Homework Answers
Answer
--Bad Debt Expense = Credit balance required in Allowance account + Debit balance existing in Allowance account
| Date | Accounts title | Debit | Credit |
| 31-Dec-20 | Bad Debt Expense [($316000 x 11%) + $ 1803 debit balance] | $36,563 | |
| Allowance for doubtful Accounts | $36,563 |
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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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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...
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inchado $300 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's pr...
inchado $300 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for collectible accounts. An aging of the accounts receivable revealed the following Estimated Percentage Uncollectible Current Accounts $160,000 1-30 days past de 16,000 31-60 days paste 11.500 61-90 days past due 7.600 Over 90 days past due 10,000 Total Accounts Receivable $205.100 Your a wer is partially correct Prepare the adjusting entry on December 31, 2022, to recognize bad debts expense. Credit...
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...
Windsor, Inc. had net sales in 2020 of $1.464.200.At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $248.800 debit and Allowance for Doubtful Accounts $1,807 debit. Assume that 10of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense of no entry is more select "No Entry for the accounts and enter for the amounts. Credit account titles are automatically indeed when the amount in Denetindent manual) Date Account...
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...
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...
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...
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...
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...
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...
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...
inchado $300 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for collectible accounts. An aging of the accounts receivable revealed the following Estimated Percentage Uncollectible Current Accounts $160,000 1-30 days past de 16,000 31-60 days paste 11.500 61-90 days past due 7.600 Over 90 days past due 10,000 Total Accounts Receivable $205.100 Your a wer is partially correct Prepare the adjusting entry on December 31, 2022, to recognize bad debts expense. Credit...
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...
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