Prepare the adjusting entries and the journals needed to record the above transactions properly the backup method as well as the direct deletion method!

Brown Co made a credit sale to Cody Co for $200,000 on July 19x9. It is known that at the end of 19x9 there was an outstanding receivable of $50,000. Managementestimates that $25,000 will be uncollectible.In July 19x9 the collections department stated that a receivable of $5,000 was written off frombookkeeping because it is impossible to receive payment from Cody Co. Unexpectedly monthOctober 19x9 Cody Co pays its outstanding debt. Requested:Prepare the adjusting entries and the journals needed to record the above transactions properlythe backup method as well as the direct deletion method!

During its first year of operations, Crane Company had credit sales of $3,064,300; $655,000 remained uncollected at year-end. The credit manager estimates that $36,900 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts Prepare the current assets section of the balance sheet for Crane Company. Assume that in addition to the receivables it has cash of $94,400, inventory of $135,200, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.) CRANE COMPANY Balance Sheet (Partial) 24 %24 %24

During its first year of operations, Cullumber Company had credit sales of $3,701,300; $657,200 remained uncollected at year-end. The credit manager estimates that $40,500 of these receivables will become uncollectible.           Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit                       Prepare the current assets section of the balance sheet for Cullumber Company. Assume that in addition to the receivables it has cash of $92,900, inventory of $131,400, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.) CULLUMBER COMPANYBalance Sheet (Partial)  Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant…

During its first year of operations, Sheridan Company had credit sales of $3,596,600; $660,700 remained uncollected at year-end. The credit manager estimates that $43,200 of these receivables will become uncollectible.     Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit               List of Accounts                     Prepare the current assets section of the balance sheet for Sheridan Company. Assume that in addition to the receivables it has cash of $92,200, inventory of $134,100, and prepaid insurance of $8,100. (List Current Assets in order of liquidity.) SHERIDAN COMPANYBalance Sheet (Partial)                                                                                               $          $…

On January 1, the Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $40,000 and $1,500 respectively. During the year, the company reported $80,000 of credit sales. There were $500 of receivables written off as uncollected during the year. Cash collections of receivables amounted to $78,200. The company estimates that it will be unable to collect 4% of the year-end accounts receivable balance. The net realizable value of receivables appearing on the balance sheet will amount to

Innovative Tech Inc. (ITI) has been using the percentage of credit sales method to estimate bad debts. During November, ITI sold services on account for $100,000 and estimated that ½ of 1 percent of those sales would be uncollectible.   Required: Prepare the November adjusting entry for bad debts. Starting in December, ITI switched to using the aging method. At its December 31 year-end, total Accounts Receivable is $89,000, aged as follows: (1) 1–30 days old, $75,000; (2) 31–90 days old, $10,000; and (3) more than 90 days old, $4,000. The average rate of uncollectibility for each age group is estimated to be (1) 10 percent, (2) 20 percent, and (3) 40 percent, respectively. Prepare a schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts. Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $1,600 credit balance at December 31. Prepare the December 31 adjusting entry. Show how the various accounts related…

Keel Company's December 31 balances from the prior year related to accounts receivable follow. Accounts receivable (Dr.) Allowance for doubtful accounts (Cr.) $500,000 10,000 During the current year, $15,000 of accounts receivable is considered uncollectible, and no more effort to collect these accounts will be made. Total sales for the current year are $2,000,000, of which $400,000 are cash sales. A total of $1,500,000 cash was collected during the current year from sales that were originally made on account. Required a. Assuming that Keel applies the allowance method to estimate net accounts receivable and uses 10% of accounts receivable as its estimate of expected credit losses, prepare the disclosure on gross and net accounts receivable on the balance sheet at December 31 of the current year. • Note: Do not use negative signs in your answers. Balance Sheet, December 31 Accounts receivable Less: Allowance for doubtful accounts Accounts receivable, net 0

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Tesser Company’s Accounts Receivable balance on December 31 was $90,000, and there was a debit balance of $600 in the Allowance for Doubtful Accounts. The firm estimates that 3% of the Accounts Receivable will prove to be uncollectible. After the appropriate adjusting entry is made for bad debts expense, what is the cash realizable value of accounts receivable included in the current assets at year-end? C. $87,300 is the Answer. Could you explain why you would only subtract 2700 ( 3% of AR balance) and not 2700 - 600= 2100? why does the debit balance of 600 not affect the bad debt expense?