Sophia acc 201 financial accounting milestone final-3

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Al Hajar Co. provides you the following account balances for the year ended on 31 December 2019. Sales Revenue OMR 100,000 Cr. Accounts Receivable OMR 25,000 Dr. Allowance for Doubtful accounts OMR 1000 Cr. Scenario 1 Bad debts are estimated based on the aging schedule given below Aging class Receivable Balance (OMR) Estimate % of uncollectible 0–30 days 15,000 10 31–60 days 5,000 15 61–90 days 3,500 20 Over 90 days 1,500 25 Actual bad debt - OMR 1,100 and amount recovered - OMR 800. Scenario 2 Estimated amount of bad debts - 12% of receivables, Actual bad debt - OMR 1,500 and amount recovered later on - OMR 900. Scenario 3 Estimated amount of bad debts - 3.5% of Sales, Actual bad debt - OMR 1,300 and amount recovered - OMR 1000.   Required: For each scenario given above; a)Estimate the uncollectible amounts.     b)Pass adjusting entry to record the estimated uncollectible.     c)Pass all the journal entries for actual write off and recovery…

QUESTION: The uncollectible accounts expense for the year ended December 31, 2022 is?

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a. 8,200,000 b. 6,200,000 c. 2,000,000 d. 4,200,000 Problem 4-15 (AICPA Adapted) 81 molde Steven Company provided the following information during the first year of operations: 0913410000 Total merchandise purchases for the current year Merchandise inventory on December 31 Collections from customers bgodno ode All merchandise was marked to sell at 40% above cost. All Isales are on a credit basis and all accounts are collectible, What amount should be reported as accounts receivable on December 31? od ove arlo batable pore ab a. 1,000,000 b. 3,840,000 c. 5,000,000 d. 5,800,000 7,000,000 1,400,000 4,000,000 120 000 030 000,000 at amount was received b remittance in full? a. 2,744,000 b. 2,940,000 c. 2,944,000 d. 3,140,000 Problem 4-17 (PHILCPA A Germany Company started busines year. The entity established an all- estimated at 5% of credit sales. wrote off P50,000 of uncollectible Further analysis showed th amounted to P9,000,000 and e was P1,500,000. Goods were s The total sales…

Aging Method On December 31, 2021, Khalid Inc. has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $1,280,000 Allowance for Doubtful Accounts (a credit balance) 44,000   During 2022, Khalid had $18,500,000 of credit sales, collected $17,945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year-end, Khalid performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1.  Calculate Khalid's preadjustment balance in accounts receivable on December 31, 2022.2.  Calculate Khalid's preadjustment balance in allowance for doubtful accounts on December 31, 2022.  3. Prepare the necessary adjusting entry for 2022.

View Policies Show Attempt History Current Attempt in Progress Karen.com uses the allowance method of accounting for bad debts. The company produced the following aging of the accounts receivable at year-end. (a) Your answer is partially correct. Calculate the total estimated bad debts based on the below information. Num Total 0-30 31-60 Accounts receivable $483,000 $328,000 $82,000 % uncollectible Estimated bad debts " $ A 1% 3280 SA 4% 3280 19 $

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