Amounts owing by customers amounted to £650,000 at 31 December 2020. The  business sets the provision for doubtful debts at 2.5% of trade receivables. The  provision for doubtful debts at 31 December 2020 amounted to £19,340. The final adjustment relating to doubtful debts in the accounts for the year ended 31 December 2020 will be: a) Dr Doubtful debts charge 16,250 Cr Trade receivables 16,250 b) Dr Doubtful debts charge 3,090 Cr Doubtful debts provision 3,090 c) Dr Doubtful debts provision 3,090 Cr Doubtful debts charge 3,090 d) Dr Doubtful debts charge 16,250 Cr Doubtful debts provision 16,250

At 30 June 2018 a company’s allowance for receivables was £39,000 At June 2019, trade receivables totalled £517,000. The company decided to write off debts totalling £37,000. The receivables allowance was to be adjusted to an amount equals to 5% of the trade receivables based on the post events.   What figure should appear in the statement of profit and loss account for the year ended 30 June 2019?

Blossom Company has accounts receivable of $92,000 at March 31, 2025. Credit terms are 2/10, n/30. At March 31, 2025, there is a $2,200 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Age of Accounts 2025 2024 Uncollectible Current $61,600 $78,910 2 % 1-30 days past due 14,100 7,420 5 31-90 days past due 9,500 2,280 31 Over 90 days past due 6,800 1,200 52 $92,000 $89,810 Determine the total estimated uncollectibles at March 31, 2025. Total estimated uncollectibles Touth

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Ivanhoe Company provides for doubtful accounts based on 4.0% of credit sales. The following data are available for 2020: Credit sales during 2020   $3,020,000 Allowance for doubtful accounts 1/1/20   37,700 Collection of accounts written off in prior years     (customer credit was re-established)   15,500 Customer accounts written off as uncollectible during 2020   36,100 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20   $Enter your answer in accordance to the question statement

8. For the year ended, December 31, 2020, GERBERA Company estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts, 1/1/20 -₱56,000; Provision for uncollectible accounts during 2020 ( 2% on credit sales of ₱2,000,000) -₱40,000; Uncollectible accounts are written off, 11/30/20 -₱46,000; Estimated uncollectible account per aging, 12/31/20 -₱69,000. After the year-end adjustment, the uncollectible accounts expense for 2020 should be? * PLEASE SHOW YOUR SOLUTIONS IN GOOD ACCOUNTING FORM. THANK YOU

At 1 January 20X5 a company had an allowance for receivables of $18,000 At 31 December 20X5 the company's trade receivables were $458,000. It was decided: (a) To write off debts totalling $28,000 as irrecoverable (b) To adjust the allowance for receivables to the equivalent of 5% of the remaining receivables based on past experience What figure should appear in the company's statement of profit or loss for the total of debts written off as irrecoverable and the movement in the allowance for receivables for the year ended 31 December 20X5?

Robertson's account balances at the business year-end show a figure for trade receivables of £103,100. Included in this figure is an amount of £6,500 owed by Reece, which will not be received. Robertson usually creates a provision for doubtful debts of 2% of trade receivables.  The figure for trade receivables on the statement of financial position at the year-end should be:

The information in the following table relates to the accounts receivable and allowance for doubtful debts of Prime Moving Ltd. The company’s accounting period ends on 30 June each year. The company policy is to provide an allowance for doubtful debts at the rate of 3% of accounts receivable at 30 June each year. The balance of the Allowance for Doubtful Debts account on 1 July 2019 was $10 000. The following information is given for the year ending 30 June 2020 and 30 June 2021, to determine the bad debts expense for each year and the balance of allowance for doubtful debts at the end of each year.     2020 2021 Accounts receivable (ending balance at 30 June) $400,000 $450,000 Bad debts written off during the year 6,000 0 Allowance for doubtful debts at 1 July (Beginning of the period) (a) (d) Bad debts expense for the year (b) (e) Allowance for doubtful debts at 30 June (Ending balance) (c) (f)   Required: Determine the missing…

Zebra Company reported the following for 2022: Credit sales = $419884 Accounts Receivable = $16376 Allowance for Doubtful Accounts = $291 (credit balance) Bad Debt is estimated at 0.31 of 1% of sales   After the adjusting entry is recorded, what is the value of Allowance for Doubtful Accounts? ROUND TO THE NEAREST DOLLAR