Accounts Receivable-A. Hopkins3,000Bad debts expense3,000Cash3,000Accounts Receivable-A. Hopkins3,000CashAccounts Receivable-A. HopkinsAccounts Receivable-A. HopkinsAllowance for Doubtful Accounts3,0003,0003,0003,000OAllowance for Doubtful AccountsAccounts Receivable-A. Hopkins3,0003,000Allowance for Doubtful AccountsBad debts expense3,0003,000 Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $3,000uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is:Multiple ChoiceAccounts Receivable-A. Hopkins3,000Bad debts expense3,000Cash3,000Accounts Receivable-A. Hopkins3,000OCashAccounts Receivable-A. Hopkins.Accounts Receivable-A. HopkinsAllowance for Doubtful Accounts3,0003,0003,0003,000Allowance for Doubtful AccountsAccounts Receivable-A. Hopkins3,0003,000

If the doubtful accounts are subsequently found to be worthless, the accounts are written off as…

Answered: Accounts Receivable-A. Hopkins 3,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. What amount was received from the note receivable discounting? a. 4,017,000b. 4,120,000c. 4,103,000d. 3,965,500 2. What amount should be reported as loss on note receivable discounting? a. 40,000b. 23,000c. 17,000d. 20,000
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Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are RM250,000. If the balance of the Allowance for Doubtful Accounts is RM60,000 debit before adjustment, what is the amount of bad debts expense for that period? O A. RM250,000 B. RM60,000 O C. RM310,000 D. RM190,000
1 Calculate, record, post, and analyze the adjustment to recognize bad debt expense under the following information provided: Account DR CR Accounts receivable Allowance for doubtful accounts 365,000 15,000 Net credit sales 827,000 Amount % Estimated Total Estimated Number of Days Outstanding Receivable Uncollectible Uncollectible 0-30 175,000 1.00% 31-60 80,000 2.00% 61-90 50,000 42,000 18,000 5.00% Page 1 91-120 20.00% Over 120 40.00% TOTALS 365,000 Page 2 General Ledger Accounts Receivable A Allowance for Doubtful XA Bad Debt Expense E Debit Credit Debit Credit Debit Credit Transaction Analysis ASSETS LIABILITIES EQUITY REVENUES EXPENSES NET INCOME + General Journal DR CR 2 What is the net realizable value of Accounts receivable?
reduction in the allowance in the financial statements. Which of the following explains 84. An increase in an allowance for receivables of $8,000 has been treated as a ACCA Introduction Vũ Ha Thenh A. Irrecoverable debts В. Receivables Receivables C. Irrecoverable debts Allowance for receivables Receivables D. Receivables Allowance for receivables the resulting effects? A. Net profit is overstated by $16,000, receivables overstated by $8,000 B. Net profit understated by $16,000, receivables understated by $16,000 C. Net profit overstated by $16,000, receivables overstated by $16,000 D. Gross profit overstated by $16,000, receivables overstated by $16,000 85. At 1 January 20X1, there was an allowance for receivables of $3,000. During the year, $1,000 of debts were written off as irrecoverable, and $8,00 o debts previously written off were recovered. At 31 December 20X1, it was decided to adjust the allowance for receivables to 5% of receivables which are $20,000. What is the total…
(b) (c) (d) Allowance for Doubtful Accounts Accounts Receivable Cash Bad Debt Expense (To reinstate account previously written off) Bad Debt Expense Allowance for Doubtful Accounts (To record the recovery of the uncollectible account during the period) 6500 3300 6500 3300 00 00
Multiple Choice Bad Debts Expense Allowance for Doubtful Accounts Accounts Receivable Bad Debts Expense Sales 21,750 21,750 21,750 575 22,325 Bad Debts Expense 22,325 Allowance for Doubtful Accounts 22,325 Bad Debts Expense Allowance for Doubtful Accounts 21,175 21,175 Accounts Receivable 22,325 Allowance for Doubtful Accounts 22,325
Bad Debts Expense Allowance for Doubtful Accounts 23,295 23,295 Accounts Receivable 24,205 Allowance for Doubtful Accounts 24,205 Bad Debts Expense 24,205 Allowance for Doubtful Accounts 24,205 Bad Debts Expense Allowance for Doubtful Accounts Accounts Receivable Bad Debts Expense Sales 23,750 23,750 23,750 455 24,205
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…
Accounting
From page 5-3 of the VLN, what is the appropriate relationship to compute net accounts receivable? Accounts receivable - Allowance for uncollectible accounts Accounts receivable - bad debt expense Accounts receivable - accumulated depreciation

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