October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded $230,000 of service revenue, all of which was collected in cash. December 30 Paid $200,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.)

Blossom Equipment Sales Company, which sells only on account, had a $120,000 balance in its Accounts Receivable and a $4,200 balance in its Allowance for Expected Credit Losses on December 31, 2023. During 2024, the company's sales of equipment were $820,000, and its total cash collections from customers were $780,000. During year, the company identified customers with accounts totalling $6,000 that would be unable to pay and wrote these receivables off. However, one of these customers subsequently made a payment of $800. (Note that this amount is not included in the cash collections noted above.) At the end of 2024, management grouped its receivables based on credit risk and estimated the expected rate of credit losses for each group. Based on this, management determined that the total expected credit losses would be $7,200. what amount of credit losses would appear on the statement of income for the year ended december 31, 2024

Dexter Company applies the direct write-off method in accounting for uncollectible accounts.  March   11   Dexter determines that it cannot collect $45,000 of its accounts receivable from its customer Leer Company.     29   Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt.  Prepare journal entries to record the above selected transactions of Dexter.

Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $53,000 of its accounts receivable from its customer, P. Moore. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. Record Solstice’s entries for recovery of this bad debt.

At year-end December 31, Chan Company estimates its bad debts as 0.30% of its annual credit sales of $812, 000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $406 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. Journal entry worksheet Record the estimated bad debts expense. Note: Enter debits before credits. Please explain and elaborate!

The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,300. During Year 2, $2,300 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $190 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $218,000, and cash collections from receivables were $220,000. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period.  Required Record the transactions in general journal form and post to T-accounts. Based on the preceding information, compute (after year-end adjustment):  (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31, Year 2. (3) Net realizable value of accounts receivable at December 31, Year 2.  What amount of uncollectible accounts expense will Renue…

During the year, credit sales amounted to $800,000. Cash collected on credit sales amounted to $760,000, and $18,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 2.5%. The ending balance of Accounts Receivable would be:

The annual report for Fabeck Finishing Corporation contained the following information: (in millions) Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net 2021 $673 32 $641 Assume that accounts receivable write-offs amounted to $13 during 2021 and $3 during 2020, and that Fabeck Finishing did not record any recoveries. Bad Debt Expense 2020 $735 31 $704 Required: Determine the Bad Debt Expense for 2021 based on the above facts. (Enter your answer in millions.) million

At the close of its first year of operations, December 31, 2021, Mega Company had accounts receivable of $540,000, after deducting the related allowance for doubtful accounts. During 2021, the company had charges to bad debt expense of $90,000 and wrote off, as uncollectible, accounts receivable of $40,000. What should the company report on its statement of financial position at December 31, 2021, as accounts receivable before the allowance for doubtful accounts?

At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan’s journal entries to record the transactions of December 31, February 1, and June 5.