a)Account receivable accounts
b) Allowance for debt account
c) Statement profit or loss(extract)
b)Statement of financial position
Homework Answers
a)
| Accounts receivable | |||
| Beginning balance as on 1/9/20x2 | 350000 | collection [40000+40000] | 80000 |
| Credit sales during the year [60000+50000+20000] | 130000 | write off | 10000 |
| Ending Balance as on 31/8/20X3 | 390000 | ||
Allowance balance as on 1/9/20x2 represent 3 % of accounts receivable ,so accounts receivable at beginning = 10500/3%= $ 350000
Write off of Rosli trading = 50000 sales - 40000 collected = 10000
b)
| Allowance for doubtful account | |||
| write off | 100000 | Beginning balance as on 1/9/20x2 | 10500 |
| Bad debt expense (balancing figure) | 11200 | ||
| Ending balance as on 31/8/20x3 (390000*3%) | 11700 | ||
c)
| Statement of profit /(loss) (extract) | |
| Expenses | |
| Bad debt expense | 11200 |
d)
| Statement of financial position (Extract) | |
| Current Asset | |
| Accounts receivable | 390000 |
| less:Allowance for doubtful account | -11700 |
| Accounts receivable (net) | 378300 |
Add Answer to:
a)Account receivable accounts b) Allowance for debt account c) Statement profit or loss(extract) b)Statement of fina...
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D) Statement of financial position(extract).
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it from my classmate but I don’t know some of the working... pls
help me
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A)Accounts receivable accounts
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C) Statement of profit or loss (extract).
D) Statement of financial position(extract).
Accounting for Accounts Receivable 15 & Suria commenced business on 1 January 20X0. At year end, 31 December 20X0, the accounts receivable balance was RM10,000. In addition, she found that it was necessary to create an allowance for doubtful debts of RM960. ro During the year ended 31 December 20X1, an amount totalling RM840 proved to be bad and...
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Please show the t- accounts for a/c receivable, allowance for
doubtful debt, a/c payable , inventory, accured salaries , Plant
and accumulated depreciation plant for the statement of cash
flow.
Topic 2: Statement of Cash Flows SQ 2-1 The following has been extracted from the trial balances of Peppermint Ltd for the last two years: 2018 (5000) 5,250 1,730 $25 20 1,000 1,030 210 Sales (all on credit) Cost of goods sold Doubtful debts expense Interest expense Rent expense Salaries...
QUESTION RAD DES ALLOWANCE FOR DE BISZALLOWANCE FOR DOUBTFUL ACCOUNTS - Debt Expense and Allowance for ABC Company had credit sales of $2. walice or $2,000 Allowance for Doubtful Acets sales of $2,200,000 for the year. The Allowance for Doubtful Accounts has a credit to adjusting entries. The accounts receivable balance is $400,000. Cercentage of Credit Sales also referred to as the income Statement approach is PART A: Assumption: Percentage of used by ABC Company Bad Debts Expenses of Credit...
The
net profit is RM25436 & for the balance sheet the total assets
is RM929,136 ... not sure if these answers are right or not.. I got
it from my classmate but I don’t know some of the working... pls
help me
astiom iong trial balance was extracted from the books of Mawar Biru Sdn. Bhd. as at 31 necember 20x2. Credit (RM) 350,000 5,000 14,500 68,000 51,000 500,000 300,000 rchases and sales Returns Tansportation expenses 565,000 3,300 wards receivable...
show your working
5. Turquoise Sdn. Bhd. has a credit balance of Allowance for Doubtful Debts of RM4,000 at the beginning of the year. During the year. RM2.500 of accounts receivable were written off. The company estimates its uncollectible amounts using aging analysis of accounts receivable. This analysis discloses the following information: Amount RM132.000 Uncollectible Estimates 2% Not yet due 1-30 days past due 31-60 days past due 5% RM56,000 RM8,700 10% What is the amount of bad debt expense...
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...
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