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Q-3. (Chapter-7) A7-4: Accounts Receivable-Allowances: At 31 December 20x8, Small Ltd. reported gross accounts receivable of...
At 31 December 20X8, Small Ltd, reported gross accounts receivable of $2,481,800. Investigation showed the following....
At 31 December 20X8, Small Ltd, reported gross accounts receivable of $2,481,800. Investigation showed the following. a. the credit balance in the allowance for doubtful accounts was $182,400 after write-off for the year but before any bad debt adjustment. Bad expense is based on a percentage of receivables. Based on the latest available facts. $ 280,000 will not be collected due to collection issues. b. Terms of 1/10,n/30 were granted to all customers. Accounts receivable were recorded gross, and the...
Check my work Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful...
Check my work Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) 48,151 8,419 Accounts Receivable (Net) (A) $ 39,732 During the current year, sales on account were $305,298, collections on account were $290,200, write-offs of bad debts were $7,004, and the bad debt expense adjustment was $4,720 Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations. 1-b. Complete the amounts...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable,...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ 48,127 Allowance for Doubtful Accounts (XA) 8,409 Accounts Receivable (Net) (A) $ 39,718 During the current year, sales on account were $305,048, collections on account were $290,100, write-offs of bad debts were $6,994, and the bad debt expense adjustment was $4,710. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine...
On December 31, 2015, a company reported the following information on its balance sheet: Accounts receivable...
On December 31, 2015, a company reported the following information on its balance sheet: Accounts receivable $838,000 Less: Allowance for Doubtful Accounts 46,000 (cr.) During 2016, the company had the following transactions related to receivables: Sales on account $3,000,000 Collections of accounts receivable 2,712,000 Write-offs of accounts determined to be uncollectible 31,500 Recovery of prior write-offs 6,600 a) Determine the ending accounts receivable balance on December 31, 2016. b)If the company estimates 3% of credit sales will not be collected,...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable,...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ 48,127 Allowance for Doubtful Accounts (XA) 8, 409 Accounts Receivable (Net) (A) $ 39,718 During the current year, sales on account were $305,048, collections on account were $290,100, write-offs of bad debts were $6,994, and the bad debt expense adjustment was $4,710. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to...
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable $640,000...
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable $640,000 Less: Allowance for doubtful accounts 41,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,060,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,760,000 4. Write-offs of accounts receivable deemed uncollectible 42,000 5. Recovery of bad debts previously written off as uncollectible 20,000 Prepare the journal entries to record each of these five transactions....
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable Less:...
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $620,000 42,000 During 2022, the company had the following transactions related to receivables. 1 Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $2,810,000 63,000 2,510,000 44,000 15,000 Your answer is correct. Prepare the journal entries to record each...
3. Whispering Co. provides for doubtful accounts based on 4% of gross accounts receivable. The following...
3. Whispering Co. provides for doubtful accounts based on 4% of gross accounts receivable. The following data are available for 2020 Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $4,244,100 57,800 16,450 7,250 32,230 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $ 4. At the...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable Orange Company’s December 31,...
Estimating and Recording Bad Debt Estimates and
Write-offs; Reporting of Accounts Receivable
Orange Company’s December 31, 2019, balances related to accounts
receivable follow.
Accounts receivable
$80,000 Dr.
Allowance for doubtful accounts
4,000 Cr.
During 2020, $9,000 of accounts receivable is considered
uncollectible, and no more effort to collect these accounts will be
made. Total sales for 2020 are $240,000, of which $40,000 are cash
sales. A total of $180,000 was collected on account during
2020.
a. Assuming that Orange uses...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. $ Accounts...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. $ Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) 48, 151 8.419 $ 39,732 During the current year, sales on account were $305,298, collections on account were $290,200, write-offs of bad debts were $7,004, and the bad debt expense adjustment was $4,720. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to...
Check my work Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) 48,151 8,419 Accounts Receivable (Net) (A) $ 39,732 During the current year, sales on account were $305,298, collections on account were $290,200, write-offs of bad debts were $7,004, and the bad debt expense adjustment was $4,720 Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations. 1-b. Complete the amounts...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ 48,127 Allowance for Doubtful Accounts (XA) 8,409 Accounts Receivable (Net) (A) $ 39,718 During the current year, sales on account were $305,048, collections on account were $290,100, write-offs of bad debts were $6,994, and the bad debt expense adjustment was $4,710. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ 48,127 Allowance for Doubtful Accounts (XA) 8, 409 Accounts Receivable (Net) (A) $ 39,718 During the current year, sales on account were $305,048, collections on account were $290,100, write-offs of bad debts were $6,994, and the bad debt expense adjustment was $4,710. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to...
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $620,000 42,000 During 2022, the company had the following transactions related to receivables. 1 Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $2,810,000 63,000 2,510,000 44,000 15,000 Your answer is correct. Prepare the journal entries to record each...
3. Whispering Co. provides for doubtful accounts based on 4% of gross accounts receivable. The following data are available for 2020 Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $4,244,100 57,800 16,450 7,250 32,230 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $ 4. At the...
Estimating and Recording Bad Debt Estimates and
Write-offs; Reporting of Accounts Receivable
Orange Company’s December 31, 2019, balances related to accounts
receivable follow.
Accounts receivable
$80,000 Dr.
Allowance for doubtful accounts
4,000 Cr.
During 2020, $9,000 of accounts receivable is considered
uncollectible, and no more effort to collect these accounts will be
made. Total sales for 2020 are $240,000, of which $40,000 are cash
sales. A total of $180,000 was collected on account during
2020.
a. Assuming that Orange uses...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. $ Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) 48, 151 8.419 $ 39,732 During the current year, sales on account were $305,298, collections on account were $290,200, write-offs of bad debts were $7,004, and the bad debt expense adjustment was $4,720. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to...
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