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5) The bad debt expense for the period of collection is reduced Question 8 (2 points)...
Problem 85A Accounts receivable transactions and bad debt adjustments 01, 2, 3 CHECK AGURES: 2. Bad...
Problem 85A Accounts receivable transactions and bad debt adjustments 01, 2, 3 CHECK AGURES: 2. Bad Debt Expense = $20,460,5. Bad Debt Expense = $7.200 Swiss Supplies showed the following selected adjusted balances at its December 31, 2019. yearend: Accounts Receivable Dec. 31/19 Balance Allowance for Doubtful Accounts 16,400 Dec. 31/19 Balance 490,000 During 2020, the following selected transactions occurred: 2. Sales totalled $2.800.000, of which 25% were cash sales (cost of sales $1.804,000). Sales returns were $108,000, half regarding...
Problem 8-2B Estimating bad debt expense L02,3 CHECK FIGURES: 1b. Bad Debt Expense = $11,240 2....
Problem 8-2B Estimating bad debt expense L02,3 CHECK FIGURES: 1b. Bad Debt Expense = $11,240 2. Accounts receivable (net) = $216.160 An asterisk (*) identifies assignment material based on Appendix 8A or Appendix 8B. On December 31, 2017, Stilton Service Company's year-end, the unadjusted trial balance included the fol- lowing items: Account Credit Debit $239,000 Accounts receivable............. Allowance for doubtful accounts.......... Sales ($470,000 cash sales)............... $ 3,100 1,128,000 Required 1. Prepare the adjusting entry on the books of Stilton Service...
Bad debt expense LO3 CHECK FIGURES: 1. Bad Debt Expense = $8,720; 2. Bad Debt Expense...
Bad debt expense LO3 CHECK FIGURES: 1. Bad Debt Expense = $8,720; 2. Bad Debt Expense = $6,480 The following is information taken from the June 30, 2020, balance sheet of Tippleton Company: Part 1 During July, Tippleton Company recorded total sales of $904,000, all on credit. There were $32,000 of sales returns and allowances. Collections during July were $982,000. Total receivables identified as being uncollect- ible and written off during July were $17,000. Tippleton estimates bad debts as 1%...
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...
I 10-Olt method of reporting bad debt expense? (LO 2) Presented below is an aging schedule...
I 10-Olt method of reporting bad debt expense? (LO 2) Presented below is an aging schedule for Halleran Company Worksheet P18 A B C -NM Not Yet Due 4 Customer Anders Blake Coulson Deleon Others Total $ 22,000 40,000 57,000 34,000 132,000 $285,000 $ 40,000 16,000 D E Number of Days Past Due 1-30 31-60 61-90 Over 90 $10,000 $12,000 6,000 $35,000 $34,000 16,000 14,000 $32,000 $26,000 $35,000 $40,000 7 8 96,000 $152,000 10 Estimated Percentage Uncollectible Total Estimated Bad...
Question 14 (2 points) Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts...
Question 14 (2 points) Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $45,000. If the balance of the Allowance for Doubtful Accounts is $6,000 balance before adjustment, what is the amount of bad debt expense for that period? a) $39,000 b) $51,000 c) $6,000 d) $45,000
P7.2 (LO 3) Groupwork (Bad-Debt Reporting) The following are a series of unrelated situations. 1. Halen...
P7.2 (LO 3) Groupwork (Bad-Debt Reporting) The following are a series of unrelated situations. 1. Halen Company's unadjusted trial balance at December 31, 2020, included the following accounts. Debit Credit Accounts receivable $53,000 Allowance for doubtful accounts 4,000 Net sales $1,200,000 Halen Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2020. 2. An analysis and aging of Stuart Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three time periods as follows: () 1-30 days old, $11,900: (2) 31-90 days old, $4.900; and (3) more than 90 days old, $2.900. For each age group, the average loss rate on the amount of the receivable due to uncollectibility is estimated to be (1) 4 percent, (2) 12 percent, and (3) 15 percent, respectively. At...
c. Compute the average collection period in days. Problems: Set A H Prepare journal entries related...
c. Compute the average collection period in days. Problems: Set A H Prepare journal entries related to bad debt cipele E NR.0 1, 2, 4) At December 31, 2019. House Co. reported the following information on its balance Sheet Accounts receivable S960,000 Less: Allowance for doubtful accounts 80.000 During 2020, the company had the following transactions related to receivables. 1. Sales on account $3.700,000 2. Sales returns and allowances 50.000 3. Collections of accounts receivable 2.810,000 4. Write-offs of accounts...
Question 10 Compute bad debt expense based on the following information: RLF Company estimates that 10%...
Question 10 Compute bad debt expense based on the following information: RLF Company estimates that 10% of accounts receivable will become uncollectible. Accounts receivable are $100,000, at the end of the year, and the allowance for doubtful accounts has a $600 credit balance. Bad debt expenset RLF Company estimates that 10% of accounts receivable will become uncollectible. Accounts receivable are $100,000 at the end of the year, and the allowance for doubtful accounts has a $500 debit balance. Bad debt...
Problem 85A Accounts receivable transactions and bad debt adjustments 01, 2, 3 CHECK AGURES: 2. Bad Debt Expense = $20,460,5. Bad Debt Expense = $7.200 Swiss Supplies showed the following selected adjusted balances at its December 31, 2019. yearend: Accounts Receivable Dec. 31/19 Balance Allowance for Doubtful Accounts 16,400 Dec. 31/19 Balance 490,000 During 2020, the following selected transactions occurred: 2. Sales totalled $2.800.000, of which 25% were cash sales (cost of sales $1.804,000). Sales returns were $108,000, half regarding...
Problem 8-2B Estimating bad debt expense L02,3 CHECK FIGURES: 1b. Bad Debt Expense = $11,240 2. Accounts receivable (net) = $216.160 An asterisk (*) identifies assignment material based on Appendix 8A or Appendix 8B. On December 31, 2017, Stilton Service Company's year-end, the unadjusted trial balance included the fol- lowing items: Account Credit Debit $239,000 Accounts receivable............. Allowance for doubtful accounts.......... Sales ($470,000 cash sales)............... $ 3,100 1,128,000 Required 1. Prepare the adjusting entry on the books of Stilton Service...
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...
I 10-Olt method of reporting bad debt expense? (LO 2) Presented below is an aging schedule for Halleran Company Worksheet P18 A B C -NM Not Yet Due 4 Customer Anders Blake Coulson Deleon Others Total $ 22,000 40,000 57,000 34,000 132,000 $285,000 $ 40,000 16,000 D E Number of Days Past Due 1-30 31-60 61-90 Over 90 $10,000 $12,000 6,000 $35,000 $34,000 16,000 14,000 $32,000 $26,000 $35,000 $40,000 7 8 96,000 $152,000 10 Estimated Percentage Uncollectible Total Estimated Bad...
Question 14 (2 points) Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $45,000. If the balance of the Allowance for Doubtful Accounts is $6,000 balance before adjustment, what is the amount of bad debt expense for that period? a) $39,000 b) $51,000 c) $6,000 d) $45,000
P7.2 (LO 3) Groupwork (Bad-Debt Reporting) The following are a series of unrelated situations. 1. Halen Company's unadjusted trial balance at December 31, 2020, included the following accounts. Debit Credit Accounts receivable $53,000 Allowance for doubtful accounts 4,000 Net sales $1,200,000 Halen Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2020. 2. An analysis and aging of Stuart Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three time periods as follows: () 1-30 days old, $11,900: (2) 31-90 days old, $4.900; and (3) more than 90 days old, $2.900. For each age group, the average loss rate on the amount of the receivable due to uncollectibility is estimated to be (1) 4 percent, (2) 12 percent, and (3) 15 percent, respectively. At...
c. Compute the average collection period in days. Problems: Set A H Prepare journal entries related to bad debt cipele E NR.0 1, 2, 4) At December 31, 2019. House Co. reported the following information on its balance Sheet Accounts receivable S960,000 Less: Allowance for doubtful accounts 80.000 During 2020, the company had the following transactions related to receivables. 1. Sales on account $3.700,000 2. Sales returns and allowances 50.000 3. Collections of accounts receivable 2.810,000 4. Write-offs of accounts...
Question 10 Compute bad debt expense based on the following information: RLF Company estimates that 10% of accounts receivable will become uncollectible. Accounts receivable are $100,000, at the end of the year, and the allowance for doubtful accounts has a $600 credit balance. Bad debt expenset RLF Company estimates that 10% of accounts receivable will become uncollectible. Accounts receivable are $100,000 at the end of the year, and the allowance for doubtful accounts has a $500 debit balance. Bad debt...
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