Pharoah Company has accounts receivable of $89,200 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,151 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 bad debts are as shown below.     Balance, March 31   Estimated Percentage Uncollectible   Age of Accounts   2022   2021   Current   $60,400   $80,160   2 % 1–30 days past due   12,000   8,610   5   31–90 days past due   10,200   2,400   31   Over 90 days past due   6,600   1,070   48       $89,200   $92,240       (a)     Determine the total estimated uncollectibles at March 31, 2022. Total estimated uncollectibles   $Enter a dollar amount

Please answer the following The following unadjusted balances of Echo Company are presented at September 30, 2023:   Dr. Cr. Accounts receivable $100 000   Sales returns and allowances 40 000   Allowance for doubtful accounts   $    2 500 Credit Sales   750 000     Required: (a)  Prepare the journal entry for estimated bad debts assuming that doubtful accounts are estimated to be 6% of gross accounts receivable. Dr.  $        Cr.     $             (b)  Prepare the journal entry for estimated bad debts assuming that doubtful accounts are estimated to be 1% of net sales Dr.  $        Cr.     $

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?

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Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 2% of credit sales will be uncollectible. On January 1, the Allowance for Doubtful Accounts had a credit balance of $3,200. During the year, Abbott wrote off accounts receivable totaling $2,300 and made credit sales of $96,000. After the adjusting entry, the December 31 balance in Bad Debt Expense will be Oa. $5,120 Ob. $1,920 Oc. $3,200 Od. $2,820 Previous Next

For its fiscal year ended December 31, 2023, Fruitful Products had credit sales of $750,000. At year end, the unadjusted trial balance shows a debit balance of $1,800 in the Allowance for Doubtful Accounts (AFDA), and $140,000 in Accounts Receivable. The credit manager prepared an aging schedule of accounts receivable and estimates that $5,155 will prove to be uncollectible. On March 4, 2024, the credit manager authorizes a write off of the $2,862 balance owed by Sand Beach. Instructions Credit sales: $750,000 Unadjusted AFDA at year end: $1,800 Accounts Receivable at year end: $140,000 Estimated uncollectible amount from aging schedule: $5,155 (a)Prepare the adjusting entry to record the estimated bad debt expenses for 2023. (b) Show the statement of financial position presentation of accounts receivable at December 31, 2023. (c) On March 4, 2024, before the write off, assume the balance of Accounts Receivable account is $175,000 and the balance of Allowance for Doubtful Accounts is a…

At January 1, 2024, ABC Company reported an allowance for bad debts with a $7,190 credit balance. During 2024, ABC wrote-off as uncollectible accounts receivable totaling $12,530. At December 31, 2024, ABC Company had accounts receivable totaling $325,000 and prepared the following aging schedule: Accounts Receivable not past due 1-39 days past due 40-79 days past due 80-119 days past due over 119 days past due total $167,000 $ 52,000 $ 69,000 $ 26,000 $ 11,000 $325,000 % Uncollectible 2% 8% 14% 22% 45% Calculate the amount of bad debt expense recorded by ABC Company for 2024.

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…

Allowance for Doubtful Accounts has a credit balance of $843 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $13,733. Which of the following entries records the proper adjustment for Bad Debt Expense? Select the correct answer. debit Allowance for Doubtful Accounts, $12,890; credit Bad Debt Expense, $12,890 debit Bad Debt Expense, $12,890; credit Allowance for Doubtful Accounts, $12,890 debit Allowance for Doubtful Accounts, $14,576; credit Bad Debt Expense, $14,576 debit Bad Debt Expense, $14,576; credit Allowance for Doubtful Accounts, $14,576

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…