A company had a beginning Accounts Receivable balance of $939,400 and a credit balance of $1,200 in the Allowance for Doubtful Accounts. During the month, total sales of $5,275,000 were made. Of the total sales, $4,150,000 were credit sales while the remaining amount was cash sales. The company collected $3,825,000 from customers for amounts owed. It estimates that 0.5% of credit sales are uncollectible. Prepare the adjusting entry at the end of the month. Account Names DR CR  Blank 1. Fill in the blank, read surrounding text.  Blank 2. Fill in the blank, read surrounding text.  Blank 3. Fill in the blank, read surrounding text.  Blank 4. Fill in the blank, read surrounding text.  Blank 5. Fill in the blank, read surrounding text.  Blank 6. Fill in the blank, read surrounding text.  Blank 7. Fill in the blank, read surrounding text.  Blank 8. Fill in the blank, read surrounding text.  Blank 9. Fill in the blank, read surrounding text.  Blank 10. Fill in the blank, read surrounding text.  Blank 11. Fill in the blank, read surrounding text.  Blank 12. Fill in the blank, read surrounding text.  Blank 13. Fill in the blank, read surrounding text.  Blank 14. Fill in the blank, read surrounding text.  Blank 15. Fill in the blank, read surrounding text.  Blank 16. Fill in the blank, read surrounding text. Show your calculation here  Blank 17. Fill in the blank, read surrounding text.

Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.

Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.

At the beginning of the current period, Azim Enterprises Ltd. had balances in Accounts Receivable of $2.1 million and in Allowance for Doubtful Accounts of $144,000 (credit). During the period, Azim had credit sales of $4.3 million with cost of goods sold of $3.1 million and collections of $5.2 million. It wrote off $185,000 of accounts receivable. However, a $28,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $85,000 at the end of the period. Instructions Prepare the entries to record sales and collections during the period. Prepare the entry to record the write off of the $185,000 of accounts deemed uncollectible during the period. Prepare the entry(ies) to record the collection of the $28,000 account written off as part of the uncollectible accounts in part (b). Prepare the entry to record bad debts expense for the period. Prepare T accounts for Accounts Receivable and Allowance for…

The income statement approach to estimating uncollectible accounts expense is used by Burgess Wholesale. On March 31 the firm had accounts receivable in the amovnt of $630,000. The Allowance for Doubtful Accounts had a credit balance of $3,950. The controller estimated that uncollectible accounts expense would amount to one-half of 1% of the $5,200,000 of net sales made during March. This estimate was entered in the accounts by an adjusting entry on March 31. On April 12, an account receivable from Conrad Stern of $3,110 was deter- mined to be worthless and was written off. However, on April 24, Stern won several thousand dollars on a TV game show and immediately paid the $3,110 past-due EXERCISE 8-3 Accounting for Uncollectible Accounts-The "Income State- ment" Method account. INSTRUCTIONS Prepare four journal entries in general journal form to record the above events.

On January 1, the Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $40,000 and $1,500 respectively. During the year, the company reported $80,000 of credit sales. There were $500 of receivables written off as uncollected during the year. Cash collections of receivables amounted to $78,200. The company estimates that it will be unable to collect 4% of the year-end accounts receivable balance. The net realizable value of receivables appearing on the balance sheet will amount to

During the current year, Watanabe’s Camera Shop had sales revenue of $210,000, of which $86,400 was on credit. At the start of the current year, Accounts Receivable showed a $19,200 debit balance and the Allowance for Doubtful Accounts showed a $440 credit balance. Collections of accounts receivable during the current year amounted to $72,000. The Company uses the percentage of receivables method to account for its estimated uncollectible accounts.   Data during the current year follow:   a. On December 31, an Accounts Receivable from a deadbeat customer (Melania Trump, Wedding Photographer) of $3,400 from a prior year was determined to be uncollectible; therefore it was written off immediately as a bad debt.   b. On December 31, on the basis of experience, a decision was made to continue the accounting policy of basing estimated uncollectible accounts on 2 percent of the end balance of accounts receivable.   What is the Company’s bad debt expense for the year?

On June 30, Premier Party Planners had a $35,000 balance in AccountsReceivable and a $2,752 credit balance in Allowance for Uncollectible Accounts. DuringJuly, Premier made credit sales of $193,000. July collections on account were $164,000,and write-offs of uncollectible receivables totaled $2,870. Uncollectible-accounts expense isestimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold.Requirements1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-accountexpense by the allowance method during July. Explanations are not required.2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts,and Net Accounts Receivable at July 31. How much does Premier expect to collect?3. Show how Premier Party Planners will report accounts receivable and net sales on its July31 balance sheet and income statement for the month ended July 31.

Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000. Determine how much cash was paid on accounts payable during October. On September 30, Valerian Co. had a $102,500 balance in Accounts Receivable. During October, the company collected $102,890 from its credit customers. The October 31 balance in Accounts Receivable was $89,000. Determine the amount of sales on account that occurred in October. During October, Alameda Company had $102,500 of cash receipts and $103,150 of cash disbursements. The October 31 Cash balance was $18,600. Determine how much cash the company had at the close of business on September 30. Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000. Determine how much cash was paid on accounts payable during October.

During the current year, Khan’s Camera Shop had sales revenue of $220,000, of which $100,800 was on credit. At the start of the current year, Accounts Receivable showed a $22,400 debit balance and the Allowance for Doubtful Accounts showed a $1,210 credit balance. Collections of accounts receivable during the current year amounted to $84,000. The Company uses the percentage of receivables method to account for its estimated uncollectible accounts.   Data during the current year follow:   a. On December 31, an Accounts Receivable from a deadbeat customer (Melania Trump, Wedding Photographer) of $2,800 from a prior year was determined to be uncollectible; therefore it was written off immediately as a bad debt.   b. On December 31, on the basis of experience, a decision was made to continue the accounting policy of basing estimated uncollectible accounts on 3 percent of the end balance of accounts receivable.   What is the Company’s bad debt expense for the year?