On December 31, 2017, when its accounts receivable were $270,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,800, H55 Corp. estimated that $15,100 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, H55 determined that Fei Ya Cheng's account was uncollectible and wrote off $1,700. On November 12, 2018, Cheng paid the amount previously written off.

On December 31, 2017, when its accounts receivable were $270,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,800, H55 Corp. estimated that $15,100 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, H55 determined that Fei Ya Cheng's account was uncollectible and wrote off $1,700. On November 12, 2018, Cheng paid the amount previously written off.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterB: Bad Debts

Section: Chapter Questions

Problem 2P: Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which...

See similar textbooks

Similar questions

Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which uses the allowance method, estimates bad debts at percent of total revenue on account. Required Journalize the following selected entries: 2012 Dec. 12Record services performed on account for E. E. Morton, 245. 31Record the adjusting entry for Bad Debts Expense. 31Record the closing entry for Bad Debts Expense. 2013 Feb. 18Write off the account of E. E. Morton as uncollectible, 245. Check Figure Adjusting entry amount, 1,366.03
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.
On December 31, 2023, when its accounts receivable were $282,000 and its Allowance for Expected Credit Losses had an unadjusted debit balance of $1,900, Runner Corp. estimated that $15,800 of its accounts receivable account would become uncollectible, and it recorded the credit losses adjusting entry. On May 11, 2024, Runner determined that Fei Ya Cheng's account was uncollectible and wrote off $1,800. On November 12, 2024, Cheng paid the amount previously written off. (a) Your answer is partially correct. Prepare the required journal entries to record each of the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Record entries in the order displayed in the problem statement.) 2023 (b) Date Account Titles and Explanation Dec. 31 No Entry 2024 No Entry Date Account Titles and…
On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,301, Windsor, Inc. estimates that 8% of its accounts receivable balance of $97,300 will become uncollectible and records 1. the necessary adjustment to Allowance for Doubtful Accounts. 2. On May 11, 2017, Windsor, Inc. determined that B. Jared's account was uncollectible and wrote off $1,120. 3. On June 12, 2017, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2016, May 11, 2017, and June 12, 2017. (Credit account titles are automatically Indented when amount Is entered. Do not Indent manually.) No. Date Account Titles and Explanation Debit 1. 3:01
On December 31, 2017, when its accounts receivable were $252,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,700, Oak Ridge Corp. estimated that $14,100 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Oak Ridge determined that Fei Ya Cheng’s account was uncollectible and wrote off $1,600. On November 12, 2018, Cheng paid the amount previously written off. What is the carrying amount of the receivables on (1) December 31, 2017; (2) May 11, 2018; and (3) November 12, 2018, assuming that the total amount of accounts receivable of $252,000 is unchanged on each of these three dates except for any changes recorded above.
December 31, 2017, when its accounts receivable were $270,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,800Corp. estimated that $15,100 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entryOn May 11, 2018, H55 determined that Fei Ya Cheng's account was uncollectible and wrote off $1,700. On November 12, 2018, Cheng paid the amount previously written off .
On December 31, 2017, when its accounts receivable were $276,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,800, Marx Corp. estimated that $15,500 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Marx determined that Fei Ya Cheng's account was uncollectible and wrote off $1,700. On November 12, 2018, Cheng paid the amount previously written off. (a) Prepare the required journal entries to record each of the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 2017 Date Account Titles and Explanation Debit Credit
During 2018, yellow Corp. made sales of 370,000 on account. The balances in its Account Receivable and Allowance for doubtful accounts on December 31,2018 were $100,000 and 15,000(credit) respectively. An aging schedule indicated that $22,000 of the receivables would prove uncollectible. The amount of bad debts expenses that had to be recorded was?
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,366, Shamrock, Inc. estimates that 9% of its accounts receivable balance of $107,900 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Shamrock, Inc. determined that B. Jared’s account was uncollectible and wrote off $1,212. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date December 31, 2021May 11, 2022June 12, 2022 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount…
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,371, Tamarisk, Inc. estimates that 8% of its accounts receivable balance of $77,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Tamarisk, Inc. determined that B. Jared’s account was uncollectible and wrote off $1,135. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date December 31, 2021May 11, 2022June 12, 2022 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount…
Ajman Corporation had a 1/1/18 balance in the Allowance for Doubtful Accounts of $30,000. During 2018, it wrote off $21,600 of accounts and collected $6,300 on accounts previously written off. The balance in Accounts Receivable was $600,000 at 1/1 and $720,000 at 12/31. What should Ajman report as its Allowance for Doubtful Accounts at 12/31/18?