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please use a new word. thank you Assume that you have a company. And the management estimates that 2.5% of sales wil...
Assume that you have a company. And the management estimates that 2.5% of sales will be uncollectible. Provide an amount of sales and prepare the journal entry using the percent of sales method?
Assume that you have a company. And the management estimates that 1% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method.
Assume that you have a company. And the management estimates that 5% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method.
I need new and unique answers, please. (Use your own words, don't copy and paste), Please Use your keyboard (Don't use handwriting) Thank you.. Q1- A. What is a bank reconciliation and why is it important for companies to do it periodically? B. Prepare a Bank Reconciliation Statement for XYZ company that has: Bank statement of $9,000. Cash account of $7,500. Additional information for the reconciliation: Deposit in transit. NSF Check. Outstanding check. Collections made by the bank. Required: provide...
Assume that Simple Co. had credit sales of $280,000 and cost of goods sold of $165,000 for the period. It estimates that 2 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $6,900 when it uses the aging method. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $400. Prepare the...
McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. At the end of the first quarter of 2020, McKinney & Co. reevaluates its receivables. McKinney’s management decides that $8,500 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. Required: Prepare the journal entry to record the write-off for McKinney.
I need new and unique answers, please. (Use your own words, don't copy and paste), Please Use your keyboard (Don't use handwriting) Thank you.. Q2- On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable. a. What is the total amount of interest to be paid on this note? b. Prepare ABC Company's general journal entry to record the issuance of the note payable c. Prepare ABC Company's general journal...
Question no.1 Percent of sales method; write-off At year-end (December 31), Rashed Company estimates its bad debts as 0.5 % of its annual credit sales of AED975,000. Rashed records its bad debts expense for that estimate. On the following March 15, Rashed decides that the AED1,250 account of A. Abdulla is uncollectible and writes it off as a bad debt On April 15, Abdulla unexpectedly pays the amount previously written off. Required: Prepare the joumal entries of Rashed to record...
Exercise 9-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as 0.30 % of its annual credit sales of $969,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $485 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions....
Acompany rports the following account balances on December 31, before year-end adjusting journal entries have been prepared: Accounts Receivable Allowance for Doubtful Accounts Sales $3,000,000 (Dr.) 18,000 (Dr.) $40,000,000 (Cr.) Answer the following independent questions The company uses the Percent of Sales method to estimate bad debts. The company estimates that .5% (.005) of sales will be uncollectible. Prepare the entry to record the estimate of bad debts a. b. The company uses an analysis of accounts receivable to estimate...