FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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parts need an answer:
Part B: (Allowance for doubtful accounts and the total between
PS: My original answer was 11,917 for allowance for doubtful accounts but it's wrong. I also tried subtracting 164,000 and 11,917 and it didn't work as well. Please help and please provide note work. Thanks
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- answer must be correctarrow_forwardPlease give me an organized response. Thank you.arrow_forwardIvanhoe Company reports the following financial information before adjustments. Dr. Cr. Accounts receivable 60,000 Allowance for doubtful accounts 700 Sales revenue (all on credit) 750,000 Sales returns and allowances 37,000 Prepare the journal entry to record Bad Debt Expense assuming Ivanhoe Company estimates the necessary allowance for doubtful accounts at (a) 2% of accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Creditarrow_forward
- Please put the soluions along with the answer. Thank you!arrow_forwardidiyah Co. estimates that RO 6,500 of its accounts receivable to be uncollectible. If Allowance for Doubtful Accounts has a RO 200 debit balance, the company should record a elect one: O a. None of the answers are correct O b. debit to Bad Debt Expense for RO 5,300. O c credit to Allowance for Doubtful Accounts for RO 6,500. O d. debit to Allowance for Doubtful Accounts for RO 5,300. O e. credit to Bad Debt Expense for RO 7,700.arrow_forwardif your supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date that agrees with this new category this will change the required allowance from for uncollectible accounts from $180, 000 to $235,000 how do you think this misstatement of funds will impact your income statement and your balance sheet?arrow_forward
- Hi, what is a common post reference number for 'allowance for doubtful accounts'? Does this go in the expense section in the 500's or as an asset account somewhere?arrow_forwardUnder the allowance method for uncollectible accounts, 1.the entry to write off an uncollectible account only involves statement of financial position accounts. 2.allowance for doubtful accounts increases, while accounts receivables decrease when writing off an uncollectible account. 3.bad debts expense is not recorded until a customer defaults. 4.bad debt expense increases, while allowance for doubtful accounts decreases when writing off an uncollectible account.arrow_forwardT5.arrow_forward
- I'm also struggling with the follow up part of this questionarrow_forwardHello, #8 I have continuously got it wrong. Question: Estimate that 25% of uncollected accounts will not be received.arrow_forwardYou tested the allowance for uncollectible accounts with regression analysis, and obtained the following results: MAXIMUM TOLERABLE MISSTATEMENT = $500 $0 $500 $750 $1,500 LCL ALLOW UCL THIS IS THE ALLOWANCE CURRENTLY RECOGNIZED, $750 By what amount should the currently recognized allowance, $750, be credited so that the adjusted allowance is materially correct? $250 $0 $500 $750arrow_forward
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