The ledger of Metlock, Inc. at the end of the current year shows Accounts Receivable $85,700; Credit Sales $845,580; and Sales Returns and Allowances $42,390. (a)   If Metlock, Inc. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Metlock, Inc. determines that Matisse’s $883 balance is uncollectible. (b)   If Allowance for Doubtful Accounts has a credit balance of $1,191 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c)   If Allowance for Doubtful Accounts has a debit balance of $450 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) enter an account title enter a…

If necessary, record year-end adjusting entries for uncollectible accounts.Prepare the aging schedule for the following accounts receivable: Ageing classification (numbers of due days) Balance sheet as at 31 December Estimate of the percentage of the account that is uncollectible 0-30 days $120,000 1% 31-60 days 80,100 2 % 61-90 days 21,000 11% 91- 120 days 9,000 23% Más de 120 days 15,300 65% Total accounts receivable $245,400

On December 1, Daw Company accepts a $46,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet Record the year-end adjustment related to this note, if any. Note: Enter debits before credits. Date General Journal Debit December 31 Clear entry Record entry Credit View general journal

For each separate case below, follow the three-step process for adjusting the accrued revenue account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $19,000 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $390 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job has been completed, and the customer has been billed $1,300 but has not yet paid.

At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,600 (debit) before any year-end adjustment. The balance of Accounts Receivable is $176,000. The company estimates that 6% of accounts receivable will not be collected over the next year.   Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $72,000; estimated uncollectible = 7%. Accounts 1 to 30 days past due = $32,000; estimated uncollectible = 20%. Accounts more than 30 days past due = $8,000; estimated uncollectible = 50%. Required: Record the year-end adjusting entry for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,400 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $6,400. Of the $6,400 of receivables, $1,700 are within a 3% discount period, meaning that it expects buyers to take $51 in future-period discounts arising from this period's sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $6 year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts.

Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,330 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts                 0-30 days $293,000       1 %                 31-60 days 110,000       8                   61-90 days 35,000       20                   91-120 days 13,000       55                   More than 120 days 18,000       80                   Total receivables $469,000

The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. (a)   If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Pina Colada determines that L. Dole’s $1,000 balance is uncollectible. (b)   If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (c)   If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)   No. Account Titles and Explanation Debit Credit (a) enter an account title…