At 31 December 2002 A Co had the following balances: Trade Receivable 52000 Trade payables 60000 Sales Revenue 890000 Sales returns and allowances 5000 Allowance for uncollectible accounts (1/01/2021) 1000 During 2003 a customer was declared a bunkrupt and 200 should be written off via allowance method Provide extracts from balance sheet and income statement for 2002 if A co estimates allowance for uncollectible accounts to be 1% of net sales

At 31 December 2002 A Co had the following balances: Trade Receivable 52000 Trade payables 60000 Sales Revenue 890000 Sales returns and allowances 5000 Allowance for uncollectible accounts (1/01/2021) 1000 During 2003 a customer was declared a bunkrupt and 200 should be written off via allowance method Provide extracts from balance sheet and income statement for 2002 if A co estimates allowance for uncollectible accounts to be 1% of net sales

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 11EA: Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables....

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During the year, Blossom Enterprises made an entry to write off an $8100 uncollectible account. Before this entry was made, the balance in accounts receivable was $100100 and the balance in the allowance account was $9100 (credit balance). The net realizable value of accounts receivable before and after the write-off entry was O$100100. Ⓒ$99100. O $82900 O $91000
(MODIFIED) Seed Enterprise gathered the following information from its accounting records for the year ended December 31, 2020, prior to adjustments: Net credit sales for the year Php 680,000 Accounts receivable at December 31, 2020 92,000 Allowance for uncollectible accounts at December 31, 2020 1,850 Debit Seed uses the allowance method of accounting for uncollectible accounts and estimates uncollectible account expense at 2% of net credit sales. REQUIRED: A. Prepare the adjusting entry to record uncollectible account expense on December 31, 2020. В. Determine the balance in allowance for uncollectible accounts after the adjusting entry is prepared. С. Show how the receivables would be reported on the December 31, 2020 balance sheet for Seed Enterprise.
A edugen.wileyplus.com W WileyPLUS Bb Return to Blackboard US US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Commun Help | System Announcements Problem 9-01A a-d (Video) At December 31, 2019, Ayayai Co. reported the following information on its balance sheet. Accounts receivable $965,100 Less: Allowance for doubtful accounts 79,700 During 2020, the company had the following transactions related to receivables. 1. Sales on account $3,692,700 2. Sales returns and allowances 49,600 3. Collections of accounts receivable 2,817,800 4. Write-offs of accounts receivable deemed uncollectible 89,600 5. Recovery of bad debts previously written off as uncollectible 27,350 Your answer is correct. Aceur me thatne neh diecouınte w ers Prepare the journal entries to record onch of tho0o fuo trnnanotiono
Seed Enterprise gathered the following information from its accounting records for the year ended December 31, 2019, prior to adjustments: Net credit sales for the year Php 680,000 Accounts receivable at December 31, 2019 92,000 Allowance for uncollectible accounts at December 31, 2019 1,850 Seed uses the allowance method of accounting for uncollectible accounts and estimates uncollectible account expense at 2% of net credit sales. REQUIRED: 1. Determine the net balance of AR to be reflected in the balance sheet using net credit sales 2. Assume that Allowance for uncollectible accounts has a debit balance of 1,850 and Aging revealed that 11,040 may proved to be uncollectible, What amount of AR should be reflected in the balance sheet
How do you adjust this: (Adjusting entry) Allowance for doubtful accounts is ascertained to be 5% of the outstanding accounts receivable, 150000
2. The information listed below was abstracted from the records of the Emily Berhad: RM Accounts reccivable at 31 December 2021 1,180,000 36,000 Debit balance in Allowance for doubtful accounts before adjustment at 31 December 2021 Sales during the ycar 2021 Sales discounts during the year 2021 Sales return and allowances during the year 2021 4,360,000 36,000 54,000 Required: Prepare the adjusting entry for bad debts expense under each of the following independent assumptions. Show all your workings. (a) 6 percent of outstanding accounts receivable are uncollectible. (b) 3 percent of 2021 net sales are uncollectible. (c) An aging schedule of the accounts shows that RM42,800 of the accounts are uncollectible.
A trial balance before adjustments included the following: Debit Credit Sales $1650000 Sales returns and allowance $56400 Accounts receivable 160000 Allowance for doubtful accounts 2120 If the estimate of uncollectible accounts is made by taking 6% of gross accounts receivables, the amount of the adjustment is $9473. $11720. $7480. $9600.
Journalize the following transactions using the allowance method of accounting foruncollectible receivables:Sep 1. Received $600 from Jane and wrote off the remainder owed of $1350 as uncollectible.Nov15.Reinstated the account Jane that had been written off on Sep 1 and received $1350 cash in full payment.
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.
Use the following information for the next questions:A trial balance before adjustments included the following:CreditSales₱425,000Sales returns and allowance Accounts receivableAllowance for doubtful accounts₱14,000 53,0007609,000Debit If the estimate of uncollectibles is made by taking 10% of gross account receivables, the amount of the adjustment is
At December 31, 2019, SoundMaster Company reported this informationon its balance sheet.Accounts receivable $960,000Less: Allowance for doubtful accounts 78,000During 2019, the company had the following transactions related to receivables.1. Sales on account $3,600,0002. Sales returns and allowances 150,0003. Collections of accounts receivable 3,100,0004. Write-offs of accounts receivable deemed uncollectible 92,0005. Recovery of bad debts previously written off as uncollectible 28,000 Instructionsa) Prepare the journal entries to record each of these five transactions. Assumethat no cash discounts were taken on the collections of accounts receivable.(Omit cost of goods sold entries.)b) Enter the January 1, 2019, balances in Accounts Receivable andAllowance for Doubtful Accounts, post the entries to the two accounts(use T-accounts), and determine the balances.c) Prepare the journal entry to record bad debt expense for 2019, assumingthat aging the accounts receivable indicates that…
REI Co-Op Inc. has the following unadjusted year end trial balance information available for 2022. 48 49 Credit Sales 50 Ending accounts receivable balance 51 Ending allowance for credit losses balance 52 Estimated uncollectibles 52 REI Co-Op 4,800,000 700,000 150,000 2% If REI Co-Op. uses the sales revenue approach for estimating the allowance for credit losses. What is the new ending allowance for credit loss balance after the proper adjustments to the accounts are recorded: Please round to the nearest whole number.