Jars Plus recorded $865,430 in credit sales for the year and $491,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,670, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. A. Dec. 31 Bad Debt Expense v 19,904.89 Allowance for Doubtful Accounts 19,904.89 To record bad debt, income statement method B. Dec. 31 Bad Debt Expense v 14,730 V Allowance for Doubtful Accounts 14,730 V To record bad debt, balance sheet method C. Dec. 31 Bad Debt Expense v Allowance for Doubtful Accounts To record bad debt, income statement method Dec. 31 Bad Debt Expense v Allowance for Doubtful Accounts

Blue Spruce Corp, has accounts receivable of $93.500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,212 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 uncollectibles are as shown below. Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due (a) Balance, March 31 2021 $70,010 2022 (b) $65,300 11,800 9,300 7,100 $93.500 Your answer is correct. List of Accounts The total estimated uncollectibles eTextbook and Media 7,430 Determine the total estimated uncollectibles at March 31,2022. 2,260 Allowance for Doubhd Accounts 1.130 $80,830 Your answer is partially correct. Estimated Percentage Uncollectible 2 % 5 30 50 Prepare the adjusting entry at March 31, 2022, to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If…

Jars Plus recorded $862,430 in credit sales for the year and $489,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. A. Dec. 31   Bad Debt Expense Bad Debt Expense…

At the end of the current year, Accounts Receivable has a balance of $717,190; Allowance for Doubtful Accounts has a credit balance of $5,712; and sales for the year total $3,403,000. Bad debt expense is estimated at 1/2 of 1% of net sales. a. Determine the amount of the adjusting entry for bad debt expense.$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

Cullumber Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $543,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,290. Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts If the allowance for doubtful accounts had a debit balance of $980 instead of a credit balance of $2,290, determine the amount to be reported for bad debt expense. Bad Debts Expense $ List of Accounts

At the end of the current year, Accounts Receivable has a balance of $940,940; Allowance for Doubtful Accounts has a credit balance of $6,235; and sales for the year total $2,902,000. Bad debt expense is estimated at 1/2 of 1% of net sales. a. Determine the amount of the adjusting entry for bad debt expense.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. c. Determine the net realizable value of accounts receivable.

On December 31, Cosgrove Corporation (a calendar year end corporation) reports an ending balance in accounts receivable (before any adjustments) of $240,000, and total credit sales of $2,900,000 for the year ended December 31, 2022. Crane and Co uses the allowance method to account for uncollectible accounts. Assume Allowance for Doubtful Accounts has an unadjusted balance of ($3,100). Compute the amount of bad debt expense that Cosgrove Corporation will record on December 31, assuming that they use the Percentage of Receivables method to estimate uncollectible accounts. Cosgrove prepared the following aging-of-receivables schedule: Age of Account Current 1-30 days past due 31-90 days past due 91-180 days past due Over 180 days past due Total Accounts Receivable Balance, Dec. 31 $150,000 41,200 26,400 16,200 6,200 $240,000 Estimated Uncollectible Percentage 2% 5% 20% 30% 50%

At the end of the current year, Accounts Receivable has a balance of $108,290; Allowance for Doubtful Accounts has a debit balance of $4,896; and sales for the year total $1,186,000. Bad debt expense is estimated at 1/2 of 3% of sales. a. Determine the amount of the adjusting entry for bad debt expense.$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

At the end of the current year, Accounts Receivable has a balance of $195,120; Allowance for Doubtful Accounts has a debit balance of $4,422; and sales for the year total $1,086,000. Bad debt expense is estimated at 3% of sales. a.  Determine the amount of the adjusting entry for bad debt expense.$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

Use the following information to answer the next two questions: Lewis Company uses the allowance method for recording its expected credit losses. It estimates bad debts at 2% of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a balance of $12,200 before adjustments. What is the amount of bad debt expense Lewis Company will report on their Income Statement this year? Select one: a. 17,756 b. 3,000 c. 12,200 d. 18,000 e. 2,756