Solution:
Amount of adjusting entry to record bad debt expense = $600,000 * 4% = $24,000
Hence 3rd option is correct.
Question 67 1.45 pts Allowance for doubtful accounts has a debit balance of $500 at the...
Accounts Receivable has a debit balance of $40,000 and Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and bad debt expense is estimated at 3% of credit sales. If credit sales are $300,000, record the adjusting entry for the estimated uncollectible accounts in the journal provided.
Allowance for Doubtful Accounts has a debit balance of $289 at the end of the year (before adjustment), and Bad Debt Expense is estimated at 3% of sales. If net credit sales are $884,500, the amount of the adjusting entry to record the estimate of the uncollectible accounts is a.$26,246 b.$26,535 c.$26,824 d.$289
QUESTION 17 Allowance for Doubtful Accounts has a debit balance of $2,500 at the end of the year (before adjustment), and bad debt expense is estimated at 4% of credit sales. If net credit sales are $800,000, the amount of the adjusting entry to record the estimate of the uncollectible accounts is a. $29,500 b.$34,500 c. $32,000 d. cannot be determined
Allowance for Doubtful Accounts has a debit balance of $2,500 at the end of the year (before adjustment), and bad debt expense is estimated at 4% of credit sales. If net credit sales are $800,000, the amount of the adjusting entry to record the estimate of the uncollectible accounts is Options: a. $29500 b. $34500 c. $32000 d. cannot be determined
Calculator Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and bad debt expense is estimated at 3% of credit sales. If credit sales are $300,000, the amount of the adjusting entry to record the estimated uncollectible accounts receivable a. is $9,500 b. is $9,000 c. is $8,500 d. Cannot be determined.
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 (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...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,154,000 and sales for the year total $13,090,000. The allowance account before adjustment has a credit balance of $15,600. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a credit balance of $15,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $49,900. The allowance account before...
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...
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...