14. On December 31, 2021, Andy Inc. has a debit balance of $1,500 for the Allowance for Uncollectible Accounts before any year-end adjustment. Andy Inc. also has the followin information for its accounts receivable and the estimated percentages of bad debts for different past-due amounts: A. B. C. D. Age Group (days past due) 0-30 31-60 61-90 $6,500. $1,500. $5,000. $8,000. Accounts Receivable $50,000 $20,000 $10,000 Estimated Percent What is the amount of bad debt expense to be reported on Andy Inc.'s financial statements for 2021 using the aging method? Uncollectible 5% 10% 20%

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Accounts receivable has a balance of 500,000 It is estimated that 50% of this is uncollectible. Allowance for Bad Debt has a balance of P 10,500. What is the adjusting entries at December 31,2019?

Blossom Company has accounts receivable of $92,000 at March 31, 2025. Credit terms are 2/10, n/30. At March 31, 2025, there is a $2,200 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Age of Accounts 2025 2024 Uncollectible Current $61,600 $78,910 2 % 1-30 days past due 14,100 7,420 5 31-90 days past due 9,500 2,280 31 Over 90 days past due 6,800 1,200 52 $92,000 $89,810 Determine the total estimated uncollectibles at March 31, 2025. Total estimated uncollectibles Touth

Johnson Company calculates its allowance for uncollectible accounts as 20% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $21,000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $350,200, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 38,400 Required: 1. What was the balance in gross accounts receivable as of 12/31/2020? 2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021. 4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2021? Required 1 Required 2 Required 3 Required 4 What was…

18.   Tangier Company had a January 1, 2022, balance in Allowance for Doubtful Accounts of $7,000 Cr. The following events required journal entries during 2022:             Apr. 15   Diya’s account receivable of $5,700 was deemed uncollectible.             July 1    Nitosa paid the full amount of her previously written-off account receivable. The receivable of $2,300 had been written off in 2021.             Dec. 31   Bad debts expense was estimated to be 2.0 percent of net credit sales, which had amounted to $375,000.         What amount of Allowance for Doubtful Accounts should appear in the December 31, 2022 balance sheet?         a. $6,500         b. $11,100         c. $22,500         d. $17,900 e. None of the above.   19.   Nguyen Company had $250,000 of Accounts Receivable and a $7,500 credit balance in its Allowance for Doubtful Accounts account just prior to writing off a $2,000 uncollectible account of a customer. After the write-off, the carrying amount (NRV-Net Realizable…

The information in the following table relates to the accounts receivable and allowance for doubtful debts of Prime Moving Ltd. The company’s accounting period ends on 30 June each year. The company policy is to provide an allowance for doubtful debts at the rate of 3% of accounts receivable at 30 June each year. The balance of the Allowance for Doubtful Debts account on 1 July 2019 was $10 000. The following information is given for the year ending 30 June 2020 and 30 June 2021, to determine the bad debts expense for each year and the balance of allowance for doubtful debts at the end of each year.     2020 2021 Accounts receivable (ending balance at 30 June) $400,000 $450,000 Bad debts written off during the year 6,000 0 Allowance for doubtful debts at 1 July (Beginning of the period) (a) (d) Bad debts expense for the year (b) (e) Allowance for doubtful debts at 30 June (Ending balance) (c) (f)   Required: Determine the missing…

Wolfpack Inc.’s trial balance indicates the following select account balances at the end of 2022 before the year-end adjustment to record bad debts: Account Debit Credit Account Receivable 700000   Allowance of Doubtful Accounts   8000 Sales Revenue   9000000 A) At the end of 2022, Wolfpack’s management estimates that 3% of its ending gross Accounts Receivable account balance will be uncollectible. How do you prepare the 12/31/22 journal entry to record bad debts expense for 2022? What is the Net Realizable Value? B) Assume that on February 4 of the following year, Wolfpack specifically writes off the receivable balance for one of its customers. The customer owes Wolfpack $4,000. Prepare the specific write-off journal entry to record this uncollectible account.

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