At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $689. During the year, $...
At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $689. During the year, $403 of previously written off accounts were reinstated and accounts totaling $855 are written off as uncollectible. The end-of-year balance (before adjustment) in the Allowance for Doubtful Accounts should be the one listed below.
a. $237
b. $855
c. $689
d. $403
Homework Answers
Answer
--Unadjusted balance in the Allowance account = Beginning
balance + Reinstated accounts - Accounts written off
= $ 689 + 403 - $ 855
= $ 237
--Correct Answer = Option 'a' $ 237
Add Answer to:
At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $689. During the year, $...
Accounts Receivable (beginning balance) - $139,000 Allowance for doubtful accounts (beginning balance) - $11,480 Net Credit...
Accounts Receivable (beginning balance) - $139,000
Allowance for doubtful accounts (beginning balance) -
$11,480
Net Credit Sales - $950,000
Collections - $915,000
Write Offs of Accounts Receivable - $5,500
Collections of accounts previously written off - $2,200
Uncollectible Accounts are expected to be 6% of the ending
balance in accounts receivable.
Attempts: 1 of 8 used (b) Your answer is partially correct. Try again. Prepare the entry to record the write-off of uncollectible accounts during the period. (Credit account titles...
On January 31, 2018, Allowance for Doubtful Accounts has a credit balance of 25,000. During 2018,...
On January 31, 2018, Allowance for Doubtful Accounts has a credit balance of 25,000. During 2018, 32,000 of uncollectible accounts receivable were written off. Past experiences indicate that the allowance should be 10% of the balance in receivables. Net credit sales for 2018, $3,500,000. If the accounts receivable balance at December 31 was $360,000, what is a required adjustment to the Allowance for Doubtful Accounts at December 31, 2018? A. $29,000 B. $36,000 C. $43,000 D. $6,000
helpppp 4G Phon Google Translate C Log in to Clever btful Accounts should be! No results...
helpppp
4G Phon Google Translate C Log in to Clever btful Accounts should be! No results < > Options 圜 回Calculator At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $760. During the year, previously written off accounts of $120 are reinstated and accounts totaling $740 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be Од. $760 Ob. $140 Oc. $740 Od. $120
On January 1, Putnam Wholesale Company's Allowance for Doubtful Accounts had a credit balance of $21,00O....
On January 1, Putnam Wholesale Company's Allowance for Doubtful Accounts had a credit balance of $21,00O. During the year, it had net credit sales of $800,000 and it had $25,000 of uncollectible accounts receivable that were written off. Past experience indicates that the allowance should be 8% of the balance in receivables (percentage-of- receivables basis). If the accounts receivable balance at December 31 is $300,000, what is the required credit adjustment to the Allowance for Doubtful Accounts at December 31?...
At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were...
At the beginning of 2015, the balances for Accounts Receivable and Allowance for Doubtful Accounts were $77,000 and $5,144 (credit), respectively. During the current year, credit sales were $463,000 and collections on account were $341,000. In addition, $3,800 in uncollectible accounts were written off, and $750 of accounts previously written off were collected during the year. If management estimates bad debts based on 3 percent of total credit sales, determine the net realizable value of accounts receivable at December 31,...
Assume the following information for Halloween Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts...
Assume the following information for Halloween Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts (beginning balance) 11,470 Net credit sales 950,000 Collections 902,000 Write-offs of accounts receivable 5,500 Collections of accounts previously written off 2,300 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. a) Prepare the entries to record sales and collections during the period, a separate entry to record the write-off of uncollectible accounts during the period, and another separate entry...
Allowance for Doubtful Accounts has a credit balance of $1,390 at the end of the year...
Allowance for Doubtful Accounts has a credit balance of $1,390 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $20,504. Which of the following entries records the proper adjustment for bad debt expense? a. debit Bad Debt Expense, $19,114; credit Allowance for Doubtful Accounts, $19,114 b. debit Allowance for Doubtful Accounts, $21,894; credit Bad Debt Expense, $21,894 c. debit Allowance for Doubtful Accounts, $19,114; credit Bad Debt Expense, $19,114 d. debit...
Allowance for Doubtful Accounts At the beginning of the year, Kullerud Manufacturing had a credit balance...
Allowance for Doubtful Accounts At the beginning of the year, Kullerud Manufacturing had a credit balance in its allowance for doubtful accounts of $10,670, and at the end of the year it was a credit balance of $11,240. During the year, Kullerud made credit sales of $1,270,990, collected receivables in the amount of $1,240,830, and recorded bad debt expense of $42,550. Required: Compute the amount of receivables that Kullerud wrote off during the year.
The following information relates to the beginning of the year: Accounts receivable, $245,000 Allowance for doubtful...
The following information relates to the beginning of the year: Accounts receivable, $245,000 Allowance for doubtful accounts (credit balance), $12,250 During the current year, sales on account were $1,100,000 and collections on account were $990,000. Also during the current year, the company wrote off $14,000 in uncollectible accounts. At year-end, an analysis of outstanding accounts receivable indicated that the allowance for doubtful accounts should have a $17,000 credit balance so the company records the appropriate year-end adjusting entry. How much...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Accounts Receivable (beginning balance) - $139,000
Allowance for doubtful accounts (beginning balance) -
$11,480
Net Credit Sales - $950,000
Collections - $915,000
Write Offs of Accounts Receivable - $5,500
Collections of accounts previously written off - $2,200
Uncollectible Accounts are expected to be 6% of the ending
balance in accounts receivable.
Attempts: 1 of 8 used (b) Your answer is partially correct. Try again. Prepare the entry to record the write-off of uncollectible accounts during the period. (Credit account titles...
helpppp
4G Phon Google Translate C Log in to Clever btful Accounts should be! No results < > Options 圜 回Calculator At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $760. During the year, previously written off accounts of $120 are reinstated and accounts totaling $740 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be Од. $760 Ob. $140 Oc. $740 Od. $120
On January 1, Putnam Wholesale Company's Allowance for Doubtful Accounts had a credit balance of $21,00O. During the year, it had net credit sales of $800,000 and it had $25,000 of uncollectible accounts receivable that were written off. Past experience indicates that the allowance should be 8% of the balance in receivables (percentage-of- receivables basis). If the accounts receivable balance at December 31 is $300,000, what is the required credit adjustment to the Allowance for Doubtful Accounts at December 31?...
Allowance for Doubtful Accounts has a credit balance of $1,390 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $20,504. Which of the following entries records the proper adjustment for bad debt expense? a. debit Bad Debt Expense, $19,114; credit Allowance for Doubtful Accounts, $19,114 b. debit Allowance for Doubtful Accounts, $21,894; credit Bad Debt Expense, $21,894 c. debit Allowance for Doubtful Accounts, $19,114; credit Bad Debt Expense, $19,114 d. debit...
Allowance for Doubtful Accounts At the beginning of the year, Kullerud Manufacturing had a credit balance in its allowance for doubtful accounts of $10,670, and at the end of the year it was a credit balance of $11,240. During the year, Kullerud made credit sales of $1,270,990, collected receivables in the amount of $1,240,830, and recorded bad debt expense of $42,550. Required: Compute the amount of receivables that Kullerud wrote off during the year.
The following information relates to the beginning of the year: Accounts receivable, $245,000 Allowance for doubtful accounts (credit balance), $12,250 During the current year, sales on account were $1,100,000 and collections on account were $990,000. Also during the current year, the company wrote off $14,000 in uncollectible accounts. At year-end, an analysis of outstanding accounts receivable indicated that the allowance for doubtful accounts should have a $17,000 credit balance so the company records the appropriate year-end adjusting entry. How much...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Most questions answered within 3 hours.
-
lease solve all the
questions, don't need to explanations
Q1 - All animal
species have general...
asked 3 hours ago -
Business Phasing
1.Discuss the logical progression for growing a business, which
starts from the initial idea...
asked 3 hours ago -
Modify
When executing on the command line having only
this program name, the program will accept...
asked 4 hours ago -
Kenny Electric Company's noncallable bonds were issued several
years ago and now have 20 years to...
asked 5 hours ago -
find H(e^Jtheta) at theta= 0, pi/10, pi/20, pi/2 for
the following:
a) H(e^Jtheta)= 1+e^Jtheta
b) H(e^Jtheta)=...
asked 5 hours ago -
Home Corporation will open a new store on January 1. Based on
experience from its other...
asked 5 hours ago -
In a neoclassical model, use the IS-LM to analyze the effect of
a permanent money supply...
asked 6 hours ago -
An electron passes through a point 2.67 cm from a long straight
wire as it moves...
asked 7 hours ago -
A grammar is a 4-tuple G, G = (Ν, Σ, Π, Σ, S) where, Ν is...
asked 7 hours ago -
In this part, calculate the present values. Use the Excel PV
function to compute the present...
asked 7 hours ago -
Part 1. Primitive Types, Sorting, Recursion for
Homework.java
a) Implement the static method initializeArray that receives...
asked 8 hours ago -
Using C++, build a sorter that can rank a sequence of numbers in
a descending order....
asked 8 hours ago