FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 3, Problem 2MCQ
Prior to recording
- Debit Supplies $125; credit Supplies Expense $125.
- Debit Supplies $325; credit Supplies Expense $325.
- Debit Supplies Expense $325; credit Supplies $325.
- Debit Supplies Expense $325; credit Supplies $125.
- Debit Supplies Expense $125; credit Supplies $125.
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The Allowance balance is a $200 credit before adjustment. Uncollectible accounts are estimated
to be $2,000.
The adjusting entry to record uncollectible accounts is:
GENERAL JOURNAL
1
2
1
2
Date
Chapter 8-Receivables
Now, the adjusting entry to record uncollectible accounts is:
GENERAL JOURNAL
Description
a.
Description
If the Allowance balance started with a $200 DEBIT balance and uncollectible accounts are
estimated to be $2,000.
Date
с.
Post
ref
Debit
Post
ref
Note: Bad Debt Expense estimate in the prior year was wrong, it was not an error. It was still a
good faith estimate and the apparent violation of the matching principle is allowed under GAAP.
Age Interval
Not Past Due
1-30 days past due
Debit
At the end of the current year, the accounts receivable account has a debit balance of $1,400,000
and sales for the year total $15,350,000. Determine the amount of the adjustment needed.
Page
Credit
The allowance account before adjustment has a debit balance of $23,000. Bad debt
expense…
A credit sale is made on July 10 for $800, terms 4/10, n/30. On July 12, $150 of goods are returned for credit. Give the journal entry on
July 19 to record the receipt of the balance due within the discount period. (List all debit entries before credit entries. Credit account titles
are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts.)
Date Account Titles and Explanation
July 19
Debit
Credit
Using 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.
Chapter 3 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 3 - A company forgot to record accrued and unpaid...Ch. 3 - Prior to recording adjusting entries, the Supplies...Ch. 3 - Prob. 3MCQCh. 3 - On November 1, Stockton Co. receives $3,600 cash...Ch. 3 - Prob. 5MCQCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQ
Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - Prob. 1QSCh. 3 - Prob. 2QSCh. 3 - Prob. 3QSCh. 3 - Prob. 4QSCh. 3 - Prob. 5QSCh. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Preparing a classified balance sheet C3 Use the...Ch. 3 - Prob. 24QSCh. 3 - Prob. 25QSCh. 3 - Prob. 26QSCh. 3 - Prob. 27QSCh. 3 - Prob. 28QSCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Preparing unadjusted and adjusted trial balances,...Ch. 3 - Prob. 17ECh. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Preparing financial statements from adjusted trial...Ch. 3 - Prob. 5PSBCh. 3 - Preparing closing entries and financial statements...Ch. 3 - Determining balance sheet classifications C3 In...Ch. 3 - After the success of the company’s first two...Ch. 3 - Prob. 1GLPCh. 3 - Prob. 2GLPCh. 3 - Prob. 3GLPCh. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 1AACh. 3 - Prob. 2AACh. 3 - Prob. 3AACh. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Prob. 3BTNCh. 3 - Prob. 4BTNCh. 3 - Prob. 5BTNCh. 3 - Prob. 6BTN
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