Homework Answers
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Bad debt expense as adjusted = (301,400*3%) + debit balance in Allowance for Doubtful Accounts 12,740 = 9042 + 12740 = 21,782 Comment if you face any issues |
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5. The following accounts were taken from Indigo Inc.'s trial balance at December 31, 2020. Debit Credit $734,900 Net c...
5. The following accounts were taken from Bonita Inc's trial balance at December 31, 2020. Credit...
5. The following accounts were taken from Bonita Inc's trial balance at December 31, 2020. Credit $734,900 Debit Net credit sales Allowance for doubtful accounts $12.740 Accounts receivable 301.400 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2020 'Bad debt expense, as adjusted $
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
4.At the end of its first year of operations, December 31, 2020, Sheridan Inc. reported the following information....
4.At the end of its first year of operations, December 31, 2020, Sheridan Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts Customer accounts written off as uncollectible during 2020 $997,800 21,930 Bad debt expense for 2020 87,790 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts? Accounts receivable, before deducting allowance for doubtful accounts $ 5. The following accounts were taken from Skysong Inc's trial...
1. Sarasota Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts r...
1. Sarasota Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $54,100 7,320 $1,279,700 Sarasota Company estimates its bad debt expense to be 5% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 s
1. Metlock Company's unadjusted trial balance at December 31, 2020, included the following accounts. Accounts receivable...
1. Metlock Company's unadjusted trial balance at December 31, 2020, included the following accounts. Accounts receivable Allowance for doubtful accounts Net sales Debit $55,100 5,610 $1,229.500 Matlock Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2020 Bad debt expense for 2020 $ 2. An analysis and aging of Bonita Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016:...
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016: Credit Debit $750,000 Accounts receivable Allowance for uncollectible accounts Net credit sales Starr estimates that 4.5% of the gross accounts receivable will become uncollectible. 8,000 $3,000,000 at December 31, 2016, the allowance for uncollectible accounts should After adjustment have a credit balance of A) S120,000. B) S112,000. C) $33,750. D) $30,000. 7. Wellington Corp, has outstanding accounts receivable totaling $1.27 million as of December...
The following are a series of unrelated situations. Answer the questions relating to each of the...
The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Indigo Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $48,600 4.470 $1,225,600 Indigo Company estimates its bad debt expense to be 6% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 $ 2. An analysis and aging...
On December 31, 2020, Corotel Company's year-end, the unadjusted trial balance included the following items: Credit...
On December 31, 2020, Corotel Company's year-end, the unadjusted trial balance included the following items: Credit Account Accounts receivable Allowance for doubtful accounts Sales ($2,790,000 cash sales) Debit $2,090,000 32,000 $11,160,000 Required: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 2% of credit sales. b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible....
P7.2 A series of unrelated situations follow for several companies that use ASPE: 1. Atlantic Inc.'s...
P7.2 A series of unrelated situations follow for several companies that use ASPE: 1. Atlantic Inc.'s unadjusted trial balance at December 31, 2020, included the following accounts: Debit Credit Allowance for doubtful accounts $ 8,000 Sales revenue $1,980,000 Sales returns and allowances 60,000 Sales discounts 4,400 2. An analysis and aging of Central Corp.'s accounts receivable at December 31, 2020, disclosed the following: Amounts estimated to be uncollectible $ 160,000 Accounts receivable 1,790,000 Allowance for doubtful...
The following are a series of unrelated situations. Answer the questions relating to each of the five independent situa...
The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Swifty Company’s unadjusted trial balance at December 31, 2020, included the following accounts. Debit Credit Accounts receivable $53,300 Allowance for doubtful accounts 4,950 Net sales $1,232,500 Swifty Company estimates its bad debt expense to be 6% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 $ ___________ 2. An analysis and...
5. The following accounts were taken from Bonita Inc's trial balance at December 31, 2020. Credit $734,900 Debit Net credit sales Allowance for doubtful accounts $12.740 Accounts receivable 301.400 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2020 'Bad debt expense, as adjusted $
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
4.At the end of its first year of operations, December 31, 2020, Sheridan Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts Customer accounts written off as uncollectible during 2020 $997,800 21,930 Bad debt expense for 2020 87,790 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts? Accounts receivable, before deducting allowance for doubtful accounts $ 5. The following accounts were taken from Skysong Inc's trial...
1. Sarasota Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $54,100 7,320 $1,279,700 Sarasota Company estimates its bad debt expense to be 5% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 s
1. Metlock Company's unadjusted trial balance at December 31, 2020, included the following accounts. Accounts receivable Allowance for doubtful accounts Net sales Debit $55,100 5,610 $1,229.500 Matlock Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2020 Bad debt expense for 2020 $ 2. An analysis and aging of Bonita Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016: Credit Debit $750,000 Accounts receivable Allowance for uncollectible accounts Net credit sales Starr estimates that 4.5% of the gross accounts receivable will become uncollectible. 8,000 $3,000,000 at December 31, 2016, the allowance for uncollectible accounts should After adjustment have a credit balance of A) S120,000. B) S112,000. C) $33,750. D) $30,000. 7. Wellington Corp, has outstanding accounts receivable totaling $1.27 million as of December...
The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Indigo Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $48,600 4.470 $1,225,600 Indigo Company estimates its bad debt expense to be 6% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 $ 2. An analysis and aging...
On December 31, 2020, Corotel Company's year-end, the unadjusted trial balance included the following items: Credit Account Accounts receivable Allowance for doubtful accounts Sales ($2,790,000 cash sales) Debit $2,090,000 32,000 $11,160,000 Required: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 2% of credit sales. b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible....
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