Allowance for Doubtful Accounts has a credit balance of $670 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $16,220. Based on this estimate, which of the following adjusting entries should be made? Select the correct answer. debit Allowance for Doubtful Accounts, $670; credit Bad Debt Expense, $670 debit Bad Debt Expense, $670; credit Allowance for Doubtful Accounts, $670 debit Bad Debt Expense, $15,550; credit Allowance for Doubtful Accounts, $15,550 debit Allowance for Doubtful Accounts, $16,890; credit Bad Debt Expense, $16,890

For each of the following scenarios, indicate the amount of the adjusting journal entry for Bad Debt Expense to be recorded, the balance in Allowance for Doubtful Accounts after adjustment at December 31, and the net realizable value of Accounts Receivable at December 31. a.  Based on an analysis of Simmons Company's $380,000 balance in Accounts Receivable at December 31, it was estimated that $15,500 will be uncollectible. There is a credit balance of $1,200 in Allowance for Doubtful Accounts before adjustment. Bad Debt Expense $ Allowance for Doubtful Accounts at Dec. 31   Net Realizable Value of Accounts Receivable at Dec. 31   b.  Blake Company had credit sales of $900,000 at year-end, an Accounts Receivable balance of $425,000 at December 31, and an Allowance for Doubtful Accounts credit balance of $11,000 before adjustment. Blake estimates bad debt expense as ¾ of 1% of credit sales. Bad Debt Expense $ Allowance for Doubtful Accounts at Dec. 31   Net Realizable…

CAN SOMEONE HELP ME FILL OUT THIS CHART ?   (b)   Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a).Assume the current balance in Allowance for Doubtful Accounts is a $8,500 debit. (c)   Of the above accounts, $4,700 is determined to be specifically uncollectible.Prepare the journal entry to write off the uncollectible account. (d)   The company collects $4,700 subsequently on a specific account that had previously been determined to be uncollectible in (c).Prepare the journal entries necessary to restore the account and record the cash collection.

Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 Accounts receivable Percent uncollectible Req A Req B and C Complete this question by entering your answers in the tabs below. Accounts Receivable X Total $ 630,000 X a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accou receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balan Allowance for Doubtful Accounts is a $4,800 credit. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balan Allowance for Doubtful Accounts is a $1,300 debit. X X X Percent Uncollectible (%) Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts…

Supreme Carpet Care estimates the amount of uncollectible accounts using the percentage of receivables method. After aging the accounts, it is estimated that $7,225 will not be collected. ​ ​ Required: Give the end-of-period adjusting entry at December 31 in general journal form to enter the estimate for bad debt expense assuming the Allowance for Doubtful Accounts account has a debit balance of $420 before adjustmen

Allowance for Doubtful Accounts has a credit balance of $667 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $17,457. Based on this estimate, which of the following adjusting entries should be made? Select the correct answer. debit Bad Debt Expense, $16,790; credit Allowance for Doubtful Accounts, $16,790 debit Allowance for Doubtful Accounts, $667; credit Bad Debt Expense, $667 debit Allowance for Doubtful Accounts, $18,124; credit Bad Debt Expense, $18,124 debit Bad Debt Expense, $667; credit Allowance for Doubtful Accounts, $667

For a business that uses the allowance method of accounting for uncollectible receivables:Journalize the entries to record the following: Use correct journal format. Just use the month for the date.(1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $850,000, and the contra asset account before adjustment has a debit balance of $4000. Analysis of the receivables (aging) indicates uncollectible receivables of $17,200.(2)In March of the next year, the $720 owed by Fronk Co. on account is written off as uncollectible.In November of the next year, $400 of the Fronk Co. account is reinstated and payment of that amount is received.In December of the next year, $250 is received on the $800 owed by Dodger Co. and the remainder is written off as uncollectible.

Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $105,500, and it estimates that 2% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,794 credit balance before the adjustment. (b) a $528 debit balance before the adjustment. View transaction list Journal entry worksheet 1 2 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,794 credit balance before the adjustment. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit >

Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $68,000, and it estimates that 3% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,156 credit balance before the adjustment. (b) a $340 debit balance before the adjustment. View transaction list Journal entry worksheet