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

The allowance for uncollectible accounts currently has a credit balance of $200 the company's management estimates that 2.5% of net credit sales will be uncollectible net credit sales or 115, 000 what will be the balance of allowance for collectible accounts reported on the balance sheet once the adjustment is made assuming the percent of sales method is used

Assume Simple Company had credit sales of $243,000 and cost of goods sold of $143,000 for the period. Simple uses the percentage of credit sales method and estimates that 2 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $180. Required: What amount of Bad Debt Expense would the company record as an end-of-period adjustment?

Percent of sales method At the end of the current year, Accounts Receivable has a balance of $745,000; Allowance for Doubtful Accounts has a credit balance of $6,500; and sales for the year total $3,350,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ X b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ X Allowance for Doubtful Accounts $ X Bad Debt Expense $ X c. Determine the net realizable value of accounts receivable. < $ X

At December 31, Gill Co. reported accounts receivable of $236,000 and an allowance for uncollectible accounts of $1,450 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Multiple Choice $1,450 $4.980 $3,270. $4,720

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 $410 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $7,690. Amount added Ending balance b. Credit balance of $410 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 1% of credit sales, which totaled $1,032,000 for the year. Amount added Ending balance LA ?

The trial balance before adjustment of Ehrlich Company reports the following balances:                                                                                           Dr.                   Cr.    Accounts receivable                                                $420,000 Allowance for doubtful accounts (debit balance)    $  5,000 Sales (all on credit)                                                                         2,000,000 Sales returns and allowances                                     70,000   Instructions – show all calculations   a. Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable.   b. Prepare the entry for the estimated bad debts assuming that the company estimates bad debts based on the percentage of sales method, using 2% of net sales.

None

A 1.

At December 31, Gill Co. reported accounts receivable of $281,000 and an allowance for uncollectible accounts of $1,600 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Multiple Choice $8,340. $1,600. $8,430. $6,830.