Homework Answers
1) Bad debt expense = (50560-51232+11883) = 12555
2) Adjusting entry
| Bad debt expense | 12555 | |
| Allowance for doubtful accounts | 12555 | |
| Record adjusting entry for bad debt expense |
3) Bad debt expense = 50560-67000+11883 = 28323
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Exercise 5-68 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging s...
Exercise 5-49 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging...
Exercise 5-49 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Receivable Age Current 1-30 days past due 31-45 days past due 46-90 days past due 91-135 days past due Over 135 days past due Amount $310,500 47,500 25,000 12,800 6,100 4,200 Proportion Expected 10 Default 0.005 0.01 0.13 0.20 0.25 0.60 Allowance Required $ 1,553 475 3,250 2,560 1,525 2,520 $11.883 The balance in Glencoe's...
A company uses the aging of accounts receivable method to estimate its bad debts expense. On...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
2. Solomon Shingles uses the aging method to estimate bad debt expense. At the beginning of...
2. Solomon Shingles uses the aging method to estimate bad debt expense. At the beginning of the year, the company had an accounts receivable balance of $47,600 anda credit balance in the allowance for doubtful accounts of S 9,960. During the year Solomon had credit sales of $1,248,600, and collected accounts receivable in the amount of $1,205,400. $21,200 of accounts receivable were determined to be uncollectible and written off. The company had the following analysis of accounts receivable at the...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following...
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Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales Allowance for doubtful accounts, 1/1 (a credit balance) Accounts receivable, 1/1 Collections on account receivable Accounts receivable written off Bradford estimates that 2.6% of credit sales will eventually default. $547,900 8,740 42,340 489,770 14,250 1. Compute bad debt expense for the year (rounding to the nearest whole number) $14,245 2. Determine the ending balances in accounts receivable...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020,...
Estimating and Recording Bad Debt Estimates and
Write-offs; Reporting of Accounts Receivable
At December 31, 2020, its annual year-end, the accounts of Sun
Systems Inc. show the following.
1. Sales revenue for 2020, $288,000, of which one-sixth was on
account.
2. Allowance for doubtful accounts, balance December 31, 2019,
$1,440 credit.
3. Accounts receivable, balance December 31, 2020 (prior to any
write-offs of uncollectible accounts during 2020), $28,880.
4. Uncollectible accounts to be written off, December 31, 2020,
$1,680.
5....
17. When the allowance method is used to account for uncollectible accounts, Bad Debt Expense is...
17. When the allowance method is used to account for uncollectible accounts, Bad Debt Expense is debited when a. a customer's account becomes past-due. b. a sale is made. an account becomes bad and is written off. d. management estimates the amount of uncollectibles. C. 18. Under the allowance method, when an account becomes uncollectible and must be written off a. Bad Debt Expense should be debited b. Accounts Receivable should debited c. Allowance for Doubtful Account should be debited...
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off...
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $24,300 Lee Drake 31,195 Jenny Green 29,715 Mike Lamb 17,890 Total $103,100 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 1 %...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020,...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $324,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $1,620 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $32,490. 4. Uncollectible accounts to be written off, December 31, 2020, $1,890. 5....
Exercise 5-49 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Receivable Age Current 1-30 days past due 31-45 days past due 46-90 days past due 91-135 days past due Over 135 days past due Amount $310,500 47,500 25,000 12,800 6,100 4,200 Proportion Expected 10 Default 0.005 0.01 0.13 0.20 0.25 0.60 Allowance Required $ 1,553 475 3,250 2,560 1,525 2,520 $11.883 The balance in Glencoe's...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
2. Solomon Shingles uses the aging method to estimate bad debt expense. At the beginning of the year, the company had an accounts receivable balance of $47,600 anda credit balance in the allowance for doubtful accounts of S 9,960. During the year Solomon had credit sales of $1,248,600, and collected accounts receivable in the amount of $1,205,400. $21,200 of accounts receivable were determined to be uncollectible and written off. The company had the following analysis of accounts receivable at the...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales Allowance for doubtful accounts, 1/1 (a credit balance) $547,900 8,740 42,340 Accounts receivable, 1/1 Collections on account receivable Accounts receivable written off 489,770 14,250 Bradford estimates that 3.2% of credit sales will eventually default. Required: 1. Compute bad debt expense for the year (rounding to the nearest whole number). $ 14,245 x 2. Determine the ending balances...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales Allowance for doubtful accounts, 1/1 (a credit balance) Accounts receivable, 1/1 Collections on account receivable Accounts receivable written off Bradford estimates that 2.6% of credit sales will eventually default. $547,900 8,740 42,340 489,770 14,250 1. Compute bad debt expense for the year (rounding to the nearest whole number) $14,245 2. Determine the ending balances in accounts receivable...
Estimating and Recording Bad Debt Estimates and
Write-offs; Reporting of Accounts Receivable
At December 31, 2020, its annual year-end, the accounts of Sun
Systems Inc. show the following.
1. Sales revenue for 2020, $288,000, of which one-sixth was on
account.
2. Allowance for doubtful accounts, balance December 31, 2019,
$1,440 credit.
3. Accounts receivable, balance December 31, 2020 (prior to any
write-offs of uncollectible accounts during 2020), $28,880.
4. Uncollectible accounts to be written off, December 31, 2020,
$1,680.
5....
17. When the allowance method is used to account for uncollectible accounts, Bad Debt Expense is debited when a. a customer's account becomes past-due. b. a sale is made. an account becomes bad and is written off. d. management estimates the amount of uncollectibles. C. 18. Under the allowance method, when an account becomes uncollectible and must be written off a. Bad Debt Expense should be debited b. Accounts Receivable should debited c. Allowance for Doubtful Account should be debited...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $324,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $1,620 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $32,490. 4. Uncollectible accounts to be written off, December 31, 2020, $1,890. 5....
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