Crane Company provides for doubtful accounts based on 4.5% of credit sales. The following data are available for 2020: Credit sales during 2020   $3,190,000 Allowance for doubtful accounts 1/1/20   35,500 Collection of accounts written off in prior years      (customer credit was re-established)   15,300 Customer accounts written off as uncollectible during 2020   35,400 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

Blunt Company makes credit sales of $21,000 during the month of February 2019. During 2019, collections are received on February sales of $20,400, accounts representing $600 of these sales are written off as uncollectible, and a $100 account previously written off is collected.     Required: 1. Prepare the journal entries necessary to record the preceding information if (a) bad debts are estimated as 3% of credit sales at the time of sale and (b) the bad debts are recorded as they actually occur. 2. Next Level Which method—recording bad debts at the time of sale or when they actually occur—is preferred? Why? 1a. Assume that bad debts are estimated as 3% of credit sales at the time of sale. Prepare the journal entries to record the credit sales for February and the related estimate of uncollectible accounts on February 28. Next, record the collections on account, the amount that was written off, and the collection of the account that had been previously written off. 1b.…

Suzuki Supply reports the following amounts at the end of 2021 (before adjustment).           Credit Sales for 2021 $ 251,000     Accounts Receivable, December 31, 2021   46,000     Allowance for Uncollectible Accounts, December 31, 2021   1,100   (Credit)     Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12% of receivables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Information related to Lady Gangster Ltd. For 2021 is summarized below: Total credit sales L5,000,00 Accounts receivable at December 31 1,750,000 Bad debts written off 66,000 Required: b. Assume that Lady Gangster Ltd. estimates its bad debts expense based on 8% of accounts receivable. What amount of bad debts expense will Lady Gangster record if it has an Allowance for Doubtful Accounts credit balance of L6,000?

Harlan Company uses the Allowance method for accounting for receivables. They had the following information as of December 31, 2022: Net Credit Sales, year 2022   6,867,750     Accounts Receivable, December 31, 2021   655,000     Accounts Receivable, December 31, 2022   745,000     Allowance for Doubtful Accounts, December 31, 2022   4,350   Credit Harlan Company estimates that 2% of the Accounts Receivable will become uncollectible. What are some things that a company can do to improve the collection of its Accounts Receivable?  On January 7, 2023 it was determined that Bundy Company’s account in the amount of $3,800 will be uncollectible. Prepare the entry to write off the Bundy Company account.  What is the Cash Realizable Value of the receivables after the write-off of the Bundy Company account?

Mckinney & Co. estimates its uncollectible accounts as a percentage of credit sales. Mckinney made credit sales of' $1,500,000 in 2019. Mckinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.

Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2021, Chez Fred's credit sales and collections were $ 125,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2021, if $180 in accounts receivable were written off during 2021 and if the allowance account had a balance of $750 on December 31, 2021? A) $5,820. B) $31,000. C) $31,180. D) None of these answer choices are correct.

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

Suzuki Supply reports the following amounts at the end of 2021 (before adjustment).Credit Sales for 2021 $260,000 Accounts Receivable, December 31, 2021 55,000 Allowance for Uncollectible Accounts, December 31, 2021 1,100 (credit )Required: 1. Record the adjustment for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12% of receivables will not be collected. 2. Record the adjustment for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 3% of credit sales will not be collected. 3. Calculate the effect on net income (before taxes) and total assets in 2021 for each method.

Current Attempt in Progress Wildhorse Company has accounts receivable of $101,200 at March 31, 2022 Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,300 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. Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Transcribed Text (a) 2022 Balance, March 31 $61,600 22,100 8,600 8,900 2021 $75,000 Total estimated uncollectibles 8,000 2,400 1,100 $101.200 $86,500 Estimated Percentage Uncollectible 3% 5% 23% 50% c Determine the total estimated uncollectibles at March 31, 2022.