Homework Answers
| Date | Accounts | Debit | Credit |
| Apr. 1 | Accounts receivable - Dora's D | $14,000 | |
| Service revenue | $14,000 | ||
| ( To record service revenue) |
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PS8-44 (similar to) Question Help Shine King Cleaning uses the allowance method to estimate bad debts. Con...
Crystal Clear Cleaning uses the allowance method to estimate bad debts. Consider the following April 2019...
Crystal Clear Cleaning uses the allowance method to estimate bad
debts. Consider the following April 2019 transactions for Crystal
Clear Cleaning:
More Info ntri a's bun Apr. 1 Performed cleaning service for Debbie's D - list for $13,000 on account with terms n/20. 10 Borrowed money from First Regional Bank, $30,000, making a 180 day, 12% note 12 After discussions with More Shine, Crystal Clear has determined that $230 of the receivable owed will not be collected. Wrote off this...
Pearl Industries uses the allowance method of accounting for bad debts. The company produced the following...
Pearl Industries uses the allowance method of accounting for bad
debts. The company produced the following aging of the accounts
receivable at year-end.
Calculate the total estimated bad debts based on the
information below.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
$409,000
$246,000
$84,000
$43,000
$23,000
$13,000
% uncollectible
1%
4%
5%
8%
11%
Estimated bad debts
$enter estimated bad debts in dollars
$enter estimated bad debts in dollars
$enter estimated bad debts in...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
Wildhorse Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following...
Wildhorse Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable 166,400 71,700 37,800 32,600 15,700 $8,600 % uncollectible 1% 4% 5% 8% 20% Estimated Bad debts (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts...
1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations)...
1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts. Show how Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet. 3. More Info • Sales on account, $420,000. Ignore Cost of Goods Sold. • Collections on account, $410,260 Wrote off accounts receivable as uncollectible: Raja Co., $1,200; Orvis Redd, $1,100; and Parket, Inc., $400. • Recorded bad debts expense based...
Problem 9-04A a-d (Video) Windsor Inc. uses the allowance method to estimate uncollectible accounts receivable. The...
Problem 9-04A a-d (Video) Windsor Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Number of Days Outstanding Total 0-30 31-60 61-90 91-120 Accounts receivable 207,100 77,900 45,600 40,000 25,100 % uncollectible 2% 5% 6% 9% Estimated Bad debts $ $ $ $ $ Over 120 $18,500 21% $ $ SHOW LIST OF ACCOUNTS LINK TO...
FIUDICI DOTA Auviuco) Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company...
FIUDICI DOTA Auviuco) Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Total 200,000 Number of Days Outstanding 31-60 61-90 91-120 46,000 39,000 23,000 4% 5% 8% 0-30 77,000 1% Accounts receivable % uncollectible Over 120 $15,000 20% Estimated bad debts (b) Prepare the year-end adjusting journal entry to record the bad debts using the...
Problem 9-04A a-d (Video) Whispering Inc. uses the allowance method to estimate uncollectible accounts receivable. The...
Problem 9-04A a-d (Video)
Whispering Inc. uses the allowance method to estimate
uncollectible accounts receivable. The company produced the
following aging of the accounts receivable at year-end.
Calculate the total estimated bad debts based on the below
information.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
276,800
92,000
60,700
53,300
38,600
$32,200
% uncollectible
1%
4%
5%
8%
20%
Estimated Bad debts
$
$
$
$
$
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT...
QUESTION 5 (14 marks) Super Star Limited uses the allowance method to estimate uncollectible accounts receivable....
QUESTION 5 (14 marks) Super Star Limited uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at December 31, 2018. Number of Days Outstanding 31-60 61-90 91-120 Total 0-30 Over 120 $193,000 $70,000 1% $46,000 3% $39,000 5% $23,000 8% $15.000 10% Accounts receivable balance Estimated Uncollectible % Estimated uncollectible amount $ ?? Required: (Explanations for each journal entry are NOT required.) a. Calculate the total estimated uncollectible amount based...
Instructions (a) Calculate the total estimated bad debts based on the above information. (b) Prepare the...
Instructions
(a) Calculate the
total estimated bad debts based on the above information.
(b) Prepare the
year-end adjusting journal entry to record the bad debts using the
allowance method and the aged uncollectible accounts receivable
determined in (a). Assume the current balance in Allowance for
Doubtful Accounts is a $3,000 credit.
(c) Of the above
accounts, $1,600 is determined to be specifically uncollectible.
Prepare the journal entry to write off the uncollectible
accounts.
(d) The company
subsequently collects $700 on...
Crystal Clear Cleaning uses the allowance method to estimate bad
debts. Consider the following April 2019 transactions for Crystal
Clear Cleaning:
More Info ntri a's bun Apr. 1 Performed cleaning service for Debbie's D - list for $13,000 on account with terms n/20. 10 Borrowed money from First Regional Bank, $30,000, making a 180 day, 12% note 12 After discussions with More Shine, Crystal Clear has determined that $230 of the receivable owed will not be collected. Wrote off this...
Pearl Industries uses the allowance method of accounting for bad
debts. The company produced the following aging of the accounts
receivable at year-end.
Calculate the total estimated bad debts based on the
information below.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
$409,000
$246,000
$84,000
$43,000
$23,000
$13,000
% uncollectible
1%
4%
5%
8%
11%
Estimated bad debts
$enter estimated bad debts in dollars
$enter estimated bad debts in dollars
$enter estimated bad debts in...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts. Show how Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet. 3. More Info • Sales on account, $420,000. Ignore Cost of Goods Sold. • Collections on account, $410,260 Wrote off accounts receivable as uncollectible: Raja Co., $1,200; Orvis Redd, $1,100; and Parket, Inc., $400. • Recorded bad debts expense based...
Problem 9-04A a-d (Video) Windsor Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Number of Days Outstanding Total 0-30 31-60 61-90 91-120 Accounts receivable 207,100 77,900 45,600 40,000 25,100 % uncollectible 2% 5% 6% 9% Estimated Bad debts $ $ $ $ $ Over 120 $18,500 21% $ $ SHOW LIST OF ACCOUNTS LINK TO...
FIUDICI DOTA Auviuco) Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Total 200,000 Number of Days Outstanding 31-60 61-90 91-120 46,000 39,000 23,000 4% 5% 8% 0-30 77,000 1% Accounts receivable % uncollectible Over 120 $15,000 20% Estimated bad debts (b) Prepare the year-end adjusting journal entry to record the bad debts using the...
Problem 9-04A a-d (Video)
Whispering Inc. uses the allowance method to estimate
uncollectible accounts receivable. The company produced the
following aging of the accounts receivable at year-end.
Calculate the total estimated bad debts based on the below
information.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
276,800
92,000
60,700
53,300
38,600
$32,200
% uncollectible
1%
4%
5%
8%
20%
Estimated Bad debts
$
$
$
$
$
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT...
QUESTION 5 (14 marks) Super Star Limited uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at December 31, 2018. Number of Days Outstanding 31-60 61-90 91-120 Total 0-30 Over 120 $193,000 $70,000 1% $46,000 3% $39,000 5% $23,000 8% $15.000 10% Accounts receivable balance Estimated Uncollectible % Estimated uncollectible amount $ ?? Required: (Explanations for each journal entry are NOT required.) a. Calculate the total estimated uncollectible amount based...
Instructions
(a) Calculate the
total estimated bad debts based on the above information.
(b) Prepare the
year-end adjusting journal entry to record the bad debts using the
allowance method and the aged uncollectible accounts receivable
determined in (a). Assume the current balance in Allowance for
Doubtful Accounts is a $3,000 credit.
(c) Of the above
accounts, $1,600 is determined to be specifically uncollectible.
Prepare the journal entry to write off the uncollectible
accounts.
(d) The company
subsequently collects $700 on...
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