Need answer please During the year, Kiner Company made an entry towrite off a $6,000 uncollectible account. Beforethis entry was made, the balance in accountsreceivable was $200,000 and the balance in theallowance account was $16,000. The netrealizable value of accounts receivable after thewrite-off entry was:A. $200,000.B. $184,000.C. $176,000.D. $178,000.

Step 1: Define Accounts ReceivableThe accounts receivable is reported on the company's balance sheet…

Answered: During the year, Kiner Company made an…

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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Dauring the year, Kiner Company made an entry to write off a $32,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $400,000 and the balance in the allowance account was $36,000. The accounts receivable amount expected to be collected after write-off entry was.
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During the year, Blossom Enterprises made an entry to write off an $8100 uncollectible account. Before this entry was made, the balance in accounts receivable was $100100 and the balance in the allowance account was $9100 (credit balance). The net realizable value of accounts receivable before and after the write-off entry was O$100100. Ⓒ$99100. O $82900 O $91000
On January 1, Year 2, the Accounts Receivable balance was $32,900 and the balance in the Allowance for Doubtful Accounts was $4,10o0. On January 15, Year 2, an $1,210 uncollectible account was written-off. The net realizable value of accounts receivable immediately after the write-off is: Multiple Choice $27,590. $31,690. $30,010. $28,800.
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During the year, Jantz Company made an entry to write off a ₱4,000 uncollectible account. Before this entry was made, the balance in accounts receivable was ₱80,000 and the balance in the allowance account was ₱4,500. The net realizable value of accounts receivable after the write-off entry was
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The Accounts Receivable balance for Wedge Company at December 31, 2023, was $27,000. During 2024, Wedge earned revenue of $461,000 on account and collected $324,000 on account. Wedge wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the reguirements. Requirement 1. Assume Wedge had an unadjusted $2,100 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Wedge's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 2. Assume Wedge had an unadjusted $1,800 debit balance in Allowance for Bad Debts at December 31, 2024. Journalize Wedge's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first,…

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