Beginning gross receivables 110 Beginning allowance for bad debts 17 Beginning deferred revenue 87 Ending gross receivables 300 Ending allowance for bad debts 29 Ending deferred revenue Sales 42 542 72 Bad debt expense Cash received from customers ?
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- The trade and other receivables note will include the following items? A.Debtors control + allowance for credit losses - prepaid expenses B.Noneof the above C.Debtors control + allowanceThe trade and other receivables note will include the following items? A. Debtors control + allowance for credit losses - prepaid expenses B. None of the above C. Debtors control - allowance for credit losses - accrued expenses D. Debtors control - allowance for credit losses + prepaid expenses E. Debtors control + allowance for credit losses + prepaid expensesSh15 please give me a detailed explanation with the answer and explain the hows and why as well. Thankyou
- The amount of the adjustment to allowance for uncollectible accounts, representing the cost of estimated future bad debts charged to the current period is known as which of the following: O Amortization Expense O Bad Debt Expense O Sales return O Cost of goods ASUS f3 f4 f5 E3 f6 f7 f9 f10 f11 4. E R Y U 0O D G H JK 08 6 5 图 %24Q4 - Which of the following is a method of accounting for Bad Debts? Percentage of Sales Method а. b. Discounted Method Percentage of Account Receivable Method C. d. Allowance MethodGoods for Less 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. To manage earnings more favorably, Goods for Less considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Describe the categories change effect on net income and accounts receivable.
- Southwest Pedlatrics has the following balances on December 31, 2021, before any adjustment: Accounts Recelvable = $124,000; Allowance for Uncollectible Accounts = $2,100 (debit). On December 31, 2021, Southwest estimates uncollectible accounts to be 20% of accounts recelvable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry Is required for a particular transactlon/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 1 > Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journalon 3 ts) Based on our discussions, why was the Allowance for Bad Debt created? O To record the amount of accounts receivable written off during the period. O To record the net amount of accounts receivable that will be paid. To record the amount of accounts receivable that will most likely never be paid. O To record the net sales amount from the last period that will probably never be paid.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
- (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 00When the allowance method of recognizing bad debt expense is used, the allowance for doubtful accounts would decrease when Account previously written off is collected Specific uncollectible account is written off Specific account receivable is collected Account previously written off becomes collectible5.The amount computed under the percentage of credit sales method is the bad debts expense for the period required balance of the allowance for bad debts the amount to be written off the decrease of the accounts receivable