Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Chapter 5, Problem 3E
a.
To determine
Compute the amount of cash collected from receivables.
b.
To determine
Compute the amount of uncollectible accounts expense recognized during the period.
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Question 15
A company has provided the following information for Allowance for Doubtful Accounts:
Allowance for Doubtful Accounts Beginning Balance = $2,700
Wrote-off $2,100 of uncollectible accounts
Allowance for Doubtful Accounts Ending Balance = 3,200
How much did the company record as Bad Debt Expense?
$3,800
None of these are correct.
$2,600
$500
O $1,600
K. Brant
D. Eaton
S Klein
C. Sheen
Total
% uncollectible
Account No.
1
2
3
4
5
6
7
$800
Debit
500 300
5
550
At the beginning of the period, ABC had balances in Accounts Receivable of $100,000 and in
Allowance for Doubtful Accounts of $56 (credit). Prepare a journal entry to record the above
estimate using the following Chart of Account.
Chart of Account
200 200
2,050 500
2%
Description
Cash
$600 $200
150
Sales Revenue
Credit
200
600 350 200 400
5% 10% 25% 50%
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
Sales Return and Allowance
Sales Discount
Enter the Account No. and amount for the entry.
400
Amount
269
Problem 6
Tantrum Company provided the following information in relation to accounts receivable at year-end:
Days Outstanding
% Uncollectible
Estimated Amount
1,200,000
0-60
1%
2%
61-120
900,000
Over 120
1,000,000
6%
During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had
been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was
P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the
current year?
Chapter 5 Solutions
Survey Of Accounting
Ch. 5 - 1. What is the difference between accounts...Ch. 5 - Prob. 2QCh. 5 - 3. What type of account is the Allowance for...Ch. 5 - 4. What are two ways in which estimating...Ch. 5 - 5. When using the allowance method, why is...Ch. 5 - 6. What is the most common format for reporting...Ch. 5 - 7. Why is it necessary to mate an entry to...Ch. 5 - 8. What are some factors considered in estimating...Ch. 5 - Prob. 9QCh. 5 - Prob. 10Q
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - 14. What is an advantage of using the percent of...Ch. 5 - 15. What is aging of accounts receivable?Ch. 5 - Prob. 16QCh. 5 - Prob. 17QCh. 5 - Prob. 18QCh. 5 - 21. What is accrued interest?Ch. 5 - How does the accrual of interest revenue or...Ch. 5 - Prob. 21QCh. 5 - Prob. 22QCh. 5 - Prob. 23QCh. 5 - Prob. 24QCh. 5 - Prob. 25QCh. 5 - 26. What types of costs do businesses avoid when...Ch. 5 - 1. Name and describe the four cost flow methods...Ch. 5 - 2. What are some advantages and disadvantages of...Ch. 5 - Prob. 29QCh. 5 - Prob. 30QCh. 5 - 5. In an inflationary period, which inventory cost...Ch. 5 - 6. In an inflationary period, which inventory cost...Ch. 5 - 7. What is the difference between the flow of...Ch. 5 - Prob. 34QCh. 5 - Prob. 35QCh. 5 - Prob. 36QCh. 5 - Prob. 37QCh. 5 - Prob. 38QCh. 5 - Prob. 39QCh. 5 - Prob. 1ECh. 5 - Exercise 7-1A Analysis of financial statement...Ch. 5 - Prob. 3ECh. 5 - Effect of recognizing uncollectible accounts...Ch. 5 - Analyzing financial statement effects of...Ch. 5 - Effect of recovering a receivable previously...Ch. 5 - Prob. 7ECh. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Roth Service Co. experienced the following...Ch. 5 - Prob. 11ECh. 5 - On May 1, 2018, Benzs Sandwich Shop loaned 10,000...Ch. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Luna Company accepted credit cards in payment for...Ch. 5 - Prob. 16ECh. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - The Shirt Shop had the following transactions for...Ch. 5 - Prob. 21ECh. 5 - Accounting for uncollectible accountstwo cycles...Ch. 5 - Prob. 23PCh. 5 - Prob. 24PCh. 5 - Sage Inc. experienced the following transactions...Ch. 5 - The following transactions apply to Hooper Co. for...Ch. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - Prob. 30PCh. 5 - The following trial balance was prepared for Tile,...Ch. 5 - Prob. 32PCh. 5 - Prob. 33PCh. 5 - Prob. 1ATCCh. 5 - Prob. 3ATCCh. 5 - Prob. 4ATCCh. 5 - Alonzo Saunders owns a small training services...
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Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License