What would be the adjusting journal entry (what account to debit and credit, and the amount)...
What would be the adjusting journal entry (what account to debit and credit, and the amount) in each of the following independent scenarios ( no narrative response required, only the journal entry and amounts):
a. The Allowance for Bad Debt account has a credit balance of $2,000 on Sept. 30. The company uses the Percent-of-Sales method to estimate uncollectible accounts, estimating 5% of their sales as bad debts. October sales totaled $600,000.
b. The Allowance for Bad Debt account has a credit balance of $1,000 on June 30. The company uses the Percent-of-Receivables method to estimate uncollectible accounts, estimating that 4% of their Total Receivables will be uncollectible. As of July 31, the total A/R balance is $200,000.
c. The Allowance for Bad Debt account has a debit balance of $2,000 on Nov. 30. The company uses the Aging-of-Receivables method to estimate uncollectible accounts. On Dec. 31, the company analyzes their A/R Aging report and estimates that $8,000 will be uncollectible.
Homework Answers
a) Adjusting entry
| Date | account and explanation | Debit | credit |
| Bad debt expense (600000*5%) | 30000 | ||
| Allowance for doubtful accounts | 30000 | ||
| (To record adjusting entry) |
b) Adjusting entry
| Date | account and explanation | Debit | credit |
| Bad debt expense (200000*4%-1000) | 7000 | ||
| Allowance for doubtful accounts | 7000 | ||
| (To record adjusting entry) |
c) Adjusting entry
| Date | account and explanation | Debit | credit |
| Bad debt expense (8000+2000) | 10000 | ||
| Allowance for doubtful accounts | 10000 | ||
| (To record adjusting entry) |
Add Answer to:
What would be the adjusting journal entry (what account to debit
and credit, and the amount)...
debit to Cash for $22 credit to Cash Short and Over for $10 credit to Petty...
debit to Cash for $22 credit to Cash Short and Over for $10 credit to Petty Cash for $180 Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $314,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 3% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $3,000 before adjustment? Select the correct...
6. What is the amount of the adjusting entry? 7. After making the adjusting entry, what...
6.
What is the amount of the adjusting entry?
7.
After making the adjusting entry, what is the Allowance for Bad
Debts account balance as of Dec.31?
8.
What is the maturity value amount for Note #2?
9.
What day in January is note #3 due? (include only the day
number)
10.
What is the account title of the account that should be
credited?
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Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
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Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $33,000 $ 447,000 During 2021, credit sales were $1,765,000, cash collections from customers $1,845,000, and $38,000 in accounts receivable were written off. In addition, $3,300 was collected from a customer whose account was written...
19. Tanning Company analyzes its receivables to estimate bad debt expense The accounts receivable balance is...
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Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets Receivables, net of allowance for uncollectible accounts of $36,000 $462,000 During 2021, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off. In addition, $3,600 was collected from a customer whose account was written off...
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Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $390,000 and credit sales are $1,300,000. An aging of accounts receivable shows that approximately 5% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment? Bad Debt Expense 17,000 Allowance for Doubtful Accounts 17,000 Bad Debt Expense 19,500 Allowance for Doubtful Accounts 19,500 Bad Debt...
Raintree Cosmetic Company sells its product to customers on a credit basis. An adjusting entry for...
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Raintree Cosmetic Company sells its product to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its product to customers on a credit basis. An adjusting entry for uncollectible accounts expense is recorded only at December 31, the company's fiscal year-end. The 2018 balance sheet disclosed the following: Current Assets: Accounts Receivable, net of allowance for uncollectible accounts of $30,000 $432,000 During 2019, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. An aging of receivable at December 31, 2019, reveals the following: Age...
debit to Cash for $22 credit to Cash Short and Over for $10 credit to Petty Cash for $180 Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $314,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 3% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $3,000 before adjustment? Select the correct...
6.
What is the amount of the adjusting entry?
7.
After making the adjusting entry, what is the Allowance for Bad
Debts account balance as of Dec.31?
8.
What is the maturity value amount for Note #2?
9.
What day in January is note #3 due? (include only the day
number)
10.
What is the account title of the account that should be
credited?
HW 1: Central Texas Plumbing Supply had the following account balances as of Nov. 30, 2018:...
Jackson Company completed an aging of their accounts receivable and came up with an estimated amount of $6,342. The credit sales for the period are $85,000. The balance in the Allowance for Doubtful Accounts is a debit of $817. 1) If Brandon uses 5% of credit sales as their estimating uncollectible accounts, how much will the credit be to the Allowance for Doubtful Accounts if Brandon uses the percentage of credit sales as its method of estimating uncollectible accounts? 2)...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2021, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a customer whose account was written off...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $33,000 $ 447,000 During 2021, credit sales were $1,765,000, cash collections from customers $1,845,000, and $38,000 in accounts receivable were written off. In addition, $3,300 was collected from a customer whose account was written...
19. Tanning Company analyzes its receivables to estimate bad debt expense The accounts receivable balance is $300 000 and credit sales are $1,000,000. An Aging of accounts receivable shows that approximately 10 of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? A Bad Debt Expense 26,000 Allowance for Doubtful 26,000 Accounts B. Bad Debt Expense 30,000 Allowance for Doubtful Accounts C....
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets Receivables, net of allowance for uncollectible accounts of $36,000 $462,000 During 2021, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off. In addition, $3,600 was collected from a customer whose account was written off...
19)
20)
Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $390,000 and credit sales are $1,300,000. An aging of accounts receivable shows that approximately 5% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment? Bad Debt Expense 17,000 Allowance for Doubtful Accounts 17,000 Bad Debt Expense 19,500 Allowance for Doubtful Accounts 19,500 Bad Debt...
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