1) | Date | Account title and explanation | Debit | Credit |
Dec.10 | Allowance for doubtful accounts | $ 1,500 | ||
Accounts Receivable | $ 1,500 | |||
Dec.31 | Bad Debts Expenses (85000*2%) | $ 1,700 | ||
Allowance for doubtful accounts | $ 1,700 | |||
2) | Balance Sheet (Partial) | |||
Particulars | Amount | |||
Current Assets: | ||||
Account
Receivable (10000+85000-68000-1500) |
$ 25,500 | |||
Less : Allowance for doubtful accounts (600-1500+1700) | $ 800 | |||
Net Realizable Value | $ 24,700 | |||
Balance Sheet (Partial) | ||||
Particulars | Amount | |||
Operating Expenses: | ||||
Bad debts Expenses | $ 1,700 | |||
3) | No |
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $170,000, of which $85,000 was on...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of which $97,500 was on credit. At the start of 2018, Accounts Receivable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $650 credit balance Collections of accounts receivable during 2018 amounted to $73.000. Data during 2018 follow: a. On December 10, a customer balance of $1,750 from prior year was determined to be uncollectible, so it was written off. b....
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of which $97,500 was on credit. At the start of 2018, Accounts Receivable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $650 credit balance Collections of accounts receivable during 2018 amounted to $73.000. Data during 2018 follow: a. On December 10, a customer balance of $1,750 from prior year was determined to be uncollectible, so it was written off. b....
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $220,000, of which $110,000 was on credit. At the start of 2018, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $700 credit balance. Collections of accounts receivable during 2018 amounted to $78,000. Data during 2018 follow: a. On December 10, a customer balance of $2,000 from a prior year was determined to be uncollectible, so it was written...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $190,000, of which $95,000 was on credit. At the start of 2018, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $640 credit balance. Collections of accounts receivable during 2018 amounted to $72,000. Data during 2018 follow: a. On December 10, a customer balance of $1,700 from a prior year was determined to be uncollectible, so it was written off....
During the current year, Bob's Ceramics Shop had sales revenue
of $60,000, of which $25,000 was on credit. At the start of the
current year, Accounts Receivable showed a $3,500 debit balance and
the Allowance for Doubtful Accounts showed a $300 credit balance.
Collections of accounts receivable during the current year amounted
to $18,000.
Data during the current year follow:
a. On December 31, an Account Receivable (Toby’s Gift Shop) of $550
from a prior year was determined to be...
LO 8-2 9.3 Recording, Reporting, and Evaluating a Bad Debt Estimate Using the Percentage of Credit Sales Method ing the year ended December 31, 2015, Kelly's Camera Shop had sales revenue of $170,000, which $85,000 was on credit. At the start of 2015, Accounts Receivable showed a $10,000 debit holance and the Allowance for Doubtful Accounts showed a $600 credit balance. Collections of accounts receivable during 2015 amounted to $68,000. Data during 2015 follow: a. On December 10, a customer...
During 2012, Robby's Camera Shop had sales revenue of $170,000, of which $75,000 was on credit. At the start of 2012, Accounts Receivable showed a $16,000 debitbalance, and the allowance for Doubtful Accounts showed a $900 credit balance. Collections of accounts receivable during 2012 amounted to $60,000.Data during 2012 follows:a. On December 31, 2012, an Account Receivable (J. Doe) of $1,700 from a prior year was determined to be uncollectable; therefore, it was written off immediately as abad debt.b. On...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Apr. 18 Received 35% of the $9,000 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $4,000 cash in full payment of Clark's account. Wrote off the $11,850 balance owed by Iron Horse Co., which...
The following transactions were completed by Daws Company during the current fiscal year ended December 31: 1. Record the January 1 credit balance of $25,615 in a Taccount for Allowance for Doubtful Accounts 2. B. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense Jan. 29 Apr. 18 Allowance for Doubtful Accounts Aug. 9 Nov. 7 Received 40% of the $17,000 balance owed by Kovar Co.,...
Reynolds Company has credit sale of $4,500,000 for the year 2018. At December 31, 2018, the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $3,400. Reynolds prepares a schedule of its December 31, 2018 accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized as follows: DECEMBER 31, 2018 AGE OF EXPECTED PERCENT ACCOUNTS RECEIVABLE ACCOUNTS RECEIVABLE UNCOLLECTIBLE $396,400...