Accounts receivable has a balance of 500,000 It is estimated that 50% of this is uncollectible. Allowance for Bad Debt has a balance of P 10,500. What is the adjusting entries at December 31,2019?
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Accounts receivable has a balance of 500,000 It is estimated that 50% of this is uncollectible. Allowance for
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- Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.GIVEN: THE ESTIMATED PERCENTAGE OF UNCOLLECTIBLE ACCOUNTS RECEIVABLE FOR THE YEAR 2020 IS 5% THE GROSS RECEIVABLE IS 844,000 AND THE ALLOWANCE FOR BAD DEBTS IS 238,000 1. record the adjusting entries for the provision of the estimated uncollectible accounts receivable on dec 31,2020 if the 5% is applied to the gross receivable. 1. DR. =? 2.=? 3. CR. =? 4. =? 2. record the adjusting entries for the provision og the estimated uncollectible accounts receivable on dec 31, 2020 if the 7% is applied to gross receivable/ 5. DR. =? 6. =? 7. CR. =? 8. =? Choose from the following accounts for the correct account of adjusting entries: A. ACCUMULATED DEPRECIATION - EQUIPMENT B. ALLOWANCE FOR DOUBTFUL ACCOUNTS C. ACCOUNTS RECEIVABLE D. BAD DEBTS EXPENSE E. DEPRECIATION EXPENSE F. EQUIPMENTAccounts receivable has a balance of 50,000 It is estimated that 5% of this isuncollectible. Allowance for Bad Debt has a balance of 1,500. What is the adjusting entries at December 31,2018?
- The Allowance for Bad Debts account has a credit balance of $5,000 before the adjusting entry for bad debts expense. The company's management estimates that 4% of net credit sales will be uncollectible for the year 2019. Net credit sales for the year amounted to $260,000. What is the amount of Bad Debts Expense reported on the income statement for 2019? A. $15,400 O B. $5,200 XC. $5,400 D. $10,400 ls Next Borrect answers. CoOn December 31, 2019, the end of X Company's accounting period, the company has outstanding Accounts Receivable of P400,000. The company estimates that 5% of these receivables might not be collected. If there is P12,000 (credit) balance for Allowance for Uncollectible Accounts, how much is required balance of the Allowance for Uncollectible Accounts?As at 30 March 2020 , the accounts receivable balance is $10,000. The allowance for doubtful account balance is $200(credit balance). The management determined to write off an accounts receivable of $400 and accounting entries (following IFRS) were recorded on 30 March 2020. At 31 March 2020. The management estimated that 8% of the outstanding accounts receivable balance is uncollectible. The adjusting entries for bad debt expense to be prepared on 31 March 2020 is $____________. (Assumption: the company prepares the financial statements on an annual basis)
- Before year-end adjusting entries, VKS Company's account balances at December 31, 2021, for accounts receivable and the related allowance for uncollectible accounts were P500,000 and P45,000, respectively. An aging of accounts receivable indicated that P62,500 of the December 31 receivables are expected to be uncollectible. How much is the net realizable value of accounts receivable after adjustment?Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 dayspast due 31-90 dayspast due Over 90 dayspast due Accounts receivable amount $52,000 $31,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 dayspast due 61-120 dayspast due Over 120 dayspast due Accounts receivable Amount $82,000 $15,000 $8,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 dayspast due 31-90 dayspast due Over 90 dayspast due Accounts receivable amount $52,000…Oregon Ltd's account balances at December 31, 2021, before adjusting entries, include: Accounts receivable: $156,000 Allowance for doubtful accounts: $1,900 All account balances are normal balances. After reviewing the receivables balance, management estimates that $5,000 of the accounts receivable will be uncollectible. The required adjusting entry would include a credit to the allowance account in the amount of: Question 5 options: $1,900 $6,900 $5,000 $3,100
- At December 31, 2018, the Leni Inc. account balances before the year-end adjusting entries are the following, Accounts receivable- P50000 Allowance for uncollectible accounts P4500 According to aging of accounts receivable, P6250 of the December 31 receivables are expected to be uncollectible. How much is the net realizable value of accounts receivable after adjustment?ABC Company has an allowance for uncollectible accounts balance of P34,000 at January 1, 2020. During 2020, accounts totaling P47,000 were written off. Accounts written off in prior years amounting to P7,000 were recovered during the year. At December 31, 2020, an aging of its accounts receivable showed: (See the picture attached) What is the net realizable value of the accounts receivable? A. P588,400 B. P594,400 C. P600,400 D. P606,400A company reports the following amounts at the end of 2024 (before adjustment). Credit Sales for 2024 Accounts Receivable, December 31, 2024 Allowance for Uncollectible Accounts, December 31, 2024 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates 11% of receivables will not be collected. 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 1% of credit sales will not be collected. 3. Calculate the effect on net income (before taxes) and total assets in 2024 for each method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates 11% of receivables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the…