Homework Answers
| No. | Account titles and explanation | Debit | Credit |
| (a) | Bad Debts Expense[($382,600 x 3%) – $2,613] | $8,865 | |
| Allowance for Doubtful Accounts | $8,865 | ||
| (b) | Bad Debts Expense[($382,600 x 3%) + $903] | $12,381 | |
| Allowance for Doubtful Accounts | $12,381 |
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please help with this accounting question! ades Question 10 View Policies Current Attempt in Progress Wildhorse Cou...
Wildhorse Co. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of...
Wildhorse Co. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $382,600 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,613. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $903 instead of a credit balance of $2,613, prepare the adjusting...
please help with this accounting question! Question 9 View Policies Current Attempt in Progress Assume the...
please help with this accounting question!
Question 9 View Policies Current Attempt in Progress Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11.470 944.000 906,000 5.400 2.000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles...
please help with this accounting question! /1 Question 6 ades ley Accounting eekly Updates View Policies...
please help with this accounting question!
/1 Question 6 ades ley Accounting eekly Updates View Policies Current Attempt in Progress scussions At the beginning of the current period. Tamarisk Corp. had balances in Accounts Receivable of $191,500 and in Allowance for Doubtful Accounts of $9,840 kredit).During the period, it had net credit sales of $782,000 and collections of $697,920.It wrote off as uncollectible accounts receivable of $6,591.However, a $2,948 account previously written off as uncollectible was recovered before the end...
Question 3 Nash's Trading Post, LLC uses the percentage of receivables basis to record bad debt...
Question 3 Nash's Trading Post, LLC uses the percentage of receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible.Accounts receivable are $439,700 at the end of the year, and the allowance for doubtful accounts has a credit balance of $ 3,041 (a) Prepare the adjusting journal entry to record bad debt expense for the year tb) If the allowance for doubtful accounts had a debit balance of $ 918 instead of a...
View Policies Show Attempt History Current Attempt in Progress At December 31, 2021. Wildhorse Imports reported...
View Policies Show Attempt History Current Attempt in Progress At December 31, 2021. Wildhorse Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $563,000 39,000 During 2022, the company had the following transactions related to receivables. 1. 2. 3. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,470,000 52,000 2,170,000 45,000 15,000 4. 5. Question 6...
Coronado Industries uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of...
Coronado Industries uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $385,200 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,870. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,870, prepare the adjusting...
Question 4 View Policies Current Attempt in Progress Culver, Inc. had net sales in 2017 of...
Question 4 View Policies Current Attempt in Progress Culver, Inc. had net sales in 2017 of $1,410,300. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $348,200 debit, and Allowance for Doubtful Accounts $2,940 credit. If Culver estimates that 10% of its receivables will prove to be uncollectible. Prepare the December 31, 2017, journal entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter...
Question 6 of 6 < - / 10 III View Policies Current Attempt in Progress Sandhill...
Question 6 of 6 < - / 10 III View Policies Current Attempt in Progress Sandhill Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $155,400 Allowance for Doubtful Accounts $3.790 Sales Revenue (all on credit) 819,100 Sales Returns and Allowances 54.900 Prepare the journal entry to record bed debt expense assuming Sandhill Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $1,630...
Metlock, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of...
Metlock, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $361,400 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,039. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $979 instead of a credit balance of $3,039, prepare the adjusting...
Metlock, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of...
Metlock, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $361,400 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,039. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $979 instead of a credit balance of $3,039, prepare the adjusting...
please help with this accounting question!
Question 9 View Policies Current Attempt in Progress Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11.470 944.000 906,000 5.400 2.000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles...
please help with this accounting question!
/1 Question 6 ades ley Accounting eekly Updates View Policies Current Attempt in Progress scussions At the beginning of the current period. Tamarisk Corp. had balances in Accounts Receivable of $191,500 and in Allowance for Doubtful Accounts of $9,840 kredit).During the period, it had net credit sales of $782,000 and collections of $697,920.It wrote off as uncollectible accounts receivable of $6,591.However, a $2,948 account previously written off as uncollectible was recovered before the end...
Question 3 Nash's Trading Post, LLC uses the percentage of receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible.Accounts receivable are $439,700 at the end of the year, and the allowance for doubtful accounts has a credit balance of $ 3,041 (a) Prepare the adjusting journal entry to record bad debt expense for the year tb) If the allowance for doubtful accounts had a debit balance of $ 918 instead of a...
View Policies Show Attempt History Current Attempt in Progress At December 31, 2021. Wildhorse Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $563,000 39,000 During 2022, the company had the following transactions related to receivables. 1. 2. 3. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,470,000 52,000 2,170,000 45,000 15,000 4. 5. Question 6...
Coronado Industries uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $385,200 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,870. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,870, prepare the adjusting...
Question 4 View Policies Current Attempt in Progress Culver, Inc. had net sales in 2017 of $1,410,300. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $348,200 debit, and Allowance for Doubtful Accounts $2,940 credit. If Culver estimates that 10% of its receivables will prove to be uncollectible. Prepare the December 31, 2017, journal entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter...
Question 6 of 6 < - / 10 III View Policies Current Attempt in Progress Sandhill Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $155,400 Allowance for Doubtful Accounts $3.790 Sales Revenue (all on credit) 819,100 Sales Returns and Allowances 54.900 Prepare the journal entry to record bed debt expense assuming Sandhill Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $1,630...
Metlock, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $361,400 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,039. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $979 instead of a credit balance of $3,039, prepare the adjusting...
Metlock, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $361,400 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,039. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $979 instead of a credit balance of $3,039, prepare the adjusting...
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