ts The Tz Corp. estimates bad debt expense at 0.30 % of credit sales . The company reported accounts receivable and allowance for uncollectible accounts of 490,000 and 1,610 respectively December 31 2023. During 2024 , Tzs credit sales and cash collections were $327,000 and respectively , and $1,890 in accounts receivable were written off 2024 bad debt expense is $ 981 . $ 1,660 $ 1,056 . None of the options listed . $987

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Tammany Professional Engineers uses the Percentage of Receivables method to account for bad debt.  The following is a summary of Tammany’s Accounts Receivable Aging Report. Cash Sales $42,000 Credit Sales $21,000 Allowance for Uncollectible Accounts December 31, 2020      $4,375   Current > 30 >60 >90   $115,000 $98,000 $75,000 $15,000 Estimated Uncollectible   1%   2%   4%   5%             Required: Prepare the total estimate of uncollectible accounts and give the amount of the required adjustment. Do not prepare a journal entry.    Please show your work if possible.   In addition to submitting your answer here, you should also write it down so you an use it for the next problem.

Give me correct answer with explanation.vk

Accounts Receivable $67,000   Allowance for Doubtful Accounts 1,300 (credit)   During 2016, sales on credit amounted to $582,000, $552,800 was collected on outstanding receivables and $2,600 of receivables were written off as uncollectible. On December 31, 2016, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance.   Required: 1. Prepare the journal entry necessary to record Shelton’s estimate of bad debt expense for 2016. 2. Prepare the Accounts Receivable section of Shelton’s December 31, 2016, balance sheet. 3. Compute Shelton’s receivables turnover. (Round to one decimal place.) 4. If Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2?

The company estimates 1% of sales revenue should be used to estimate for bad debt expense.  what is the amount and what accounts

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

(8 Problems 1) On January 1, 2021, Cali Consulting has a $110,000 balance in accounts receivable and a $0 balance in the Allowance for Uncollectible Accounts. During 2021, Cali provides $205,000 of service on account. The company collected $190,000 cash from Accounts Receivable. Uncollectible accounts are estimated to be 3% of sales on account. a. What is the amount of uncollectible accounts expense recognized in 2021? b. What is the amount of cash flows from Operating activities that would appear on the 2021 Cash Flow statement? Show the impact (with amounts) of each of the following items on the horizontal C. Oquation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $205,000. ii. Show the impact of $190,000 cash collected during the year. ii. Establish an Allowance for Uncollectible Accounts at year-end. 3. Study guide - Chapter 5 (with solutions).docx O A 69°F P. f5 f12 6J prt sc I14 &

LO 5 Calistoga Produce estimates bad debt expense at 0.30% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $489,000 and $1,470 respectively, at December 31, 2023. During 2024, Calistoga's credit sales and collections were $335,000 and $306.000, respectively, and $1,870 in accounts receivable were written off. Calistoga's final balance in its allowance for uncollectible accounts at December 31, 2024, is: Multiple Choice O O O O $605. $1,255 $1,490. $510.

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