P Corporation reported $3,600 balance in the accounts receivable account on Jan 1. The company made a credit sales of $24,800 and wrote off $1,700 as uncollectible. What is the ending balance of accounts receivable if the amount received from customers is $24,700.

Q: On January 1, Year 2, the Accounts Receivable balance was $32,900 and the balance in the Allowance…

A: Accounts receivable balance = $32,900 Allowance for doubtful accounts = $4,100 Write-off amount =…

Q: Liang Company began operations in Year 1. During its first two years, the company completed a number…

A: Journal entry is a process of initially recording and classifying business transactions into books…

Q: Brickman Corporation uses the allowance method to account for uncollectible receivables. At the…

A: Year-end balance in Allowance for Bad Debts = Beginning balance in Allowance for Bad Debts - Amount…

Q: The balance in net accounts receivable on 30 June is: The balance in allowance for doubtful debts…

A: Computation of Balance of net accounts receivable as on 30 June in the hand of Com. A  Accounts…

Q: Brickman Corporation uses the allowance method to account for uncollectible receivables. At the…

A: Allowance method:It is a method for accounting bad debt expense, where uncollectible accounts…

Q: At 30 September, Zebra Mountain had Accounts Receivable of $28,000 and Allowance for Bad Debts of…

A: Allowance for doubtful debt are the account used to record the debtors which are doubtful in nature.…

Q: Accounts receivable (beginning balance)   $162,000 Allowance for doubtful accounts (beginning…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: At the beginning of the current period, Ivanhoe Co. had a balance of $96,000 in Accounts Receivable…

A: There is no requirement in the question. Hence, based on the data given, we are preparing Journal…

Q: Ringo Company had the following information relating to net credit sales for 20X5:   Accounts…

A: Formula: Uncollectible account expense = Allowance for uncollectible accounts after adjustment -…

Q: At December 31, Hawke Company reports the following results for its calendar year. Cash sales:…

A: Whenever a business makes credit sales, it will generate accounts receivables for the business.…

Q: At the beginning of the year, accounts recelvable were $146,000 and the allowance for bad debts was…

A: T-Accounts: T-accounts are referred as T-account because its format represents the letter “T”. The…

Q: Waste Disposal, Inc. provided the following information concerning its accounting records: Sales…

A: >Account receivables are the balances of customers or borrowers who owe the business certain…

Q: SIPAG Company provided the following accounts abstracted from the unadjusted trial balance at year-…

A: Estimated uncollectible accounts = accounts receivable x 3% = 5000000*3% = 150,000

Q: Accounts Receivable has a balance of $34,000, and the Allowance for Bad Debts has a credit balance…

A: Net realizable value =  Accounts Receivable -  Allowance for Bad Debts.

Q: On January 1, Five Star Services has the following balances: Accounts Receivable $26,000 (debit) Bad…

A: Under direct write off method, accounts receivables are written off by debiting bad debt expenses…

Q: The following information is available for Market, Inc. and Supply, Inc. at December 31: Market,…

A: Solution:- a)Calculation of the accounts receivable turnover for each of the companies as follows:-…

Q: The following information pertains to Lightning Inc., at the end of December: Credit Sales $20,000…

A: 7% of receivables not yet due accounts = 7%×$9500=$66517% of receivables less than 30 days past due…

Q: Dauring the year, Kiner Company made an entry to write off a $32,000 uncollectible account. Before…

A: Accounts receivable:Accounts receivable is the amount of cash owed to the company by the customer…

Q: During the current year, Watanabe’s Camera Shop had sales revenue of $210,000, of which $86,400 was…

A: Here , to calculate the company bad debts expense , we need to prepare two account i.e. Account…

Q: At the beginning of the current period, Kingbird, Inc. had balances in Accounts Receivable of…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Q: The following information is available for Market, Inc. and Supply, Inc. at December 31: Accounts…

A: Market, Inc. Average Collection Period  = 365 * Accounts Receivable / Sales Average Collection…

Q: For the month of December, the records of Scrooge Corporation show the following information: Cash…

A: Here in this question, we are require to calculate gross sales for the month of December. In this…

Q: At the beginning of Year 3 Randall Company had a $16,070 balance in its accounts receivable account…

A:

Q: On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts as…

A: There are two ways to record a bad debt:-1. Direct write off method and;2. Allowance method

Q: he following transactions occurred for Salamon Co. in 2021. The beginning balance of Accounts…

A: The allowance for doubtful accounts is a contra assets account which decreases the balance of…

Q: On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts…

A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…

Q: The entries in a receivables' ledger control account for the first accounting period were: Sales…

A: We have the following information: Sales: $250,000 Bank: $225,000 Returns: $2,500 Irrecoverable…

Q: Twist Corp. has a current accounts receivable balance of $357,615. Credit sales for the year just…

A: Given Information Current Accounts Receivable balance = $357,615 Credit Sales for year end…

Q: On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts as…

A:

Q: At the beginning of the current period, Sunland Company had balances in Accounts Receivable of…

A: Hello! Thank you for your question. As per the company policy, we solve the first three parts of the…

Q: The ledger of Teal Mountain Inc. at the end of the current year shows Accounts Receivable $74,000;…

A: Alternatively, 'Uncollectibles expense account' can be used in place of 'bad debts expense'.

Q: At the end of last year, the company had $654,000 in outstanding Accounts Receivable and a credit…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: At the end of last year, the company had $654,000 in outstanding Accounts Receivable and a credit…

A: Allowance for Doubtful Accounts: It  is a contra account which  is deducted from the total…

Q: On January 1, 2018, Keiasia Company’s Accounts Receivable and the Allowance for Uncollectible…

A: Definition:   Bad debt expense: Bad debt expense is an expense account. The amount of loss incurred…

Q: Following are the account balances from the December 31 trial balance of Lark Company: Accounts…

A: Allowance for Bad Debts already has a credit balance of $2,400.  Ending Balance of Allowance for Bad…

Q: Rapture Company had the following information for the current year relating to accounts receivable:…

A: Accounts receivables are part of current Assets which will be shown on the assets side of a…

Q: On December 15, the accounts receivable balance was $50,000 and the balance in the allowance for…

A: Net realizable value of accounts receivable = Accounts receivable balance - balance in the allowance…

Q: The following information relates to a company’s accounts receivable: gross accounts receivable…

A: 1. Bad debt expense for the year = Credit sales  x estimates bad debts % = $1,500,000 x 2% = $30,000

Q: The following information is available for Market, Inc. and Supply, Inc. at December 31:   Accounts…

A: The ratio analysis helps to analyse the financial statements of the business.

Q: At December 31, Hawke Company reports the following results for its calendar year.   Cash sales $…

A: Introduction: An unadjusted trial balance lists the accounts of a general ledger. It's prepared at…

Q: Presented below is information for Jones Company. 1.    Beginning-of-the-year Accounts Receivable…

A:

Q: A company has $80,000 in outstanding accounts receivable and it uses the allowance method to account…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Q: At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of…

A: Calculation of Bad debt expense Beginning Balance  9,040   Add: Reinstated amount 3,350…

Q: amount of net accounts receivable after adjusting entries for 20X5 would be:

A: Increase in allowance for uncollectible = Final amount of allowance for uncollectible required -…

Q: Presented below is information for Flint Company: Beginning of the year accounts receivable balance…

A: The initial, methodical recording of all monetary business transactions is called a journal entry.…

Q: Tantrum Company provided the following information in relation to accounts receivable at year-end:…

A: Doubtful accounts: Doubtful accounts means accounts receivable that might become uncollectible or…

Q: On January 1 five star services has the following balances accounts receivable $26,000 debit bad…

A: The accounts receivables are the debtors who would make the payment on due date.

Q: At the beginning of the current period, Teal Mountain Corp. had balances in Accounts Receivable of…

A: When receivables which are written off are recovered then the allowance entry has to be reversed to…

Q: SISSY Company provided the following information relating to accounts receivable for the current…

A: Balance of account receivables is the values due to a firm on which the customer has yet not paid.…

Q: At the beginning of the current period, Skysong Corp. had balances in Accounts Receivable of…

A: Note:   Beginning Balance  9,040   Add: Reinstated amount 3,350   Less: Amount written…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.