At the end of the current year, Accounts Receivable has a balance of $926,220 Allowance forDoubtful Accounts has a credit balance of $5,149 and sales for the year total $3,960,000. Baddebt expense is estimated at 2 of 1% of sales.a. Determine the amount of the adjusting entry for bad debt expense.b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts,and Bad Debt Expense.Adjusted BalanceAccounts Receivable$4Allowance for Doubtful AccountsBad Debt Expensec. Determine the net realizable value of accounts receivable.2$

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Description: At the end of the current year, Accounts Receivable has a balance of $926,220 Allowance forDoubtful Accounts has a credit balance of $5,149 and sales for the year total $3,960,000. Baddebt expense is estimated at 2 of 1% of sales.a. Determine the am

Allowance for doubt full debt means a provision which is made for bad debts in future on the basis…

Business

Accounting

At the end of the current year, Accounts Receivable has a balance of $926,220 Allowance for Doubtful Accounts has a credit balance of $5,149 and sales for the year total $3,960,000. Bad debt expense is estimated at ½ of 1% of sales. a. Determine the amount of the adjusting entry for bad debt expense. 2$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $4 Allowance for Doubtful ACcounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. $

At the end of the current year, Accounts Receivable has a balance of $926,220 Allowance for Doubtful Accounts has a credit balance of $5,149 and sales for the year total $3,960,000. Bad debt expense is estimated at ½ of 1% of sales. a. Determine the amount of the adjusting entry for bad debt expense. 2$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $4 Allowance for Doubtful ACcounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. $

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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Allowance for Doubtful Accounts has a debit balance of $387 at the end of the year (before adjustment), and Bad Debt Expense is estimated at 2% of sales. If net sales are $971,200, the amount of the adjusting entry to record the estimate of the uncollectible accounts is $387 $19,811 $19,037 $19,424
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $3,460,000; Allowance for Doubtful Accounts has a debit balance of $12,500; and sales for the year total $46,300,000. Bad Debt Expense is estimated at % of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.
Allowance for Doubtful Accounts has a debit balance of $766 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates uncollectible receivables of $15,294. Which of the following entries records the proper adjusting entry for bad debt expense? a.debit Bad Debt Expense, $14,528 credit Allowance for Doubtful Accounts, $14,528 b.debit Bad Debt Expense, $766 credit Allowance for Doubtful Accounts, $766 c.debit Allowance for Doubtful Accounts, $15,294 credit Bad Debt Expense, $15,294 d.debit Bad Debt Expense, $16,060 credit Allowance for Doubtful Accounts, $16,060
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $670,000; Allowance for Doubtful Accounts has a debit balance of $6,000; and sales for the year total $3,020,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $29,400. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. %24 %24 %24 %24 %24
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Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $4 Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.
2. D’Costa Company uses the allowance method of handling credit losses. It estimates losses at 2% of credit sales, which were $1,800,000 this year. At December 31 of this year, the Accounts Receivable balance is $270,000, and the Allowance for Doubtful Accounts has a $3,600 credit balance before adjustment. a. Give the adjusting entry to record bad debts expense for this year. b. What net amount of accounts receivable would appear on the December 31 balance sheet this year? c. Assume that D’Costa Company uses aged accounts receivable as a basis of estimating credit losses, instead of a percent of credit sales. If the firm estimates that $22,800 of the accounts will prove uncollectible, what adjusting entry would D’Costa Company make to record the bad debts expense for this year?
At the end of the current year, Accounts Receivable has a balance of $128,310; Allowance for Doubtful Accounts has a debit balance of $3,095; and sales for the year total $947,000. Bad debt expense is estimated at 1/2 of 1% of sales. a. Determine the amount of the adjusting entry for bad debt expense.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts fill in the blank 3 Bad Debt Expense fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5
Allowance for Doubtful Accounts has a credit balance of $613 at the end of the year (before adjustment), and bad debt expense is estimated at 3% of credit sales. If credit sales are $604,400, the amount of the adjusting entry to journalize the estimated uncollectible accounts receivable is a. $18,745 b. $17,519 c. cannot determine without more information d. $18,132
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Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $545,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,450,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $22,500. a. Determine the amount of the adjusting entry for uncollectible accounts.$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ c. Determine the net realizable value of accounts receivable.$
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $790,000; Allowance for Doubtful Accounts has a debit balance of $7,000; and sales for the year total $3,560,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $37,800. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.