of uncollectibles is made by taking 10% of gross account, the amount of the adjustment under the Allowance Method is A. $6,000 C. $8,000. B. $7,000. D. $9.000. 2. Under 1 above, If the Allowance of Doubtful Accounts had a...
prepare journa entries assuming that the estimate of
uncollectible is determined by taking
Credit Debit $128,000 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances $670 342,000 8 ,200 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 6% of gross accounts receivable (Credit account titles are automatically indented when Account Titles and Explanation Debit Bad Debt Expense Allowance for Doubtful Accounts Sentered Do not Indent manually (211% of gross accounts receivable assuming...
An aging of a company's accounts receivable indicates the estimate of uncollectible receivables totals $5,218. If Allowance for Doubtful Accounts has a $992 credit balance, the adjustment to record the bad debt expense for the period will require a Oa. debit to Bad Debt Expense for $4,226. Ob. credit to Allowance for Doubtful Accounts for $5,218. Oc. debit to Bad Debt Expense for $5,218. Od. debit to Bad Debt Expense for $992
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit Credit Sales . . . $500,000 Sales Returns and Allowance $ 10,000 Accounts Receivable. 80,000 Allowance for Doubtful Accounts 1000 1,000 1. If the estimate of uncollectibles is made by taking 10% of gross account, the amount of the adjustment under the Allowance Method is A. $6,000. C. $8,000. B. $7,000. D. $9,000. Recetaller D2. 2. Under 1 above, If the Allowance of Doubtful...
UNCOLLECTIBLE ACCOUNTS_PERCENTAGE OF SALES AND PERCEN OF RECEIVABLES At the completion of the current fiscal year ending December the balance of Accounts Receivable for Yang's Gift Shop was $30,000. Credit sales fo the year were $355,200. REQUIRED Make the necessary adjusting entry in general journal form under each of the fol- lowing 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 $330. (a) The...
Question 3 View Policies Current Attempt in Progress A trial balance before adjustment included the following: Credit Debit $156,000 $1,160 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances 444,000 8.200 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 6% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Account Titles and Explanation Debit Credit (2) 2% of gross accounts receivable (assuming a $1,160 debit allowance...
A trial balance before adjustment included the following: Credit Debit $164,000 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances $1,500 638,000 9,400 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 9% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (2) 4% of gross accounts receivable (assuming a $1,500 debit allowance account balance). (Credit account...
25. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $14,000. If the balance of the Allowance for Doubtful Accounts is $3,000 debit before adjustment what is the amount of bad debt expense for that period? A) $3,000 B) $14,000 C) $11,000 D) $17,000
10) A trial balance before adjustments included the following Sales Accounts receivable Allowance for doubtful accounts Debit 300,000 Credit $1.700.000 5.000 laking 6% of gross accounts receivables, the If the estimate of uncollectible accounts is made by taking 6% of gross amount of the bad debt expense to be recorded is $13,000 $18,000 $23,000. $28,000. b. INA - Kaniper's policy is to treat as cash equivalents all highly liquid investments with a maturity of three months or less when purchased....
Most questions answered within 3 hours.
-
Find the mixed-strategy equilibrium to the Battle of the sexes
game in Figure 5.1 below
Hockey...
asked 4 minutes ago -
At 1 bar, how much energy is required to heat 61.0 g of H2O(s)
at −12.0...
asked 2 minutes ago -
Use the following information to answer the next three
questions.
QUESTION 5
As of today, the...
asked 10 minutes ago -
Using the specific identification method: Date Units purchased
Cost per unit Ending inventory March 1 15...
asked 12 minutes ago -
PLEASE HELP, NO ONE IS ANSWERING MY QUESTION AND IT IS SUE TODAY
WORTH 20% OF...
asked 27 minutes ago -
α = 0.0007889 T, I = 2.9 A
Other Magnetic Fields: First, based on your
value...
asked 26 minutes ago -
This assignment is a continuation of the 2nd one. You as a HR
Manager, select an...
asked 29 minutes ago -
Hastings Entertainment has a beta of 0.64. If the market return
is expected to be 13.80...
asked 40 minutes ago -
9. Depository institutions are always:
a. illiquid
b. profitable
c. insolvent
d. all of the above...
asked 48 minutes ago -
Use AstroTurf Company's income statement below to answer the
following two questions. Answer these questions with...
asked 48 minutes ago -
How is a firm's task
environment different from its general environment? Provide
examples of both types...
asked 46 minutes ago -
What is one reason Innovators can adopt innovations so
early?
Group of answer choices
they are...
asked 48 minutes ago