E7.9 (LO 3) (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Taylor Swift Inc. shows the following balances.                                                                Dr.         Cr. Accounts Receivable                 $90,000     Allowance for Doubtful Accounts    1,750 Sales Revenue (all on credit)                               $680,000 Instructions: Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable  (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,700 credit balance.          (c) Company uses percentage of sales method. Bad debts are estimated at 2% of net credit sales. AFDA has a credit balance of 1,700.

(Recording Bad Debts) Duncan Company reports the following financial information before adjustments. Debit Credit Accounts Receivable $90,000 Allowance for Doubtful Accounts $1,750 Sales Revenue (all on credit) $680,000 Prepare the journal entry to record bad debt expense assuming Duncan Company estimates bad debts at (a) 1% of net sales and (b) 5% of accounts receivable.

The trial balance before adjustment of saturn corp shows the following balances. Dr. P97,400 3,300 Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a P1,857 credit balance. P643,200

At the end of the current year, Accounts Receivable has a balance of $675,000; Allowance for Doubtful Accounts has a debit balance of $5,400; and sales for the year total $3,000,000. An analysis of receivables indicates the uncollectible receivables are estimated to be $45,000. a. Determine the amount of the adjusting entry for bad debt expense.$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

The trial balance before adjustment of Ehrlich Company reports the following balances:                                                                                           Dr.                   Cr.    Accounts receivable                                                $420,000 Allowance for doubtful accounts (debit balance)    $  5,000 Sales (all on credit)                                                                         2,000,000 Sales returns and allowances                                     70,000   Instructions – show all calculations   a. Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable.   b. Prepare the entry for the estimated bad debts assuming that the company estimates bad debts based on the percentage of sales method, using 2% of net sales.

Your answer is partially correct.  Try again.     Concord Company reports the following financial information before adjustments.     Dr.   Cr. Accounts Receivable   $153,000         Allowance for Doubtful Accounts         $3,030   Sales Revenue (all on credit)         834,500   Sales Returns and Allowances   50,540         Prepare the journal entry to record bad debt expense assuming Concord Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $1,540 debit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount i

Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $126,500, allowance for doubtful accounts of $885 (credit) and sales of $1,035,000. If uncollectible accounts are estimated to be 0.6% of sales, what is the amount of the bad debts expense adjusting entry? Multiple Choice $6,210 $5,325 $7,095

The adjusted trial balance before adjustment of Bramble Inc. shows the following balances Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Dr. $95.400 1855 No. Account Titles and Explanation (4) eTextbock and Media List of Accounts Cr Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtfuf Accounts has a $1.805 credit balance of no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually List of debit entries before credit entries $720,800 Debit Credit Attempts 0 of 3used Subm

The following account balances are those of Music Land Supply Company as of December 31, the end of the fiscal year, before adjustments. Accounts Receivable   $ 43,600   Allowance for Doubtful Accounts   180 cr. Credit Sales   470,000   Required: Prepare the necessary adjusting entry to record Bad Debt Expense in each of the following independent cases. a. Uncollectible accounts are estimated at 1.5% of credit sales. If an amount box does not require an entry, leave it blank. Page: 1   DATE DESCRIPTION POST.REF. DEBIT CREDIT   1 Dec. 31 Bad Debt Expense    fill in the blank 56a9ce08f033003_2 fill in the blank 56a9ce08f033003_3 1 2   Allowance for Doubtful Accounts    fill in the blank 56a9ce08f033003_5 fill in the blank 56a9ce08f033003_6 2 b. An aging of the accounts receivable indicates that $6,850 will not be collected. If an amount box does not require an entry, leave it blank. Page: 1   DATE DESCRIPTION POST.REF. DEBIT CREDIT…

17.The following information is provided: Unadjusted balance in Allowance for Doubtful Accounts   $1,100 (debit)Accounts Receivable, December 31                                    245,500Sales Returns and Allowances                                                   5,500Sales                                                                                         850,000Sales Discounts                                                                         15,000 Required:1. Prepare the adjusting entry if bad debts are estimated to be 1.5% of net sales.2. Compute the amount of the adjusting entry if bad debts are estimated to be 3% of ending accounts receivable.