Homework Answers
Answer:C.Debit bad debt expense , Credit accounts receivable
When the company is small and has small number of debtors direct write off method is implemented.Under direct write off method no contra asset account like Allowance for Doubtful accounts is used.Entire Balance of Accounts Receivable would be shown as Current Assets without deducting allowance for doubtful accounts.
Option A represents allowance method for Uncollectibles.Uncollectibles are estimated and set aside in a reserve account.
Option B is used when debtor has gone bankrupt and there is no chance of recovering the amount from him
Option D this entry does not exist
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why not b？
Under the direct write-off method, what adjustment is made at the time an...
What is the journal entry to write off a customer's account under the direct write-off method?...
What is the journal entry to write off a customer's account under the direct write-off method? O No entry is required. O Debit Cash; credit Accounts Receivable/customer name. Debit Bad Debt Expense; credit Allowance for Uncollectible Accounts Debit Bad Debt Expense; credit Accounts Receivable/customer name.
Question 6 (4 points) When an account has been written off under the direct write-off method...
Question 6 (4 points) When an account has been written off under the direct write-off method in one period and is collected in a subsequent period, the credit to reinstate the account is made to O Accounts Receivable. Bad Debt Expense. Bad Debt Income. Uncollectible Accounts Recovered. Question 8 (4 points) If after taking a percentage of sales on account, it is estimated that $1,000 will not be collected and the allowance account has an existing credit balance of $200,...
only final answers plz releme for uncollectible accounts The difference between total accounts A. Net accounts...
only final answers plz
releme for uncollectible accounts The difference between total accounts A. Net accounts receivable (net realizable value B. Allowance for collectible accounts. C. Net income D. Net revenue. 4. At the end of the year before adjustment account balance of $218.000 and the allowance for collectible accounts had a $600 credit hal a u nts receivable determines that the allowance for uncollectible accounts should be 3 of accounts receivable. The adjusting entry would include a credit to...
Under the direct write-off method, what journal entry is prepared when an account is determined to...
Under the direct write-off method, what journal entry is prepared when an account is determined to be worthless or uncollectible? O A. debit Accounts Receivable and credit Allowance for Uncollectible Accounts OB debit Uncollectible - Account Expense and credit Allowance for Uncollectible Accounts O C. debit Uncollectible - Account Expense and credit Accounts Receivable OD. debit Allowance for Uncollectible Accounts and credit Accounts Receivable
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery...
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery has a customer whose accounts receivable balance has been determined to likely be wrotestable The entry to write off this account would be which oflua following?: a. debit Sales Returns and Allowance, credit Accounts Receivable b. debit Bad Debt Expense; credit Allowance for Doubtful Accounts c. debit Allowance for Doubtful Accounts; credit Accounts Receivable. d. debit Bad Debt Expense; credit Accounts Receivable Abbott Company...
. Under the direct write-off method of accounting for uncollectible accounts a. the allowance account is...
. Under the direct write-off method of accounting for uncollectible accounts a. the allowance account is increased for the actual amount of bad debt at the b. a specific account receivable is decreased for the actual amount of bad debt at c. balance sheet relationships are emphasized. time of write-off the time of write-off. d. bad debt expense is always recorded in the period in which the revenue was recorded. Which of the following should not be included in the...
need help with B and C Calculator Entries for Bad Debt Expense Under the Direct Write-off...
need help with B and C
Calculator Entries for Bad Debt Expense Under the Direct Write-off and Allowance Methods Seaforth International wrote of the following accounts receivable as uncollectible for the year ending December 31 Customer Kim Abel $24,300 31,195 29,715 Lee Drake Jenny Green Mke Lamb Total 17.890 $103, 100 The company prepared the following aging schedule for its accounts receivable on December 31 Aging Class (Number of Days Past Due) Receivables Balance on December Estimated Parcent of Uncollectible...
Multiple Choice Question 113 Blue Spruce Corp. uses the percentage-of-receivables method for recording bad debt expense....
Multiple Choice Question 113 Blue Spruce Corp. uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $400000 and credit sales are $1600000. Management estimates that 6 % of accounts receivable will be uncollectible. What adjusting entry will Blue Spruce Corp. make if the Allowance for Doubtful Accounts has a credit balance of $4000 before adjustment? Bad Debt Expense 16000 Accounts Receivable 16000 Bad Debt Expense 20000 Allowance for Doubtful Accounts 20000 Bad Debt Expense 8000...
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off...
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $24,300 Lee Drake 31,195 Jenny Green 29,715 Mike Lamb 17,890 Total $103,100 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 1 %...
all together ; entries for bad debt expense and under the direct write off and allowance...
all together ; entries for bad debt expense and under the
direct write off and allowance methods
UUTIW ALUWIPNC ACCT I BL. Cengage CengageNOWV2 Online teaching and Ch 9-3 Exercises & Problems Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $21,550 33,925 Lee Drake Jenny Green Mike Lamb 27,565 19,460 $102,500 Total The company prepared the...
What is the journal entry to write off a customer's account under the direct write-off method? O No entry is required. O Debit Cash; credit Accounts Receivable/customer name. Debit Bad Debt Expense; credit Allowance for Uncollectible Accounts Debit Bad Debt Expense; credit Accounts Receivable/customer name.
Question 6 (4 points) When an account has been written off under the direct write-off method in one period and is collected in a subsequent period, the credit to reinstate the account is made to O Accounts Receivable. Bad Debt Expense. Bad Debt Income. Uncollectible Accounts Recovered. Question 8 (4 points) If after taking a percentage of sales on account, it is estimated that $1,000 will not be collected and the allowance account has an existing credit balance of $200,...
only final answers plz
releme for uncollectible accounts The difference between total accounts A. Net accounts receivable (net realizable value B. Allowance for collectible accounts. C. Net income D. Net revenue. 4. At the end of the year before adjustment account balance of $218.000 and the allowance for collectible accounts had a $600 credit hal a u nts receivable determines that the allowance for uncollectible accounts should be 3 of accounts receivable. The adjusting entry would include a credit to...
Under the direct write-off method, what journal entry is prepared when an account is determined to be worthless or uncollectible? O A. debit Accounts Receivable and credit Allowance for Uncollectible Accounts OB debit Uncollectible - Account Expense and credit Allowance for Uncollectible Accounts O C. debit Uncollectible - Account Expense and credit Accounts Receivable OD. debit Allowance for Uncollectible Accounts and credit Accounts Receivable
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery has a customer whose accounts receivable balance has been determined to likely be wrotestable The entry to write off this account would be which oflua following?: a. debit Sales Returns and Allowance, credit Accounts Receivable b. debit Bad Debt Expense; credit Allowance for Doubtful Accounts c. debit Allowance for Doubtful Accounts; credit Accounts Receivable. d. debit Bad Debt Expense; credit Accounts Receivable Abbott Company...
. Under the direct write-off method of accounting for uncollectible accounts a. the allowance account is increased for the actual amount of bad debt at the b. a specific account receivable is decreased for the actual amount of bad debt at c. balance sheet relationships are emphasized. time of write-off the time of write-off. d. bad debt expense is always recorded in the period in which the revenue was recorded. Which of the following should not be included in the...
need help with B and C
Calculator Entries for Bad Debt Expense Under the Direct Write-off and Allowance Methods Seaforth International wrote of the following accounts receivable as uncollectible for the year ending December 31 Customer Kim Abel $24,300 31,195 29,715 Lee Drake Jenny Green Mke Lamb Total 17.890 $103, 100 The company prepared the following aging schedule for its accounts receivable on December 31 Aging Class (Number of Days Past Due) Receivables Balance on December Estimated Parcent of Uncollectible...
Multiple Choice Question 113 Blue Spruce Corp. uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $400000 and credit sales are $1600000. Management estimates that 6 % of accounts receivable will be uncollectible. What adjusting entry will Blue Spruce Corp. make if the Allowance for Doubtful Accounts has a credit balance of $4000 before adjustment? Bad Debt Expense 16000 Accounts Receivable 16000 Bad Debt Expense 20000 Allowance for Doubtful Accounts 20000 Bad Debt Expense 8000...
all together ; entries for bad debt expense and under the
direct write off and allowance methods
UUTIW ALUWIPNC ACCT I BL. Cengage CengageNOWV2 Online teaching and Ch 9-3 Exercises & Problems Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $21,550 33,925 Lee Drake Jenny Green Mike Lamb 27,565 19,460 $102,500 Total The company prepared the...
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