Dog Information related to accounts receivable is given:Mobile Technology Ltd. reported an unadjusted balance of accounts receivable of $1,290,000 at 31 December 20X3, along with acredit balance in the allowance for doubtful accounts of $83,200 and an allowance for sales discounts of $6,100. At year-end, thecompany determined that an allowance of $12,000 for sales discounts was needed. It also decided that $53,600 of accountsreceivable were uncollectible and should be written off. Of the remaining receivables, it was determined that 45% were current, and ofthe remaining net current balance, an allowance for doubtful accounts of 2% of the net balance was needed. The remaining 55% ofoutstanding accounts receivable were past due and an allowance for doubtful accounts of 10% of the outstanding balance wasneeded.Required:For each case above, show how net accounts receivable would be reported on the statement of financial position, and calculate baddebt expense for the year. (Round your answers to the nearest whole dollar.)Net accounts receivableBad debt expense

Bad debts are accounts receivable that are no longer anticipated to be collectable and must be…

Mobile Technology Ltd. reported an unadjusted balance of accounts receivable of $1,290,000 at 31 December 20X3, along with a credit balance in the allowance for doubtful accounts of $83,200 and an allowance for sales discounts of $6,100. At year-end, the company determined that an allowance of $12,000 for sales discounts was needed. It also decided that $53,600 of accounts receivable were uncollectible and should be written off. Of the remaining receivables, it was determined that 45% were current, and of he remaining net current balance, an allowance for doubtful accounts of 2% of the net balance was needed. The remaining 55% of outstanding accounts receivable were past due and an allowance for doubtful accounts of 10% of the outstanding balance was needed. Required: cial position and calculato bad

Mobile Technology Ltd. reported an unadjusted balance of accounts receivable of $1,290,000 at 31 December 20X3, along with a credit balance in the allowance for doubtful accounts of $83,200 and an allowance for sales discounts of $6,100. At year-end, the company determined that an allowance of $12,000 for sales discounts was needed. It also decided that $53,600 of accounts receivable were uncollectible and should be written off. Of the remaining receivables, it was determined that 45% were current, and of he remaining net current balance, an allowance for doubtful accounts of 2% of the net balance was needed. The remaining 55% of outstanding accounts receivable were past due and an allowance for doubtful accounts of 10% of the outstanding balance was needed. Required: cial position and calculato bad

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6PB: Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable....

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Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% 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 $20,550; 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 $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% 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.
Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% 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 credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
SIPAG Company provided the following accounts abstracted from the unadjusted trial balance at year- end: - Accounts Receivable (debit) 5,000,000 Allowance for doubtful accounts (credit) - 40,000 - Net credit sales (credit) 20,000,000 The entity estimated that 3% of the gross accounts receivable will become uncollectible. What amount should be recognize as doubtful accounts expense for the current year?
At the beginning of the current period, Waterway Industries had balances in Accounts Receivable of $190,800 and in Allowance for Doubtful Accounts of $9,670 (credit). During the period, it had net credit sales of $730,800 and collections of $749,620. It wrote off as uncollectible accounts receivable of $7,511. However, a $3,339 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,000 at the end of the period. (Omit cost of goods sold entries.) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when…
The following accounts were found in the ledger of BT21 Company on December 31 of the current year: Dr. Accounts Receivable - P356,800; Cr. Allowance for bad debts - P8,760; Cr. Cash Sales - P913,800; Cr. Credit Sales - P1,851,000. Analysis indicates that 5% of the outstanding accounts receivable will not be collected. How much will be adjustment necessary on December 31 for Allowance for bad debts?
Information related to accounts receivable is given: Mobile Technology Ltd. reported an unadjusted balance of accounts receivable of $1,285,000 at 31 December 20X3, along with a credit balance in the allowance for doubtful accounts of $83,100 and an allowance for sales discounts of $6,000. At year-end, the company determined that an allowance of $12,500 for sales discounts was needed. It also decided that $53,400 of accounts receivable were uncollectible and should be written off. Of the remaining receivables, it was determined that 40% were current, and of the remaining net current balance, an allowance for doubtful accounts of 3% of the net balance was needed. The remaining 60% of outstanding accounts receivable were past due and an allowance for doubtful accounts of 10% of the outstanding balance was needed. Required: For each case above, show how net accounts receivable would be reported on the statement of financial position, and calculate bad debt expense for the year. (Round…
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $610,084 and Allowance for Doubtful Accounts has a balance of $20,670. What is the net realizable value of the accounts receivable? Select the correct answer. $20,670 $610,084 $630,754 $589,414
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $23,550. The account had an unadjusted credit balance of $11,900 at that time. a. The appropriate bad debt adjustment was recorded. b. Later, an account receivable for $2,900 was determined to be uncollectible and was written off. Required: For each transaction listed above, indicate the amount and direction +for increase or -for decrease) of effects on the financial statement accounts and on the overall accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) Assets Liabilities Stockholders' Equity
At the beginning of the current period, Asare Company had balances in Accounts Receivable of $200,092 and in Allowance for Doubtful Accounts of $9,996 (credit). During the period, it had net credit sales of $717,375 and collections of $778,839. It wrote off as uncollectible accounts receivable of $7,233. However, a $3,013 account previously written off as uncollectible was recovered before the end of the current period. What is the ending balance in the accounts receivable account? Your Answer: Answer
On December 31, 20X1, certain account balances at England Company were as follows before year-end adjustments: Accounts Receivable Allowance for Uncollectible Accounts (credit) Sales Sales Returns and Allowances $ 470,750 930 4,602,750 319,325 A further examination of the records showed that the "Sales" included $478,100 of cash sales during the year. Of the sales returns and allowances, $16,650 came from credit sales. Assume that England Company makes its estimate of uncollectible accounts on December 31 as 3.2 percent of total accounts receivable. Required: Compute the estimated amount of uncollectible accounts and prepare the general journal entry to record the provision for uncollectible accounts. Complete this question by entering your answers in the tabs below. Uncollect Accounts General Journal Compute the estimated amount of uncollectible accounts. Note: Round your "Estimated uncollectible rate" to 3 decimal places, I Accounts receivable Estimated uncollectible rate Estimated…