Homework Answers
a) Adjusting entry
| date | Account title and explanation | Debit | Credit |
| Dec 31,2020 | Bad debt expense (248800*10%+1807) | 26687 | |
| Allowance for doubtful accounts | 26687 |
b) Adjusting entry
| date | Account title and explanation | Debit | Credit |
| Dec 31,2020 | Bad debt expense (27700-3090) | 24610 | |
| Allowance for doubtful accounts | 24610 |
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Windsor, Inc. had net sales in 2020 of $1.464.200.At December 31, 2020, before adjusting entries, the balances in...
Nash, Inc. had net sales in 2020 of $1,504,300. At December 31, 2020, before adjusting entries,...
Nash, Inc. had net sales in 2020 of $1,504,300. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $263,900 debit, and Allowance for Doubtful Accounts $3,070 credit. If Nash estimates that 7% of its receivables will prove to be uncollectible. Prepare the December 31, 2020, journal entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $257,500 debit, and Allowance for Doubtful Accounts $1,877 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
Indice, Inchad net sales in 2020 of $1.502.900. At December 31, 2020 before adjusting entries the balances in selec...
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Grouper Corp. had net sales in 2020 of $2.1 million. At December 31, 2020, before adjusting...
Grouper Corp. had net sales in 2020 of $2.1 million. At December 31, 2020, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $261,300 debit; Allowance for Doubtful Accounts $2,500 debit. Assume Grouper has examined the aging of the accounts receivable and has determined the Allowance for Doubtful Accounts should have a balance of $28,900, prepare the December 31, 2020 journal entry to record the adjustment to Allowance for Doubtful Accounts. (Credit account titles are automatically...
Answer the following independent questions. Windsor, Inc. had net sales in 2017 of $1,475,200. At December...
Answer the following independent questions.
Windsor, Inc. had net sales in 2017 of $1,475,200. At December
31, 2017, before adjusting entries, the balances in selected
accounts were Accounts Receivable $212,500 debit, and Allowance for
Doubtful Accounts $1,828 debit. Assume that 11% of accounts
receivable will prove to be uncollectible. Prepare the entry to
record bad debt expense. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically...
Your answer is correct Indien Incharts in 2020 $1.502,000. A December 31, 2020 beforestig entries the...
Your answer is correct Indien Incharts in 2020 $1.502,000. A December 31, 2020 beforestig entries the balance in lected wounts were Accounts Receivable $16.000 band Allowance for Doubtful Accounts $1. 3 debit.Assure that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt per or notr e select "No Cry for the accounts and enter for the amounts accounts are automatically indeed when the amount is entered. Do not inden manually Date Account Titles...
Pharoah, Inc. had net sales in 2017 of $1,410,600. At December 31, 2017, before adjusting entries,...
Pharoah, Inc. had net sales in 2017 of $1,410,600. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $384,800 debit, and Allowance for Doubtful Accounts $3,820 credit. Assume Pharoah prepares an aging schedule that estimates total uncollectible accounts at $24,000. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the...
Culver, Inc. had net sales in 2017 of $1,410,300. At December 31, 2017, before adjusting entries, the balances in selec...
Culver, Inc. had net sales in 2017 of $1,410,300. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $348,200 debit, and Allowance for Doubtful Accounts $2,940 credit. If Culver estimates that 10% of its receivables will prove to be uncollectible. Prepare the December 31, 2017, journal entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are...
Blue Spruce Corp. had net sales in 2020 of $2.1 million. At December 31, 2020, before...
Blue Spruce Corp. had net sales in 2020 of $2.1 million. At December 31, 2020, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $237,600 debit; Allowance for Doubtful Accounts $2,600 debit. Assume Blue has examined the aging of the accounts receivable and has determined the Allowance for Doubtful Accounts should have a balance of $28,800, prepare the December 31, 2020 journal entry to record the adjustment to Allowance for Doubtful Accounts. (Credit account titles are...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost $9,720,000 Accumulated depreciation to date 1.080,000 Expected future net cash flows 7,560,000 Fair value 5,184,000 Windsor intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,600. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the...
Nash, Inc. had net sales in 2020 of $1,504,300. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $263,900 debit, and Allowance for Doubtful Accounts $3,070 credit. If Nash estimates that 7% of its receivables will prove to be uncollectible. Prepare the December 31, 2020, journal entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $257,500 debit, and Allowance for Doubtful Accounts $1,877 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
Indice, Inchad net sales in 2020 of $1.502.900. At December 31, 2020 before adjusting entries the balances in selected Mounts were Accounts Receivable 316,000 debt and Allowance for Doubtful Accounts $1.803 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debit expense. One entry sect"No Entry for the account titles and enter for the amounts Credit countries are automatically indented when the amount is entered Do not indent manual) Date Account...
Grouper Corp. had net sales in 2020 of $2.1 million. At December 31, 2020, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $261,300 debit; Allowance for Doubtful Accounts $2,500 debit. Assume Grouper has examined the aging of the accounts receivable and has determined the Allowance for Doubtful Accounts should have a balance of $28,900, prepare the December 31, 2020 journal entry to record the adjustment to Allowance for Doubtful Accounts. (Credit account titles are automatically...
Answer the following independent questions.
Windsor, Inc. had net sales in 2017 of $1,475,200. At December
31, 2017, before adjusting entries, the balances in selected
accounts were Accounts Receivable $212,500 debit, and Allowance for
Doubtful Accounts $1,828 debit. Assume that 11% of accounts
receivable will prove to be uncollectible. Prepare the entry to
record bad debt expense. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically...
Your answer is correct Indien Incharts in 2020 $1.502,000. A December 31, 2020 beforestig entries the balance in lected wounts were Accounts Receivable $16.000 band Allowance for Doubtful Accounts $1. 3 debit.Assure that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt per or notr e select "No Cry for the accounts and enter for the amounts accounts are automatically indeed when the amount is entered. Do not inden manually Date Account Titles...
Pharoah, Inc. had net sales in 2017 of $1,410,600. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $384,800 debit, and Allowance for Doubtful Accounts $3,820 credit. Assume Pharoah prepares an aging schedule that estimates total uncollectible accounts at $24,000. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the...
Culver, Inc. had net sales in 2017 of $1,410,300. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $348,200 debit, and Allowance for Doubtful Accounts $2,940 credit. If Culver estimates that 10% of its receivables will prove to be uncollectible. Prepare the December 31, 2017, journal entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are...
Blue Spruce Corp. had net sales in 2020 of $2.1 million. At December 31, 2020, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $237,600 debit; Allowance for Doubtful Accounts $2,600 debit. Assume Blue has examined the aging of the accounts receivable and has determined the Allowance for Doubtful Accounts should have a balance of $28,800, prepare the December 31, 2020 journal entry to record the adjustment to Allowance for Doubtful Accounts. (Credit account titles are...
Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost $9,720,000 Accumulated depreciation to date 1.080,000 Expected future net cash flows 7,560,000 Fair value 5,184,000 Windsor intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,600. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the...
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