Homework Answers
| In my opinion, the answer should be " there will be both a debit and a credit to accounts receivable". | ||||
| Explanation: | ||||
| When we write off any balance due, we pass the following entry: | ||||
| Allowance for uncollectibles account | ||||
| To Accounts Receivable | ||||
| Now, when any recovery is made from that previously written off accounts, the entry is | ||||
| a) Accounts Receivable | ||||
| To Allowance for uncollectibles account | ||||
| b) Cash | ||||
| To Accounts Receivable | ||||
Add Answer to:
4.)If an account is collected after having been previously written off, Conly the control account needs to be credit...
1) record the written off receivables 2) record the reinstatement of an account previously written off...
1) record the written off receivables
2) record the reinstatement of an account previously written
off
3) record collection if account previously written off
4) record bad debt expense for the year
Colorado Rocky Cookie Company offers credit terms to its customers At the end of 2018, accounts receivable totaled $690,000. The allowance method is used to account for uncollectible accounts The allowance for uncollectible accounts had a credit balance of $45,000 at the beginning of 2018 and $27,500 in...
Question 6 (4 points) When an account has been written off under the direct write-off method...
Question 6 (4 points) When an account has been written off under the direct write-off method in one period and is collected in a subsequent period, the credit to reinstate the account is made to O Accounts Receivable. Bad Debt Expense. Bad Debt Income. Uncollectible Accounts Recovered. Question 8 (4 points) If after taking a percentage of sales on account, it is estimated that $1,000 will not be collected and the allowance account has an existing credit balance of $200,...
en an account receivable that has been written off is subsequently collected, that account receivable must...
en an account receivable that has been written off is subsequently collected, that account receivable must be reinstated and the cash collection recorded. A. True. B. False. is the type of account and normal balance of Allowance for Doubtful Accounts? A. Liability, credit. B. Revenue, credit. C. Contra asset, debit. D. Contra asset, credit. 16. The difference between accounts receivable and allowance for doubtful account is called net realizable value. A. True. B. False, 17. The account receivable turnover measures...
Under the allowance method for uncollectible accounts, A) Bad Debts Expense is debited when an account...
Under the allowance method for uncollectible accounts, A) Bad Debts Expense is debited when an account is deemed uncollectible and must be written off. B) the carrying value of receivables is the same both before and after an account has been written off. C) the carrying amount of receivables is the same both before and after an account that had previously been written off is recovered. D) the recovery of an account receivable previously written off results in a credit...
Problem 2 Page 5 Chapter 07 Group work - STU.xlsx Prior to writing off an uncollectible...
Problem 2 Page 5 Chapter 07 Group work - STU.xlsx Prior to writing off an uncollectible account, Beerbo Inc. had a $400,000 balance in its 'ACCOUNTS RECEIVABLE. On that same date, Beerbo had a credit balance of $36,000 in its 'ALLOWANCE FOR BAD DEBTS'. The amount of the account receivable balance to be writen-off was $32,000. ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS ANSWERS When writing-off an account receivable balance, 'ACCOUNTS RECEIVABLE' is... (debited / credited / unaffected]? When writing-off an...
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....
32. After aging the accounts receivable, it is estimated thaf he accou allowance account has an...
32. After aging the accounts receivable, it is estimated thaf he accou allowance account has an existing credit balance of $A net receivables would be is contra to W ng credit t us estimated that $1,200 will not be collected aU If the accounts receivable total $130,000, the O, to write off an account that has been determined to be uncollectible, the entry would include 34. After aging the accounts account has an existing debit balance of $230. The adjusting...
Explain how to record the collection of an account receivable in the same year in which it was previously written off if...
Explain how to record the collection of an account receivable in the same year in which it was previously written off if the allowance method of recording estimated doubtful accounts is used.
During the year, Rose Company recovered $1,500 of receivables previously written off. They also made an...
During the year, Rose Company recovered $1,500 of receivables previously written off. They also made an entry to write off a $5,900 uncollectible account. At year end, Rose recorded the year end bad debt expense adjustment of $4,000. Before these entries were made, the balance in accounts receivable was $64,000 and the balance in the allowance for doubtful accounts was $9,300. The net realizable value of accounts receivable after the write-off, recovery and bad debt expense entries was
Please show your work! Hope Company’s total assets were $5,380. Hope collected on $957 of account...
Please show your work! Hope Company’s total assets were $5,380. Hope collected on $957 of account receivable that had previously been written off. After the collection, Hope’s total assets will be $______ ================================= At the beginning of 2018 Evan Company had a $1,795 balance in its accounts receivable account and a $462 balance in allowance for doubtful accounts. During 2018, Evan experienced the following events. (1) Earned $2,697 of revenue on account. (2) Collected $1,639 cash from accounts receivable. (3) Wrote-off...
1) record the written off receivables
2) record the reinstatement of an account previously written
off
3) record collection if account previously written off
4) record bad debt expense for the year
Colorado Rocky Cookie Company offers credit terms to its customers At the end of 2018, accounts receivable totaled $690,000. The allowance method is used to account for uncollectible accounts The allowance for uncollectible accounts had a credit balance of $45,000 at the beginning of 2018 and $27,500 in...
Question 6 (4 points) When an account has been written off under the direct write-off method in one period and is collected in a subsequent period, the credit to reinstate the account is made to O Accounts Receivable. Bad Debt Expense. Bad Debt Income. Uncollectible Accounts Recovered. Question 8 (4 points) If after taking a percentage of sales on account, it is estimated that $1,000 will not be collected and the allowance account has an existing credit balance of $200,...
en an account receivable that has been written off is subsequently collected, that account receivable must be reinstated and the cash collection recorded. A. True. B. False. is the type of account and normal balance of Allowance for Doubtful Accounts? A. Liability, credit. B. Revenue, credit. C. Contra asset, debit. D. Contra asset, credit. 16. The difference between accounts receivable and allowance for doubtful account is called net realizable value. A. True. B. False, 17. The account receivable turnover measures...
Problem 2 Page 5 Chapter 07 Group work - STU.xlsx Prior to writing off an uncollectible account, Beerbo Inc. had a $400,000 balance in its 'ACCOUNTS RECEIVABLE. On that same date, Beerbo had a credit balance of $36,000 in its 'ALLOWANCE FOR BAD DEBTS'. The amount of the account receivable balance to be writen-off was $32,000. ACCOUNTS RECEIVABLE ALLOWANCE FOR BAD DEBTS ANSWERS When writing-off an account receivable balance, 'ACCOUNTS RECEIVABLE' is... (debited / credited / unaffected]? When writing-off an...
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....
32. After aging the accounts receivable, it is estimated thaf he accou allowance account has an existing credit balance of $A net receivables would be is contra to W ng credit t us estimated that $1,200 will not be collected aU If the accounts receivable total $130,000, the O, to write off an account that has been determined to be uncollectible, the entry would include 34. After aging the accounts account has an existing debit balance of $230. The adjusting...
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