The account receivables balance for the year ended 31st March 20XX was $ 24,800. Bad debts of $2,800 were written off on this date and an amount of $3,000 in respect of bad debts written of in the previous year was recovered in cash. The provision for doubtful debts was $1,400 as at this date. The company has given a further allowance for doubtful debts of $ 1,800 at the end of gthe current period. Required (as ta 31st March 20XX): 1. Accounts Receivables account. 2. Bad debts account. 3. Bad debts recovery account. 4. SOPL extract. 5. SFP extract.

At the end of the current year, Accounts Receivable has a balance of $800,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and net sales for the year total $3,500,000. Bad debt expense is estimated at 1⁄2of 1% of net sales. Determine:The amount of the adjusting entry for uncollectible accounts;The adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense;The net realizable value of accounts receivable.

A business has the following balances at the beginning of the year: Accounts receivable: 235000 Allowance for doubtful accounts: -15250The following summary transactions occurred during the year.Sales for the year, 100% on credit: 450000Cash collected on accounts receivable for the year: 445200Write-offs of uncollectable accounts receivable : 28200Received a cheque from a customer whose account was previously written off: 2820The overall rate used to estimate the allowance for doubtful accounts at year end: 8%Using the information above, answer the following questions.What is the balance in the accounts receivable account at year end?   1. What is the balance in the accounts receivable account at year end?   2. What is the balance in the allowance for doubtful accounts at year end?   3. What is the balance in the bad debt expense account at year end?

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14. On December 31, 2021, Andy Inc. has a debit balance of $1,500 for the Allowance for Uncollectible Accounts before any year-end adjustment. Andy Inc. also has the following information for its accounts receivable and the estimated percentages of bad debts for different past-due amounts: A. B. C. D. Age Group (days past due) 0-30 31-60 61-90 $6,500. $1,500. $5,000. $8,000. Accounts Receivable $50,000 $20,000 $10,000 Estimated Percent Uncollectible 5% What is the amount of bad debt expense to be reported on Andy Inc.'s financial statements for 2021 using the aging method? 10% 20%

Johnson Company calculates its allowance for uncollectible accounts as 20% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $21,000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $350,200, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 38,400 Required: 1. What was the balance in gross accounts receivable as of 12/31/2020? 2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021. 4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2021? Required 1 Required 2 Required 3 Required 4 What was…

The company estimates future uncollectible accounts. The company determines $16,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)

At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $774. During the year, $346 of previously written off accounts were reinstated and accounts totaling $845 are written off as uncollectible. The end of the year balance in the Allowance for Doubtful Accounts should be the one listed below. Select the correct answer. $275 $346 $774 $845

At the end of the current year, using the aging of receivable method, management estimated that $24,750 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a credit balance of $465. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?

Accounts Receivable on 31 December and one year prior to it were P312,400 and P428,400 respectively. P954,840 was received from customers during the year, after writing off P62,480 and increasing the Provision for doubtful debts by P14,840. The amount of sales amounted to   P901,320 P1,133,320 P916,160