Allegheny Company ended Year 1 with. alliances in Accounts Receivable and Allowance for Doubtful Accounts of $76,000 and...
Allegheny Company ended Year 1 with. alliances in Accounts Receivable and Allowance for Doubtful Accounts of $76,000 and $4,050, respectively. During Year 2, Allegheny wrote off $7,500 of Uncollectible Accounts. After aging its receivables, Allegheny estimates that the ending Allowance for Doubtful Accounts balance should. be $6,200. What will Allegheny report as Uncollectible Accounts Expense on its Year 2 income statement?
A) $6,200
B) $9,650
C) $2,150
D)$7,500
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Allegheny Company ended Year 1 with. alliances in Accounts Receivable and Allowance for Doubtful Accounts of $76,000 and...
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2 Sirus Company began Year 2 with balances in accounts receivable and allowance for doubtful accounts...
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1 Data Table Accounts Receivable Allowance for Bad Debts 79,000 1,861 The aging of accounts receivable yields the following data: Age of Accounts Receivable 0-60 Days Total Receivables Over 60 Days 3,000 x 19% S 76,000 s 79,000 Accounts Receivable Estimated percent uncollectible х 4% Print Done We were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe this imagee Falling's entry to record bad debts expense for 2018 u Accounts re Collected cash...
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On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $70.400 and $2.800, respectively. During the year Kincaid reported $187000 of credit sales. Kincaid wrote off $1700 of receivables as uncollectible in Year 2, Cash collections of receivables amounted to $222,300 Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. Kincaid's entry to recognize the write-off of the uncollectible accounts wil: Multiple Choice decrease total assets...
At the end of the current year, Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,500,000. An analysis of receivables estimates uncollectible receivables as $25,000 Determine the amount of the adjusting entry for bad debt expense and the adjusted balance of Allowance for Doubtful Accounts, respectively. a. $30,500 and $525,000 b. $19,500 and $525,000 c. $19,500 and $25,000 Od. $30,500 and $25,000
The following account balances come from the records of Ourso Company: Accounts receivable Allowance for doubtful accounts Beginning Balance $3,133 102 Ending Balance $3,906 188 During the accounting period, Ourso recorded $11,450 of sales revenue on account. The company also wrote off a $188 account receivable Required a. Determine the amount of cash collected from receivables. Collections of accounts receivable b. Determine the amount of uncollectible accounts expense recognized during the period. Uncollectible accounts expense
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