A trial balance before adjustments included the following:DebitCreditSales$1650000Sales returns and allowance$56400Accounts receivable160000Allowance for doubtful accounts2120If the estimate of uncollectible accounts is made by taking 6% of gross accounts receivables, the amount of the adjustment is$9473.$11720.$7480.$9600.

Provision for uncollectible accounts is created so as to provide for any future bad debt. It is…

A trial balance before adjustments included the following: Debit Credit Sales $1650000 $56400 160000 Sales returns and allowance Accounts receivable 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

A trial balance before adjustments included the following: Debit Credit Sales $1650000 $56400 160000 Sales returns and allowance Accounts receivable 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

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3SEA: UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF RECEIVABLES Britos Hundai Sales and Service estimates the amount...

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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.
UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF RECEIVABLES Britos Hundai Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. Based on aging the accounts, it is estimated that 4,500 will not be collected. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of 710. 2. Allowance for Doubtful Accounts has a debit balance of 305.
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
A trial balance before adjustments included the following: Debit Credit Sales $1630000 Sales returns and allowance $55400 Accounts receivable 166000 Allowance for doubtful accounts 2470 If the estimate of uncollectible accounts is made by taking 8% of gross account receivables, the amount of the adjustment is $13082. $15750. $10810. $13280.
The allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $656 of accounts receivable are uncollectible. Allowance for Doubtful Accounts has a debit balance of $193. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of Oa. $849 Ob. $656 Oc. $193 Od. $463
Assume that accounts receivable and the allowance for doubtful accounts (AFDA) ending balances were OMR500,000 debit and OMR5000 credit balances respectively at December 31, and the uncollectible accounts are estimated to be 5% of accounts receivable. Find out the ending balance of ADFA from the above given information . a . None of the given options b . OMR 30000 C. OMR 25000 d . OMR 20000
How do you adjust this: (Adjusting entry) Allowance for doubtful accounts is ascertained to be 5% of the outstanding accounts receivable, 150000
The allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $844 of accounts receivable are uncollectible. Allowance for Doubtful Accounts has a debit balance of $101. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of a.$743 b.$945 c.$844 d.$101
A trial balance before adjustments included the following: Debit Credit Sales P 425,000 Sales returns and allowances P 14,000 Accounts receivable 53,000 Allowance for doubtful accounts 760 If the estimate of uncollectible is made by taking 10% of gross accounts receivables, the net realizable value of accounts receivable to be reported in the statement of financial position is
A trial balance before adjustments included the following: Debit Credit Sales P 425,000 Sales returns and allowances P 14,000 Accounts receivable 53,000 Allowance for doubtful accounts 760 If the estimate of uncollectible is made by taking 10% of gross accounts receivables, the amount of adjustment is
How do you adjust this: (Adjusting entry) Accounts Receivable 150000 Allowance for Doubtful Accounts 5000 Allowance for doubtful accounts is ascertained to be 5% of the outstanding accounts receivable
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $460 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $7,040. Amount added Ending balance b. Credit balance of $460 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 3% of credit sales, which totaled $1,009,000 for the year. Amount added Ending balance