evables, Inc., has the following account balances at the end of the year before adjustments: Accounts Receivable $60,000 Allowance for Doubtful Accounts $100 debit balance Sales $600,000 Doubtful Accounts Expense $0 Management estimates that 13% of Accounts Receivable will be uncollectible. After the correct adjusting entry has been made, what is theAllowance for Doubtful Accounts balance on the balance sheet at year end?

What amount should be reported as doubtful accounts expense for the current year?   Please include solutions with the answers. Thank you!

At the end of the current year, Accounts Receivable has a balance of $700,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and net sales for the year total $3,500,000.  Bad debt expense is estimated at 1/2 of 1% of net sales.   Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance of Doubtful Accounts; and Bad Debt Expense; and (c) the net realizable value of accounts receivable

At the end of the year, Mercy Cosmetics' balance of Allowance for Uncollectible Accounts is $440 (credit) before adjustment. The balance of Accounts Receivable is $17,000. The company estimates that 12% of accounts will not be collected over the next year. What adjustment would Mercy Cosmetics record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Allowance for Doubtful Accounts has a credit balance of $1,468 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $20,012. Which of the following entries records the proper adjustment for bad debt expense? a.debit Allowance for Doubtful Accounts, $18,544; credit Bad Debt Expense, $18,544 b.debit Bad Debt Expense, $18,544; credit Allowance for Doubtful Accounts, $18,544 c.debit Allowance for Doubtful Accounts, $21,480; credit Bad Debt Expense, $21,480 d.debit Bad Debt Expense, $21,480; credit Allowance for Doubtful Accounts, $21,480

Tanning Company analyzes its receivables to estimate uncollectible accounts. The accounts receivable balance is $368,000 and credit sales are $1,000,000. An aging of accounts receivable estimates that $29,440 of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? a. Account Debit Credit Bad Debt Expense 29,440   Allowance for Doubtful Accounts   29,440  b. Account Debit Credit Bad Debt Expense 27,440   Allowance for Doubtful Accounts   27,440  c. Account Debit Credit Bad Debt Expense 94,320   Allowance for Doubtful Accounts   94,320  d. Account Debit Credit Bad Debt Expense 31,440   Allowance for Doubtful Accounts   31,440

Prepare the year-end adjusting entry for bad debts according to each of the following situations: Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable.

Fernández Company uses the allowance method of accounting for uncollectible accounts. The following summary schedule was prepared from an aging of accounts receivable outstanding on December 31 of the current year. Number of Days Outstanding 0-31 days 31-60 days Over 60 days Amount $500,000 200,000 100,000 The following additional information is available for the current year: Net credit sales for the year Loss allowance: Balance, January 1 Balance before adjustment, December 31 Probability of Collection 0.98 0.90 0.80 A. $752,000 B. $48,000 C. $50,000 D. $748,000 $4,000,000 45,000 (cr.) 2,000 (cr.) B If Fernández bases its estimate of uncollectible accounts on the aging of accounts receivable, Expected Credit Loss for the current year ending December 31 is

At the end of the current year,  Accounts receivable account has a debit balance of $2,700,000 and sales for the year total $32,400,000.  Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions: The allowance account before adjustment has a debit balance of $27,100.  Bad debt expense is estimated at ½ of 1% of sales The allowance account before adjustment has a debit balance of $27,100.  An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $128,000. The allowance account before adjustment has a credit balance of $17,900.  Bad debt expense is estimated at ¾ of 1% of sales. The allowance account before adjustment has a credit balance of $17,900.  An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $279,000.

Indiana Bones, Inc., has the following account balances at the end of the year before adjustments: Accounts Receivable $60,000 Allowance for Doubtful Accounts $800 credit balance Sales $900,000 Doubtful Accounts Expense 0 Management estimates that 11% of accounts receivable will be uncollectible. After the correct adjusting entry has been made, Doubtful Accounts Expense on the income statement for the year equals: