A trial balance before adjustment included the following accounts with normal balances. The entry to record the bankrup...
Homework Answers
a) journal entry
| date | account and explanation | Debit | Credit |
| Allowance for doubtful account | 6000 | ||
| Account receivable | 6000 | ||
| (To record write off) |
For this write off there is no impact of income statement of balance sheet
b) Journal entry
| date | account and explanation | Debit | credit |
| Bad debt expense (90000*5%-1000) | 3500 | ||
| Allowance for doubtful account | 3500 | ||
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A trial balance before adjustment included the following accounts with normal balances. The entry to record the bankrup...
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr....
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr. $163,000 $ 1,260 500,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 26,000 15. Assume that Risen Company estimates doubtful accounts to be 10% of gross accounts receivable Bad Debt Expense for 2014 would be: a. $16,300 b. $13,780 c. $17,560 d. $15,040 16. The following accounts were taken from Robot Company's unadjusted trial balance at December 31,...
A trial balance before adjustment included the following: Debit Credit Accounts receivable €80,000 Allowance for doubtful...
A trial balance before adjustment included the following: Debit Credit Accounts receivable €80,000 Allowance for doubtful accounts 730 Sales €340,000 Sales returns and allowances 8,000 a) Give journal entries assuming that the estimate of uncollectible is determined by taking 5% of gross accounts receivable. Explain your answer b) Give journal entries assuming that the estimate of uncollectible is determined by taking 4% of gross accounts receivable and the allowance for doubtful accounts has a debit balance of €1,000. Explain your answer
A trial balance before adjustment included the following: Credit Debit $164,000 Accounts receivable Allowance for doubtful...
A trial balance before adjustment included the following: Credit Debit $164,000 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances $1,500 638,000 9,400 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 9% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (2) 4% of gross accounts receivable (assuming a $1,500 debit allowance account balance). (Credit account...
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment...
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment Debits $385,000 Credits Accounts receivable Allowance for doubtful accounts Sales $2,000 950,000 Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the allowance method? Prepare the adjusting entry at December 31, 2010, for bad debts expense under each of the following independent assumptions (1) An aging schedule indicates that $11.750 of accounts receivable...
The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivab...
The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,000 500,000 20,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all the information above is...
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit...
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit Credit $500,000 Sales Sales Returns and Allowance. Accounts Receivable. Allowance for Doubtful Accounts $ 10,000 80,000 . 1,000 ccount Receuades 1. If the estimate of uncollectibles is made by taking 10% of gross account, the amount of the adjustment under the Allowance Method is A. $6,000 C. $8,000. B. $7,000. D. $9.000. 2. Under 1 above, If the Allowance of Doubtful Accounts had a...
At December 31, 2019, the trial balance of Larkspur Company contained the following amounts before adjustment....
At December 31, 2019, the trial balance of Larkspur Company contained the following amounts before adjustment. Credit Debit $377,000 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,100 955,800 Based on the information given, which method of accounting for bad debts is Larkspur Company using-the direct write-off method or the allowance method? (b) Prepare the adjusting entry at December 31, 2019, for bad debt expense, assuming an aging schedule indicates that $12.500 of accounts receivable will be uncollectible. (c)...
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment....
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment. Debit Credit Accounts Receivable $180,300 Allowance for Doubtful Accounts $ 1.460 Sales Revenue 855,400 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $9.260 of accounts receivable will be uncollectible. (b) Repeat part(a), assuming that instead of a credit balance there is a $1.460 debit balance in Allowance for Doubtful Accounts. (d)...
Question 3 View Policies Current Attempt in Progress A trial balance before adjustment included the following:...
Question 3 View Policies Current Attempt in Progress A trial balance before adjustment included the following: Credit Debit $156,000 $1,160 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances 444,000 8.200 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 6% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Account Titles and Explanation Debit Credit (2) 2% of gross accounts receivable (assuming a $1,160 debit allowance...
Testbank Problem 162 a-b The trial balance before adjustment of Sheffield Company reports the following balances:...
Testbank Problem 162 a-b The trial balance before adjustment of Sheffield Company reports the following balances: Cr. Dr. $143,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,570 600,000 55,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 14% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all...
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr. $163,000 $ 1,260 500,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 26,000 15. Assume that Risen Company estimates doubtful accounts to be 10% of gross accounts receivable Bad Debt Expense for 2014 would be: a. $16,300 b. $13,780 c. $17,560 d. $15,040 16. The following accounts were taken from Robot Company's unadjusted trial balance at December 31,...
A trial balance before adjustment included the following: Credit Debit $164,000 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances $1,500 638,000 9,400 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 9% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (2) 4% of gross accounts receivable (assuming a $1,500 debit allowance account balance). (Credit account...
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment Debits $385,000 Credits Accounts receivable Allowance for doubtful accounts Sales $2,000 950,000 Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the allowance method? Prepare the adjusting entry at December 31, 2010, for bad debts expense under each of the following independent assumptions (1) An aging schedule indicates that $11.750 of accounts receivable...
The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,000 500,000 20,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all the information above is...
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit Credit $500,000 Sales Sales Returns and Allowance. Accounts Receivable. Allowance for Doubtful Accounts $ 10,000 80,000 . 1,000 ccount Receuades 1. If the estimate of uncollectibles is made by taking 10% of gross account, the amount of the adjustment under the Allowance Method is A. $6,000 C. $8,000. B. $7,000. D. $9.000. 2. Under 1 above, If the Allowance of Doubtful Accounts had a...
At December 31, 2019, the trial balance of Larkspur Company contained the following amounts before adjustment. Credit Debit $377,000 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,100 955,800 Based on the information given, which method of accounting for bad debts is Larkspur Company using-the direct write-off method or the allowance method? (b) Prepare the adjusting entry at December 31, 2019, for bad debt expense, assuming an aging schedule indicates that $12.500 of accounts receivable will be uncollectible. (c)...
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment. Debit Credit Accounts Receivable $180,300 Allowance for Doubtful Accounts $ 1.460 Sales Revenue 855,400 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $9.260 of accounts receivable will be uncollectible. (b) Repeat part(a), assuming that instead of a credit balance there is a $1.460 debit balance in Allowance for Doubtful Accounts. (d)...
Question 3 View Policies Current Attempt in Progress A trial balance before adjustment included the following: Credit Debit $156,000 $1,160 Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances 444,000 8.200 Prepare journal entries assuming that the estimate of uncollectible is determined by taking (1) 6% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Account Titles and Explanation Debit Credit (2) 2% of gross accounts receivable (assuming a $1,160 debit allowance...
Testbank Problem 162 a-b The trial balance before adjustment of Sheffield Company reports the following balances: Cr. Dr. $143,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,570 600,000 55,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 14% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all...
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