ABC Company has the following accounts and normal balances: Cash Accounts Receivables $4,000 $8,000 Allowance for Doubtful Accounts $500 Accounts Payable Unearned Revenue Revenue Rent Expense Wage Expense Capital $2,500 $4,000 $9,000 $1,000 $4,000 $1,000 Assuming no adjusting journal entries are made, Net Income would equal: a. $18,000 b. $15,000 c. $7,000 d. $4,000

b. Show how the Accounts Receivable account and the Allowance for Doubtful Accounts would appear on the December 31 balance sheet. Note: Do not use negative signs with any of your answers. Balance Sheet (excerpt) Current assets Cash $ XX,XXX Accounts receivable 2$ 560,000 Less Allowance for doubtful accounts + (13,400) Inventory XXX,XXX Other current assets X,XXX Total Current Assets $XXX,XXX

Match the term with its definition. Allowance Method Cash Factoring Net Realizable Value Percentage-of-Receivables Method Restricted Cash A procedure that records unc [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 18 Hours, 38 Minutes, 32 Seconds The amount of the accounts receivable balance that the company actually expects to receive. Correct Answer A procedure that records uncollectible accounts by recording the bad debt expense on an estimated basis in the accounting period in which the sale on accout takes place. C A method of selling accounts receivable where the seller guarantees payment to the purchaser in the event the debtor fails to pay. Correct Answer short term investments with a maturity date of three months or less Generated through transactions from customers for goods bought or services rendered. Correct Answer When material, is required to be segregated and shown as either a current or long term asset on the balance sheet depending on it's expected…

Receivables on the Balance Sheet Identify any errors in the following partial balance sheet. Napa Vino CompanyBalance SheetDecember 31, 20Y6 Assets Current assets:        Cash     $78,500  Notes receivable $300,000      Interest receivable (4,500)        Notes receivable, net     295,500  Accounts receivable $1,200,000      Allowance for doubtful accounts 11,500        Accounts receivable, net     1,211,500   The interest receivable should be  . The allowance for doubtful accounts should be  .

How do I solve Cash Net Realizable Value based on this journal entry?

Answer only please.

K. Brant D. Eaton S Klein C. Sheen Total % uncollectible Account No. 1 2 3 4 5 6 7 $800 Debit 500 300 5 550 At the beginning of the period, ABC had balances in Accounts Receivable of $100,000 and in Allowance for Doubtful Accounts of $56 (credit). Prepare a journal entry to record the above estimate using the following Chart of Account. Chart of Account 200 200 2,050 500 2% Description Cash $600 $200 150 Sales Revenue Credit 200 600 350 200 400 5% 10% 25% 50% Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Sales Return and Allowance Sales Discount Enter the Account No. and amount for the entry. 400 Amount 269

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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

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