Homework Answers
1)
| Account Titles and Explanation | Debit | Credit |
| Bad Debts ($100,000*5/100 = $5,000 - $1,000) | $4,000 | |
| Allowance for Doubtful Accounts | $4,000 | |
| (To record the estimation of 5% of bad debts on gross accounts receivable after adjusting the credit balance) |
2)
| Account Titles and Explanation | Debit | Credit |
| Bad Debts ($100,000*5/100 = $5,000 + $1,000) | $6,000 | |
| Allowance for Doubtful Accounts | $6,000 | |
| (To record the estimation of 5% of bad debts on gross accounts receivable after adjusting the debit balance) |
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The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivab...
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 Buffalo Inc shows the following balances. Dr. Cr. $73,800 Accounts...
The trial balance before adjustment of Buffalo Inc shows the following balances. Dr. Cr. $73,800 Accounts Receivable Allowance for Doubtful Accounts 1,435 $557,600 Sales Revenue (all on credit) Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,700 credit balance. (If no entry is required, select "No Entry"...
Exercise 7-9 The trial balance before adjustment of Teal Inc. shows the following balances. Dr. Cr....
Exercise 7-9 The trial balance before adjustment of Teal Inc. shows the following balances. Dr. Cr. Accounts Receivable $95,900 Allowance for Doubtful Accounts 3,260 Sales Revenue (all on credit) $656,600 Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 5% of gross accounts receivable and (b) 6% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,532 credit balance. (If no entry is required, select...
he trial balance before adjustment of Windsor, Inc. shows the following balances: Dr. Cr. Accounts r...
he trial balance before adjustment of Windsor, Inc. shows the
following balances:
Dr.
Cr.
Accounts receivable
$104,800
Allowance for doubtful accounts
1,970
Sales revenue (all on credit)
$672,000
Sales returns and allowances
29,100
Give the entry for bad debt expense for the current year
assuming the allowance should be 4% of gross accounts receivable.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles...
Pina Company reports the following financial information before adjustments Dr. Cr. Accounts Receivable $131,100 Allowance for...
Pina Company reports the following financial information before adjustments Dr. Cr. Accounts Receivable $131,100 Allowance for Doubtful Accounts $2,830 815.900 Sales Revenue (all on credit) Sales Returns and Allowances 53.570 Prepare the journal entry to record bad debt expense assuming Pina Company estimates bad debts at (4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1.540 debit balance. I no entry is required, select "No Entry for the account titles and enter...
Ayayai Company reports the following financial information before adjustments. Dr. Cr. $163,400 Accounts Receivable Allowance for...
Ayayai Company reports the following financial information before adjustments. Dr. Cr. $163,400 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returns and Allowances $3,660 815,700 50,260 Prepare the journal entry to record bad debt expense assuming Ayayai Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,420 debit balance. (If no entry is required, select "No Entry" for the account titles and...
Flint Company reports the following financial information before adjustments. Cr. Dr. $140,800 Accounts Receivable Allowance for...
Flint Company reports the following financial information before adjustments. Cr. Dr. $140,800 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returns and Allowances $2,480 816,800 53,910 Prepare the journal entry to record bad debt expense assuming Flint Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,540 debit balance. (If no entry is required, select "No Entry" for the account titles and...
Exercise 7-9 The trial balance before adjustment of Windsor Inc. shows the following balances. Dr. Cr....
Exercise 7-9 The trial balance before adjustment of Windsor Inc. shows the following balances. Dr. Cr. Accounts Receivable $96,400 Allowance for Doubtful Accounts 3,090 Sales Revenue (all on credit) $612,900 Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 5% of gross accounts receivable and (b) 6% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,797 credit balance. (If no entry is required, select...
The trial balance before adjustment for Sheridan Company shows the following balances. Dr. Cr. Accounts receivable...
The trial balance before adjustment for Sheridan Company shows the following balances. Dr. Cr. Accounts receivable $74,000 Allowance for doubtful accounts 1,800 Sales revenue $430,000 The following cases are independent: 1. To obtain cash, Sheridan factors without recourse $22,000 of receivables with Anila Finance. The finance charge is 10% of the amount factored. 2. To obtain a one-year loan of $67,000, Sheridan assigns $77,000 of specific accounts receivable to Ruddin Financial. The finance charge is 6% of the loan; the...
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...
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 Buffalo Inc shows the following balances. Dr. Cr. $73,800 Accounts Receivable Allowance for Doubtful Accounts 1,435 $557,600 Sales Revenue (all on credit) Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,700 credit balance. (If no entry is required, select "No Entry"...
Exercise 7-9 The trial balance before adjustment of Teal Inc. shows the following balances. Dr. Cr. Accounts Receivable $95,900 Allowance for Doubtful Accounts 3,260 Sales Revenue (all on credit) $656,600 Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 5% of gross accounts receivable and (b) 6% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,532 credit balance. (If no entry is required, select...
he trial balance before adjustment of Windsor, Inc. shows the
following balances:
Dr.
Cr.
Accounts receivable
$104,800
Allowance for doubtful accounts
1,970
Sales revenue (all on credit)
$672,000
Sales returns and allowances
29,100
Give the entry for bad debt expense for the current year
assuming the allowance should be 4% of gross accounts receivable.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles...
Pina Company reports the following financial information before adjustments Dr. Cr. Accounts Receivable $131,100 Allowance for Doubtful Accounts $2,830 815.900 Sales Revenue (all on credit) Sales Returns and Allowances 53.570 Prepare the journal entry to record bad debt expense assuming Pina Company estimates bad debts at (4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1.540 debit balance. I no entry is required, select "No Entry for the account titles and enter...
Ayayai Company reports the following financial information before adjustments. Dr. Cr. $163,400 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returns and Allowances $3,660 815,700 50,260 Prepare the journal entry to record bad debt expense assuming Ayayai Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,420 debit balance. (If no entry is required, select "No Entry" for the account titles and...
Flint Company reports the following financial information before adjustments. Cr. Dr. $140,800 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returns and Allowances $2,480 816,800 53,910 Prepare the journal entry to record bad debt expense assuming Flint Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,540 debit balance. (If no entry is required, select "No Entry" for the account titles and...
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...
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