[The following information applles to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $ 257,000 52,000 1,100 (debit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-recelvables method. Suzuki estimates 12% of recelvables will not be collected. (If no entry is requlred for a particular transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 1 > Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021

[The following information applles to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $ 257,000 52,000 1,100 (debit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-recelvables method. Suzuki estimates 12% of recelvables will not be collected. (If no entry is requlred for a particular transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 1 > Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Linens considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Complete the following 2019 comparative income statements for 2019, showing net income changes as a result of the changes to the balance sheet aging method categories. D. Describe the categories change effect on net income and accounts receivable.
The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Suzuki Supply reports the following amounts at the end of 2024 (before adjustment). Credit Sales for 2024 Accounts Receivable, December 31, 2024 Allowance for Uncollectible Accounts, December 31, 2024 $248,000 43,000 1,000 (debit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 10% of receivables will not be collected. 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 2% of credit sales will not be collected. 3. Calculate the effect on net income (before taxes) and total assets in 2024 for each method.
Patrick Company had the following information in 2021: E (Click the icon to view the information.) If uncollectible accounts are determined by the aging-of-receivables method to be $1,280, the uncollectible account expense for 2021 would be $480. Using the aging-of-receivables method, the balance of the Allowance account after the adjusting entry at year-end 2021 would be - X Data table O A. $800. B. $1,280. Accounts receivable 12/31/21 %24 13,000 OC. $520. OD. $480. Allowance for uncollectible-accounts credit balance 12/31/21 (before adjustment) 800 Credit service revenue during 2021 43,000 Cash service revenue during 2021 13,000 Collections from customers on account during 2021 42,000 Print Done
Suzuki Supply reports the following amounts at the end of 2024 (before adjustment). Credit Sales for 2024 Accounts Receivable, December 31, 2024 Allowance for Uncollectible Accounts, December 31, 2024 $244,000 39,000 1,100 (Credit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12% of receivables will not be collected. 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 3% of credit sales will not be collected. 3. Calculate the effect on net income (before taxes) and total assets in 2024 for each method.
A company reports the following amounts at the end of 2024 (before adjustment). Credit Sales for 2024 Accounts Receivable, December 31, 2024 Allowance for Uncollectible Accounts, December 31, 2024 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates 11% of receivables will not be collected. 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 1% of credit sales will not be collected. 3. Calculate the effect on net income (before taxes) and total assets in 2024 for each method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates 11% of receivables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the…
(MODIFIED) Seed Enterprise gathered the following information from its accounting records for the year ended December 31, 2020, prior to adjustments: Net credit sales for the year Php 680,000 Accounts receivable at December 31, 2020 92,000 Allowance for uncollectible accounts at December 31, 2020 1,850 Debit Seed uses the allowance method of accounting for uncollectible accounts and estimates uncollectible account expense at 2% of net credit sales. REQUIRED: A. Prepare the adjusting entry to record uncollectible account expense on December 31, 2020. В. Determine the balance in allowance for uncollectible accounts after the adjusting entry is prepared. С. Show how the receivables would be reported on the December 31, 2020 balance sheet for Seed Enterprise.
! Required information. [The following information applies to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021. Accounts Receivable, December 31, 20211 Allowance for Uncollectible Accounts, December 31, 2021 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12% of receivables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date December 31, 2021 Record entry General Journal Bad Debt Expense Allowance for Uncollectible Accounts Clear entry $257,000 52,000 1,100 (Credit) Debit Credit View general journal
Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 $ 251,000 Accounts Receivable, December 31, 2021 46,000 Allowance for Uncollectible Accounts, December 31, 2021 1,100 (Credit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12% of receivables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
At December 31, 2018, the Leni Inc. account balances before the year-end adjusting entries are the following, Accounts receivable- P50000 Allowance for uncollectible accounts P4500 According to aging of accounts receivable, P6250 of the December 31 receivables are expected to be uncollectible. How much is the net realizable value of accounts receivable after adjustment?