The Allowance for Bad Debts account has a credit balance of $8,300 before the adjusting entry for bad debts expense. Aft...
The Allowance for Bad Debts account has a credit balance of $8,300 before the adjusting entry for bad debts expense. After analyzing the accounts in the accounts receivable subsidiary ledger using the aging-of-receivables method, the company's management estimates that uncollectible accounts will be $14,700. What will be the balance of the Allowance for Bad Debts reported on the balance sheet?
|
a |
$6,400 |
|
b |
$13,230 |
|
c |
$14,700 |
|
d |
$23,000 |
Homework Answers
$14,700
Explanation: Allowance for uncollectible is reported equal to the allowance for bad debts on the balance sheet.
Option c. is correct answer.
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Journalize the adjusting entry for bad debts at December 31, 2021. Post the adjusting entry for...
Journalize the adjusting entry for bad debts at December 31,
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Post the adjusting entry for bad debts at December 31, 2021.
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indent manually.)
1.
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2.
May 1, a check for $570 is received from the customer whose
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Post to the allowance account...
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Journalize the adjusting entry for bad debts at December 31,
2021.
Post the adjusting entry for bad debts at December 31, 2021.
Journalize the 2022 transactions: (Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
1.
March 1, a $570 customer balance originating in 2021 is judged
uncollectible.
2.
May 1, a check for $570 is received from the customer whose
account was written off as uncollectible on March 1.
Post to the allowance account...
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