The Walking Dead Co. provides services on-account and in exchange for cash. All general ledger accounts...
The Walking Dead Co. provides services on-account and in exchange for cash. All general ledger accounts are adjusted monthly. For September, the following information is available:
Accounts Receivable on September 1st is $22,400 (debit)
Allowance for Doubtful Accounts on September 1st is $4,400 (credit)
Services provided during September for cash $20,000
Services provided during September on-account $45,000
During the month collections on account were $34,400 and accounts written off as uncollectible were $2,000.
The Walking Dead estimates bad debts at 8% of accounts
receivable.
After adjusting journal entries are recorded, the dollar amount for
the bad debt adjustment will be...
Homework Answers
| Accounts Receivable,September 1 | 22400 | |
| Add: Services provided on account | 45000 | |
| Less: Collections on account | (34400) | |
| Less: Accounts written off | (2000) | |
| Accounts Receivable,September 30 | 31000 | |
| Estimated uncollectible amount | 2480 | =31000*8% |
| Less: Allowance for Doubtful Accounts balance | 2400 | =4400-2000 |
| Dollar amount for the bad debt adjustment | 80 |
Add Answer to:
The Walking Dead Co. provides services on-account and in
exchange for cash. All general ledger accounts...
1. The general ledger of Stickler Company included the following accounts and balances as of 12/31/18....
1. The general ledger of Stickler Company included the following accounts and balances as of 12/31/18. Everything has already been adjusted for (including for cash collections for accounts receivable during the year) except for bad debt expense for 2018 (20 points). 12/31/18 Allowance for Doubtful Accounts 12/31/18 Gross Accounts Receivable $1,000 $200,000 Sales revenue during 2018 amounted to $800.000. of which 75% was on credit, and it was estimated that 2 % of these credit sales made in 2018 would...
solve 2 please During 2018, its first year of operations, Pave Construction provides services on account...
solve 2 please
During 2018, its first year of operations, Pave Construction provides services on account of $120,000. By the end of 2018, cash collections on these accounts total $90,000. Pave estimates that 20% of the uncollected accounts will be bad debts. Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is complete and correct. No Date General...
The general ledger of Pop's Fireworks includes the following account balances in 2021 Credit Debit $...
The general ledger of Pop's Fireworks includes the following account balances in 2021 Credit Debit $ 23,200 46,500 $ 4,200 9,700 95,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense utilities Expense Supplies Expense Totals 14,380 146,000 30,990 126,800 71,900 27,200 18.700 $322.200 $322,200 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances...
At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were...
At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were $77,000 and $5,144 (credit), respectively. During the current year, credit sales were $463,000 and collections on account were $341,000. In addition, $3,800 in uncollectible accounts were written off, and $750 of accounts previously written off were collected during the year. If management estimates bad debts based on 3 percent of total credit sales, determine the net realizable value of accounts receivable at December 31,...
please help with these accounting problems! all questions please and thank you! 11. Nichols Company uses...
please help with these accounting problems! all questions please
and thank you!
11. Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $250,000 and credit sales are $1,000,000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment? A) Bad Debts Expense 10,000 Allowance for Doubtful Accounts 10,000 B) Bad...
NAME I Accounts Receivable A) On November 30, Penny Co. had a $41,000 balance in Accounts...
NAME I Accounts Receivable A) On November 30, Penny Co. had a $41,000 balance in Accounts Receivable and a $3,584 credit balance in the Allowance for Uncollectible Accounts During December, Penny made credit sales of $200.000. December collections on account were $168.000, and write-offs of uncollectible accounts totaled $2,910. Uncollectible account expense is estimated as 1% of credit sales. No sales returns are expected and ignore cost of goods sold. REQUIRED: Journalize sales, collections, write-offs of uncollectables, and uncollectible-account expense...
How can I solve this? At December 31, 2016, House Co. reported the following information on...
How can I solve this? At December 31, 2016, House Co. reported the following information on its balance sheet. Accounts receivable $960,000 Less: Allowance for doubtful accounts 80,000 During 2017, 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 receivable deemed uncollectible 90,000 5. Recovery of bad debts previously written off as uncollectible 29,000 Instructions (a) Prepare the journal...
During 2018, its first year of operations, Pave Construction provides services on account of $130,000
During 2018, its first year of operations, Pave Construction provides services on account of $130,000. By the end of 2018, cash collections on these accounts total $95,000. Pave estimates that 30% of the uncollected accounts will be bad debts. Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Calculate the net realizable value of accounts receivable. Total accounts receivable Net realizable...
please help with all these accouting multiple choice problems! A Ap X Aa A A Timesew......
please help with all these accouting multiple choice problems!
A Ap X Aa A A Timesew... 12 Sensitivity Styles Paragraph x A e A B U 11. Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $250,000 and credit sales are $1,000,000. Management estimates that 4 % of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of...
At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable Less:...
At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $615,000 35,000 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 $3,020,000 50.000 2,720,000 45,000 21.000 (b) Enter the January 1, 2022, balances in Accounts Receivable and...
1. The general ledger of Stickler Company included the following accounts and balances as of 12/31/18. Everything has already been adjusted for (including for cash collections for accounts receivable during the year) except for bad debt expense for 2018 (20 points). 12/31/18 Allowance for Doubtful Accounts 12/31/18 Gross Accounts Receivable $1,000 $200,000 Sales revenue during 2018 amounted to $800.000. of which 75% was on credit, and it was estimated that 2 % of these credit sales made in 2018 would...
solve 2 please
During 2018, its first year of operations, Pave Construction provides services on account of $120,000. By the end of 2018, cash collections on these accounts total $90,000. Pave estimates that 20% of the uncollected accounts will be bad debts. Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is complete and correct. No Date General...
The general ledger of Pop's Fireworks includes the following account balances in 2021 Credit Debit $ 23,200 46,500 $ 4,200 9,700 95,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense utilities Expense Supplies Expense Totals 14,380 146,000 30,990 126,800 71,900 27,200 18.700 $322.200 $322,200 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances...
please help with these accounting problems! all questions please
and thank you!
11. Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $250,000 and credit sales are $1,000,000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment? A) Bad Debts Expense 10,000 Allowance for Doubtful Accounts 10,000 B) Bad...
NAME I Accounts Receivable A) On November 30, Penny Co. had a $41,000 balance in Accounts Receivable and a $3,584 credit balance in the Allowance for Uncollectible Accounts During December, Penny made credit sales of $200.000. December collections on account were $168.000, and write-offs of uncollectible accounts totaled $2,910. Uncollectible account expense is estimated as 1% of credit sales. No sales returns are expected and ignore cost of goods sold. REQUIRED: Journalize sales, collections, write-offs of uncollectables, and uncollectible-account expense...
please help with all these accouting multiple choice problems!
A Ap X Aa A A Timesew... 12 Sensitivity Styles Paragraph x A e A B U 11. Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $250,000 and credit sales are $1,000,000. Management estimates that 4 % of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of...
At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $615,000 35,000 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 $3,020,000 50.000 2,720,000 45,000 21.000 (b) Enter the January 1, 2022, balances in Accounts Receivable and...
Most questions answered within 3 hours.
-
Humans have used horses for transportation for millions of
years. Therefore, they will use horses for...
asked 1 hour ago -
The following are the Jensen Corporation's unit costs of making
and selling an item at a...
asked 1 hour ago -
Does direct Medicare reimbursement of Advanced practice nurses
increase access to their services?
asked 2 hours ago -
List and explain why a company would choose to use a
published
compensation survey vs. creating...
asked 2 hours ago -
A discrete random variable X can take values from 1 to 10. Find
the variance of...
asked 2 hours ago -
The primary financial goal of a corporation is to maximize:
shareholders wealth.
earnings per share.
stock...
asked 2 hours ago -
determine whether the vectors u=(1,2,3,), v=(-2,1,0) and
w=(1,0,1) are linearly dependent or independent.
asked 3 hours ago -
python
Define a function called print_values which takes a dictionary
object as a parameter. The function...
asked 4 hours ago -
In Chapter 1 you created a program named Triangle in
which you displayed a seven-line triangle...
asked 3 hours ago -
Research question: What are the differences between separately
stated and non separately stated transactions in an...
asked 4 hours ago -
By using Arduino write a code that connects two LEDs to two
push-buttons. Each button controls...
asked 5 hours ago -
Bank of America has bonds that pay a coupon interest rate of 5.5
percent and mature...
asked 6 hours ago