Superior Company has provlded you with the following information before any year-end adjustments: Net credit sales are $125,00. Historical percentage of credit losses is 3% Allowance for doubtful accounts has a credit balance of $400. Accounts receivables ending balance is $57,000. What is the estimated bad debt expense using the percentage of credit sales method? Multiple Choice $4,150. $3,750. $3,350. $1,710.

Zebra Company reported the following for 2022: Credit sales = $419884 Accounts Receivable = $16376 Allowance for Doubtful Accounts = $291 (credit balance) Bad Debt is estimated at 0.31 of 1% of sales   After the adjusting entry is recorded, what is the value of Allowance for Doubtful Accounts? ROUND TO THE NEAREST DOLLAR

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Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $350 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $7,220. Amount added Ending balance b. Credit balance of $350 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $980,000 for the year. Amount added Ending balance MacBook Pro

GG Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $700,000 and credit sales are $2,500,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Company make to record the bad debts expense? Select one: a. The answer does not exist b. Bad Debt Expense .25,000 Allowance for Doubtful Accounts 25,000 С. Bad Debt Expense .32,000 Allowance for Doubtful Accounts 32,000 d. Bad Debt Expense 25,000 Accounts Receivable 25,000 е. Bad Debt Expense .32,000 Accounts Receivable 32,000

Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $969,000 and sales for the year total $10,990,000. a. The allowance account before adjustment has a credit balance of $13,100. Bad debt expense is estimated at 1/2 of 1% of sales. b. The allowance account before adjustment has a credit balance of $13,100. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $41,900. c. The allowance account before adjustment has a debit balance of $8,500. Bad debt expense is estimated at 1/4 of 1% of sales. d. The allowance account before adjustment has a debit balance of $8,500. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $70,600. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. a. $ b. $ C. $ d. $

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2. D’Costa Company uses the allowance method of handling credit losses. It estimates losses at 2% of credit sales, which were $1,800,000 this year. At December 31 of this year, the Accounts Receivable balance is $270,000, and the Allowance for Doubtful Accounts has a $3,600 credit balance before adjustment. a. Give the adjusting entry to record bad debts expense for this year. b. What net amount of accounts receivable would appear on the December 31 balance sheet this year? c. Assume that D’Costa Company uses aged accounts receivable as a basis of estimating credit losses, instead of a percent of credit sales. If the firm estimates that $22,800 of the accounts will prove uncollectible, what adjusting entry would D’Costa Company make to record the bad debts expense for this year?

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Innovative Tech Inc. (ITI) uses the percentage of credit sales method to estimate bad debts eachmonth and then uses the aging method at year-end. During November, ITI sold services on accountfor $100,000 and estimated that ½ of one percent of those sales would be uncollectible. At itsDecember 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. Experience hasshown that for each age group, the average rate of uncollectibility is (1) 10 percent, (2) 20 percent,and (3) 40 percent, respectively. Before the end-of-year adjusting entry is made, the Allowance forDoubtful Accounts has a $1,600 credit balance at December 31.Required:1. Prepare the November adjusting entry for bad debts.2. Prepare a schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts.3. Prepare the December 31 adjusting entry.4. Show how the various accounts related to accounts…