Homework Answers
| Account Titles and Explanation | Debit | Credit | |
| Bad Debts expense | 31400 | =28900+2500 | |
| Allowance for Doubtful accounts | 31400 | ||
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Grouper Corp. had net sales in 2020 of $2.1 million. At December 31, 2020, before adjusting...
Blue Spruce Corp. had net sales in 2020 of $2.1 million. At December 31, 2020, before...
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...
Nash, Inc. had net sales in 2020 of $1,504,300. At December 31, 2020, before adjusting entries,...
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...
Pharoah, Inc. had net sales in 2017 of $1,410,600. At December 31, 2017, before adjusting entries,...
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...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the...
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...
Windsor, Inc. had net sales in 2020 of $1.464.200.At December 31, 2020, before adjusting entries, the balances in...
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...
Indice, Inchad net sales in 2020 of $1.502.900. At December 31, 2020 before adjusting entries the balances in selec...
Indice, Inchad net sales in 2020 of $1.502.900. At December 31, 2020 before adjusting entries the balances in selected Mounts were Accounts Receivable 316,000 debt and Allowance for Doubtful Accounts $1.803 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debit expense. One entry sect"No Entry for the account titles and enter for the amounts Credit countries are automatically indented when the amount is entered Do not indent manual) Date Account...
Culver, Inc. had net sales in 2017 of $1,410,300. At December 31, 2017, before adjusting entries, the balances in selec...
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...
Problem 9-05A a-e At December 31, 2020, the trial balance of Nash Company contained the following...
Problem 9-05A a-e At December 31, 2020, the trial balance of Nash Company contained the following amounts before adjustment. Debit Credit $370,000 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,000 900,000 Based on the information given, which method of accounting for bad debts is Nash Company using-the direct write-off method or the allowance method? (b) Prepare the adjusting entry at December 31, 2020, for bad debt expense, assuming an aging schedule indicates that $10,000 of accounts receivable will...
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment....
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment. Debit Credit Accounts Receivable $180,300 Allowance for Doubtful Accounts $ 1.460 Sales Revenue 855,400 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $9.260 of accounts receivable will be uncollectible. (b) Repeat part(a), assuming that instead of a credit balance there is a $1.460 debit balance in Allowance for Doubtful Accounts. (d)...
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...
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...
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...
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...
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...
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...
Indice, Inchad net sales in 2020 of $1.502.900. At December 31, 2020 before adjusting entries the balances in selected Mounts were Accounts Receivable 316,000 debt and Allowance for Doubtful Accounts $1.803 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debit expense. One entry sect"No Entry for the account titles and enter for the amounts Credit countries are automatically indented when the amount is entered Do not indent manual) Date Account...
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...
Problem 9-05A a-e At December 31, 2020, the trial balance of Nash Company contained the following amounts before adjustment. Debit Credit $370,000 Accounts Receivable Allowance for Doubtful Accounts Sales Revenue $ 1,000 900,000 Based on the information given, which method of accounting for bad debts is Nash Company using-the direct write-off method or the allowance method? (b) Prepare the adjusting entry at December 31, 2020, for bad debt expense, assuming an aging schedule indicates that $10,000 of accounts receivable will...
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment. Debit Credit Accounts Receivable $180,300 Allowance for Doubtful Accounts $ 1.460 Sales Revenue 855,400 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $9.260 of accounts receivable will be uncollectible. (b) Repeat part(a), assuming that instead of a credit balance there is a $1.460 debit balance in Allowance for Doubtful Accounts. (d)...
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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