Based on an aging of accounts receivable, Jenny estimates that $500 of the accounts receivable will...
Based on an aging of accounts receivable, Jenny estimates that $500 of the accounts receivable will never be collected. how to records bad debt expense accordingly.
Homework Answers
| Account | Debit | Credit |
|---|---|---|
| Bad debts expense | $500 | |
| Allowance for Doubtful Accounts | 500 |
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Based on an aging of accounts receivable, Jenny estimates that
$500 of the accounts receivable will...
9. Destin Deals estimates its uncollectible accounts by aging its accounts receivable and applying percentages to...
9. Destin Deals estimates its uncollectible accounts by aging its accounts receivable and applying percentages to various aged categories of accounts. Destin Deals' computes a total of $1,680 in estimated losses as of December 31, 2011. Its Accounts Receivable account has a balance of $56,400 and its Allowance for Uncollectible Accounts has an unused balance of $240 before adjustment at December 31, 2011. How much is bad debt expense that Destin Deals’ will report in 2011? A) $ 240 B)...
Bluerock & Company has accounts receivable of $66,000 and an existing positive balance of $500 in...
Bluerock & Company has accounts receivable of $66,000 and an existing positive balance of $500 in the Allowance for Uncollectible Accounts (i.e. the bad debt expense had been over estimated in the prior period). Two-thirds of the accounts receivable are current and one-third is past due. The firm estimates that 2 percent of the current accounts and 5 percent of the past due accounts will prove to be uncollectible. Compute the bad debt expense for the current period using the...
Aging Method On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $6,400. If...
An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $6,400. If Allowance for Doubtful Accounts has a $1,300 debit balance, the adjustment to record the bad debt expense for the period will require a a. debit to Bad Debt Expense for $6,400 b. debit to Bad Debt expense for $5,100 c. debit to Bad Debt Expense for $7,700 d. credit to Allowance for Doubtful Accounts for $1,300
Calculator An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals...
Calculator An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $4,053. If Allowance for Doubtful Accounts has a $826 debit balance, the adjustment to record the bad debt expense for the period will require a Oa. debit to Bad Debt Expense for $826. Ob. debit to Bad Debt Expense for $4,879. Oc. credit to Allowance for Doubtful Accounts for $4,053. Od. debit to Bad Debt Expense for $4,053.
An aging of a company's accounts receivable indicates that $8300 are estimated to be uncollectible. If...
An aging of a company's accounts receivable indicates that $8300 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $3600 debit balance, the adjustment to record bad debts for the period will require a debit to A. Bad Debt Expense for $8300. B. credit to Allowance for Doubtful Accounts for $8300. C. debit to Bad Debt Expense for $4700. D. debit to Bad Debt Expense for $11900.
34. After aging the accounts receivable, it is estimated that $790 will not be collected and...
34. After aging the accounts receivable, it is estimated that $790 will not be collected and the allowance s an exristing debit balance of $230. The adjusting entry under the aging approach would b for the amount of $790. b. $230. c. $560. d $1,020. 35. After aging the accounts receivable, it is estimated that $420 will not be collected and the allowance account has an existing debit balance of $100. If accounts receivable is $14 would be a. $145,000....
28. After aging Accounts Receivable, Z Company estimates uncollectible for 2015 to be $4,000. The balance...
28. After aging Accounts Receivable, Z Company estimates uncollectible for 2015 to be $4,000. The balance in the allowance account at January 1, 2015 was a $300 credit. During the year, Z Co. wrote off $400 of accounts receivable. The debit to bad debts expense for 2015 would be for what amount? A) $3,700 B) $3,900 C) $4,000 D) $4,100
An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If...
An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2.400 debit balance, the adjustment to record bad debts for the period will require a 1) debit to Bad Debt Expense for $9,000. 2) debit to Allowance for Doubtful Accounts for $11,400. 3) debit to Bad Debt Expense for $11,400. 4) credit to Allowance for Doubtful Accounts for $9.000.
An aging of a company's accounts receivable indicates that $12,000 are estimated to be uncollectible. If...
An aging of a company's accounts receivable indicates that $12,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,300 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debt Expense for $2,300. b. debit to Allowance for Doubtful Accounts for $14,300. c. debit to Bad Debt Expense for $14,300. d. credit to Allowance for Doubtful Accounts for $9,700.
9. Destin Deals estimates its uncollectible accounts by aging its accounts receivable and applying percentages to various aged categories of accounts. Destin Deals' computes a total of $1,680 in estimated losses as of December 31, 2011. Its Accounts Receivable account has a balance of $56,400 and its Allowance for Uncollectible Accounts has an unused balance of $240 before adjustment at December 31, 2011. How much is bad debt expense that Destin Deals’ will report in 2011? A) $ 240 B)...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $6,400. If Allowance for Doubtful Accounts has a $1,300 debit balance, the adjustment to record the bad debt expense for the period will require a a. debit to Bad Debt Expense for $6,400 b. debit to Bad Debt expense for $5,100 c. debit to Bad Debt Expense for $7,700 d. credit to Allowance for Doubtful Accounts for $1,300
Calculator An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $4,053. If Allowance for Doubtful Accounts has a $826 debit balance, the adjustment to record the bad debt expense for the period will require a Oa. debit to Bad Debt Expense for $826. Ob. debit to Bad Debt Expense for $4,879. Oc. credit to Allowance for Doubtful Accounts for $4,053. Od. debit to Bad Debt Expense for $4,053.
34. After aging the accounts receivable, it is estimated that $790 will not be collected and the allowance s an exristing debit balance of $230. The adjusting entry under the aging approach would b for the amount of $790. b. $230. c. $560. d $1,020. 35. After aging the accounts receivable, it is estimated that $420 will not be collected and the allowance account has an existing debit balance of $100. If accounts receivable is $14 would be a. $145,000....
28. After aging Accounts Receivable, Z Company estimates uncollectible for 2015 to be $4,000. The balance in the allowance account at January 1, 2015 was a $300 credit. During the year, Z Co. wrote off $400 of accounts receivable. The debit to bad debts expense for 2015 would be for what amount? A) $3,700 B) $3,900 C) $4,000 D) $4,100
An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2.400 debit balance, the adjustment to record bad debts for the period will require a 1) debit to Bad Debt Expense for $9,000. 2) debit to Allowance for Doubtful Accounts for $11,400. 3) debit to Bad Debt Expense for $11,400. 4) credit to Allowance for Doubtful Accounts for $9.000.
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