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Dent expense account has a balance of P 10.800 before adintmentThis amount represents rental for four...
At December 31, 2018, the trial balance of Hossam Company contained the following amounts before adjustments...
At December 31, 2018, the trial balance of Hossam Company contained the following amounts before adjustments Debits Credits Accounts Receivable 1 $200,000 Allowance for Doubtful Accounts 1,500 Sales $400,000 Instructions: 1. Prepare the adjusting entry at December 31, 2018, to record bad debt expense if the company estimates that 6% of accounts receivable will be uncollectible. 2. Prepare the adjusting entry at December 31, 2018, to record bad debt expense if the company estimates that 3% of sales will be...
Accounting (answer fast in 10 mins plz) he following information is extracted before adjustments from Zeina...
Accounting (answer fast in 10 mins plz)
he following information is extracted before adjustments from Zeina Company accounts at December 31, 2018 Accounts Receivable Allowance for Doubtful Accounts Total Sales S250,000 debit $2,500 debit $2,000, credit (75% were credit sales) Required (1) (a) Prepare the adjusting entry at December 31,2018, to record bad debt expense if the company estimates that 4% of accounts receivable will be uncollectible. (b) Wh at is the amount of the Allowance for Doubtful Accounts that...
Assume that before recording the bad debt expense, the Allowanc account has a credit (right-side) balance...
Assume that before recording the bad debt expense, the Allowanc account has a credit (right-side) balance of $400. If the company use method to record the bad debt expense, and the aging schedule expense, the Allowance for Doubtful Accounts U. If the company uses the aging of receivables ceivable will not be collected, then the journal entry to record the bad une aging schedule estimates that $4,000 of the would be 3600 E. Bad Debt Expense Allowance for Doubtful Accounts...
I need answers for my reviewer. 1. The time period assumption assumes that an organization's activities...
I need answers for my reviewer.
1. The time period assumption assumes that an organization's activities may be divided into specific reporting time periods including all of the following A Month B Quarters C. Calendar years. D. Days 2. The 12-month period that ends when a company's sales activities are at their lowest level is called the A Fiscal year. B Calendar year. C. Natural business year. D. Accounting period 3. Courtney Company purchased equipment on November 1, 2018 and...
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment...
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment Debits $385,000 Credits Accounts receivable Allowance for doubtful accounts Sales $2,000 950,000 Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the allowance method? Prepare the adjusting entry at December 31, 2010, for bad debts expense under each of the following independent assumptions (1) An aging schedule indicates that $11.750 of accounts receivable...
Jarden Company has credit sales of $2,700,000 for year 2018
Jarden Company has credit sales of $2,700,000 for year 2018. On December 31, 2018, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,490. Jarden prepares a schedule of its December 31, 2018, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2018, using...
On January 1,2018, 2018 Monty has a $1,100 credit balance in the allowance for doubtful accounts....
On January 1,2018, 2018 Monty has a $1,100 credit balance in the allowance for doubtful accounts. During 2018, Monty has net credit sales of $250,000. On December 31, 2018 Monty has a balance in accounts receivables of $100,000. Monty estimates that 3% of receivables will prove uncollectable. What is the adjusting journal entry that Monty should make based on this information? Dr. Bad debt expense 3,000 Credit Accounts Receivable 3,000 Debit Bad debt expense 1,900 Credit Allowance for doubtful...
The allowance account before adjustment has a credit balance of $1,950. Bad debt expense for the...
The allowance account before adjustment has a credit balance of $1,950. Bad debt expense for the upcoming year is estimated to be 3% of net sales, which are $337,000. What is the balance in the Allowance for Doubtful Accounts ledger after the adjusting entry is recorded?
3. At the end of the current year, ARS Industries has the following account balances before...
3. At the end of the current year, ARS Industries has the following account balances before making an adjusting entry for uncollectible accounts (10 points): Accounts Receivable has a balance $1,300,000; Allowance for Doubtful Accounts $ 7,000 Credit sales for this year $8,500,000 A. If the company uses the percent of sales method and estimates that ½ of 1% of credit sales for the year will be uncollectible, then a. Determine the bad debt expense for the period, and journalize...
end of the current year, ARS Industries has the following account balances before making an adjusting entry for uncollec...
end of the current year, ARS Industries has the following account balances before making an adjusting entry for uncollectible accounts Accounts Receivable has a balance $1,300,000; Allowance for Doubtful Accounts $ 7,000 Credit sales for this year $8,500,000 A. If the company uses the percent of sales method and estimates that ½ of 1% of credit sales for the year will be uncollectible, then a. Determine the bad debt expense for the period, and journalize the adjusting entries. (2 points)...
At December 31, 2018, the trial balance of Hossam Company contained the following amounts before adjustments Debits Credits Accounts Receivable 1 $200,000 Allowance for Doubtful Accounts 1,500 Sales $400,000 Instructions: 1. Prepare the adjusting entry at December 31, 2018, to record bad debt expense if the company estimates that 6% of accounts receivable will be uncollectible. 2. Prepare the adjusting entry at December 31, 2018, to record bad debt expense if the company estimates that 3% of sales will be...
Accounting (answer fast in 10 mins plz)
he following information is extracted before adjustments from Zeina Company accounts at December 31, 2018 Accounts Receivable Allowance for Doubtful Accounts Total Sales S250,000 debit $2,500 debit $2,000, credit (75% were credit sales) Required (1) (a) Prepare the adjusting entry at December 31,2018, to record bad debt expense if the company estimates that 4% of accounts receivable will be uncollectible. (b) Wh at is the amount of the Allowance for Doubtful Accounts that...
Assume that before recording the bad debt expense, the Allowanc account has a credit (right-side) balance of $400. If the company use method to record the bad debt expense, and the aging schedule expense, the Allowance for Doubtful Accounts U. If the company uses the aging of receivables ceivable will not be collected, then the journal entry to record the bad une aging schedule estimates that $4,000 of the would be 3600 E. Bad Debt Expense Allowance for Doubtful Accounts...
I need answers for my reviewer.
1. The time period assumption assumes that an organization's activities may be divided into specific reporting time periods including all of the following A Month B Quarters C. Calendar years. D. Days 2. The 12-month period that ends when a company's sales activities are at their lowest level is called the A Fiscal year. B Calendar year. C. Natural business year. D. Accounting period 3. Courtney Company purchased equipment on November 1, 2018 and...
3)At December 31, 2010, the trial balance of Worcester Company contained the following amounts before adjustment Debits $385,000 Credits Accounts receivable Allowance for doubtful accounts Sales $2,000 950,000 Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the allowance method? Prepare the adjusting entry at December 31, 2010, for bad debts expense under each of the following independent assumptions (1) An aging schedule indicates that $11.750 of accounts receivable...
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