The ledger of the Blossom Company at the end of the current year shows Accounts Receivable of $200,000.(a)If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and uncollectibles are expected to be 8% ofaccounts receivable, journalize the adjusting entry for the end of the period. (Credit account titles are automatically indented whenthe amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)D

Step 1:Computation of the estimated uncollectible receivables:Estimated uncollectible receivables =…

Answered: The ledger of the Blossom Company at…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 10E: Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries...

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Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
The ledger of the Bramble Corp. at the end of the current year shows Accounts Receivable of $248,000. If Allowance for Doubtful Accounts has a credit balance of $4,200 in the trial balance and bad debts are expected to be 9% of accounts receivable, journalize the adjusting entry for the end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount & If Allowance for Doubtful Accounts has a debit balance of $4,200 in the trial balance and bad debts are expected to be 9% of accounts receivable, journalize the adjusting entry for the end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation…
At its fiscal year end, under the aging of a company's accounts receivable, the uncollectible accounts are estimated to be $12,000. The unadjusted balance for the Allowance for Doubtful Accounts is $2,000 credit. Assume the company records adjusting entries only at year end. What is the balance in the Allowance for Doubtful Accounts account after adjustment? A. $14,000 B. $12,000 O C. $10,000 D. $2,000
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $610,084 and Allowance for Doubtful Accounts has a balance of $20,670. What is the net realizable value of the accounts receivable? Select the correct answer. $20,670 $610,084 $630,754 $589,414
Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates that the estimated amount of uncollectible accounts is $16,000. Based on the estimate, which of the following adjusting entries should be made? a.debit Allowance for Doubtful Accounts, $800; credit Bad Debt Expense, $800 b.debit Bad Debt Expense, $16,800; credit Allowance for Doubtful Accounts, $16,800 c.debit Bad Debt Expense, $800; credit Allowance for Doubtful Accounts, $800 d.debit Bad Debt Expense, $15,200; credit Allowance for Doubtful Accounts, $15,200
LKD’s Company ledger at the end of the current year shows Accounts Receivable of $150,000. Instructions a. If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 10% of accounts receivable, journalize the adjusting entry for the end of the period. b. If Allowance for Doubtful Accounts has a debit balance of $3,000 in the trial balance and bad debts are expected to be 10% of accounts receivable, journalize the adjusting entry for the end of the period.
Question 5 of 9 Current Attempt in Progress Journalize the following independent situations. (a) > The ledger of Blossom Company at the end of the current year shows Accounts Receivable $138,000, Credit Sales $841,000, and Sales Returns and Allowances $26,000. Your answer is correct. Date Dec. 15 If Blossom uses the direct write-off method to account for uncollectible accounts, journalize the entry at December 15, if Blossom determines that L. Dole's $2,100 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Bad Debt Expense Accounts Receivable 1 Debit 2100 !!! Credit 2100 :
Sarasota Company has a credit balance of $2,200 in Allowance for Doubtful Accounts before adjustment. The estimated uncollectibles under the percentage-of-receivables basis is $5,100. Prepare the adjusting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $60,500, and it estimates that 3% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,029 credit balance before the adjustment. (b) a $303 debit balance before the adjustment. View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,029 credit balance before the adjustment. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Cle nte
es Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $85,000, and it estimates that 4% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,445 credit balance before the adjustment. (b) a $425 debit balance before the adjustment. View transaction list Journal entry worksheet 1 2 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,445 credit balance before the adjustment. Note: Enter debits before credits. Transaction (a) Record entry General Journal Clear entry Debit Credit View general journal 7
Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $110,500, and it estimates that 2% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,879 credit balance before the adjustment. (b) a $553 debit balance before the adjustment. View transaction list Journal entry worksheet < 1 2 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,879 credit balance before the adjustment. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit
Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $68,000, and it estimates that 3% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,156 credit balance before the adjustment. (b) a $340 debit balance before the adjustment. View transaction list Journal entry worksheet

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