Funnel Direct recorded $1,341,780 in credit sales for the year and $699,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,588; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. A. Dec. 31   - Select - - Select -     - Select - - Select -   To record bad debt, income statement method     B. Dec. 31   - Select - - Select -     - Select - - Select -   To record bad debt, balance sheet method     C. Dec. 31   - Select - - Select -…

FDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable P13,000,000 Allowance for Doubtful Accounts P300,000 Sales P50,000,000 The entity estimated that 7% of accounts receivable may prove uncollectible. How much should be reported as doubtful accounts expense for the year ended December 31, 2021?

BEBE Co. has outstanding accounts receivable totaling P2.50 million as of December 31 and sales on credit during the year of P10.8 million. There is also a debit balance of P6,000 in the allowance for doubtful accounts. If the company estimates that 1% of its net credit sales will be uncollectible, what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense?

Funnel Direct recorded $1,344,780 in credit sales for the year and $698,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,788; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. А. Dec. 31 To record bad debt, income statement method В. Dec. 31 To record bad debt, balance sheet method C. Dec. 31 To record bad debt, income statement method, previous credit balance Dec. 31 To record bad debt, balance sheet method, previous credit balance

A trial balance before adjustments included the following: Sales - ₱425,000; sales returns and allowances - ₱14,000; accounts receivable - ₱43,000; Allowance for doubtful accounts -₱760. If the estimate of uncollectible is made by taking 2% of net sales, the amount of bad debts expense for the year is:

Sama company has the following unadjusted account balances at December 31, 2021, Total Sales of $720,000, Accounts Receivable of $205,000 and the allowance was estimated as 3.5% of the total Account Receivable The Allowance for Doubtful Accounts had a credit balance of $2,400, before the estimate was made. Required: Prepare the adjusting journal entry to record bad debts expense for 2021. Answer in the following format [Note: This is just an example and is not related to the question] Jan 1 Dr. Cash 120 Cr. Owner capital ..120

Jars Plus recorded $865,430 in credit sales for the year and $491,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,670, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. A. Dec. 31 Bad Debt Expense v 19,904.89 Allowance for Doubtful…

At year-end but before adjustments, the company’s Accounts Receivable and Allowance for Bad Debts balances are ₱98,279 and ₱6,000, respectively.  The company maintains 8% of its accounts receivable as possibly uncollectible.  How much is the net realizable of accounts receivable, after adjustments?

On December 31, Cosgrove Corporation (a calendar year end corporation) reports an ending balance in accounts receivable (before any adjustments) of $240,000, and total credit sales of $2,900,000 for the year ended December 31, 2022. Crane and Co uses the allowance method to account for uncollectible accounts. Assume Allowance for Doubtful Accounts has an unadjusted balance of ($3,100). Compute the amount of bad debt expense that Cosgrove Corporation will record on December 31, assuming that they use the Percentage of Receivables method to estimate uncollectible accounts. Cosgrove prepared the following aging-of-receivables schedule: Age of Account Current 1-30 days past due 31-90 days past due 91-180 days past due Over 180 days past due Total Accounts Receivable Balance, Dec. 31 $150,000 41,200 26,400 16,200 6,200 $240,000 Estimated Uncollectible Percentage 2% 5% 20% 30% 50%