Question

and drawing accounts are t 22. After the temporary owner's equity equity account, which of the following accounts will have a balance? Ourers Cu pal 21 Closing entries are made in the 23 Clesing entries are made in the Geueral Sowna Cencal -Sov 24. In view of past experience, it is expected there will be a loss due to uncollectible accounts of an amount equal to one-half of one percent of the sales on account during the year. if the sales on account amounted to $250,000, the estimated uncollectible account losses would be adjusting entry to record an increase in Allowance for Bad Debts involves r period with the 26. The accounting concept that states expenses should be recognized in the same revenues they helped to produce is the Acava in the amount of $470,000, and it had 27. Last year, the Tilden Co. had credit sales accounts in the amount of $4,700. Based on last year, what would the uncollectible accounts be this year? percent of estimated ectible accounts? 28. Which of the following is a method of accounting for uncoll lowance a an uncollectible account is recognized when it has been determined 29. The expense associated with that a customer will not pay the amount owed under the

Answer 1

I am answering to questions that are blank in the image provided by you i.e. 24,27 & 29 since it looks like you require answer of this pending questions only rest you have answered yourself

24. Estimated uncollectible account lossed = 0.5% of 250000 = $1250

27. Percent of Estimated uncollectible account this year= 4700*100/470000 = 1%

29. Direct write-off method