The adjusted trial balance of Pharoah Supply Company included the following selec Debit Sales Revenue Sales Returns and Allowances $57,000 Sales Discounts 9,500 Cost of Goods Sold 407,050 Credit $648,000
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- Seed Enterprise gathered the following information from its accounting records for the year ended December 31, 2019, prior to adjustments: Net credit sales for the year Php 680,000 Accounts receivable at December 31, 2019 92,000 Allowance for uncollectible accounts at December 31, 2019 1,850 Seed uses the allowance method of accounting for uncollectible accounts and estimates uncollectible account expense at 2% of net credit sales. REQUIRED: 1. Determine the net balance of AR to be reflected in the balance sheet using net credit sales 2. Assume that Allowance for uncollectible accounts has a debit balance of 1,850 and Aging revealed that 11,040 may proved to be uncollectible, What amount of AR should be reflected in the balance sheetUsing the percentage - of - sales method , the estimated total uncollectible accounts are $6,722. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $3,135. The Accounts Receivable balance is $44,520. The amount of the adjusting entry for Uncollectible accounts expense is : A. $9,857. B. $3,135. C. $6,722. D. $3,587.Compute for the Day Sales Outstanding of Company X and Y. Compare each other. Use 360 days. Company X Company Y Accounts Receivables P452,100 P233,200 Annual Sales P3,205,100 P1,956,200
- The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT CREDIT |Sales Purchase Discount Purchase Returns and allowances Purchases Freight-in P764,985 8,200 5,465 459,990 9,180 13,300 5,455 25,000 Sales discount Sales returns and allowances Depreciation Expense Amortization expense Salaries Expense Utilities Expense Advertising Expense Rent Expense Interest Income Interest Expense Gain on sale of PPE Bad Debts Expense 10,000 80,000 55,000 35,000 60,000 5,444 5,677 5,465 ??? • Based on actual physical count, inventory balance are as follows: January 1, 20X2 December 31, 20X2 P25,455 P20,765 Bad debts expenso is 4% of net sales. Classify the bad debt expense as general and administrative expense. Determine the following by preparing a multi-step form of SCI. a. Net Sales b. Net Purchases c. Cost of goods sold d. Bad debts expense e. Gross Profit. f. Total Expenses g. Net Income/LossA trial balance before adjustments included the following: Debit Credit Sales $1650000 Sales returns and allowance $56400 Accounts receivable 160000 Allowance for doubtful accounts 2120 If the estimate of uncollectible accounts is made by taking 6% of gross accounts receivables, the amount of the adjustment is $9473. $11720. $7480. $9600.A trial balance before adjustment included the following: Debit $1,640,000 Credit Accounts receivable Allowance for doubtful accounts Sales Sales returns and allowances 19,200 $10,690,000 180,000 A) Give journal entries assuming that the estimate of uncollectibles is determined by taking (1) 6% of gross accounts receivable and (2) 1% of gross sales. B) Give journal entries assuming that the estimate of uncollectibles are the same as above but the Allowance for Doubtful Accounts has a Debit Balance of $15,400
- A trial balance before adjustments included the following: Debit Credit Sales P 425,000 Sales returns and allowances P 14,000 Accounts receivable 53,000 Allowance for doubtful accounts 760 If the estimate of uncollectible is made by taking 10% of gross accounts receivables, the amount of adjustment isThe following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1, 502,695 $1,502,695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $875,000; Allowance for Doubtful Accounts has a debit balance of $8,000; and sales for the year total $3,940,000. Bad debt expense is estimated at 1.25% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts.$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted BalanceDebit (Credit) Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ c. Determine the net realizable value of accounts receivable.$
- A trial balance before adjustments included the following: Debit Credit Sales P 425,000 Sales returns and allowances P 14,000 Accounts receivable 53,000 Allowance for doubtful accounts 760 If the estimate of uncollectible is made by taking 10% of gross accounts receivables, the net realizable value of accounts receivable to be reported in the statement of financial position isPercent of Sales Method At the end of the current year, Accounts Receivable has a balance of $2,450,000, Allowance for Doubtful Accounts has a credit balance of $14,860, and sales for the year total $31,600,000. Bad Debt Expense is estimated at ½ of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts.$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted BalanceDebit (Credit) Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ c. Determine the net realizable value of accounts receivable.$UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Andersons Greeting Cards was 180,000. Credit sales for the year were 1,950,000. REQUIRED Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of 2,600. (a) The percentage of sales method is used and bad debt expense is estimated to be 1.5% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 30,250 in uncollectible accounts. 2. Allowance for Doubtful Accounts has a debit balance of 1,900. (a) The percentage of sales method is used and bad debt expense is estimated to be 1.0% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 20,500 in uncollectible accounts.
