14.) How much is adjusted Allowance for Bad Debts on December 31, 2021?15.) How much is adjusted Bad Debts Expense on December 31, 2021?Please dont reject my question :( Cotton's Laundry ServicesFor the year ended December 31, 2021Trial Balance5,087,000265,000587,00070,000270,000516,000573,0005,000,000200,00030,000270,00089,00012,957,000CashAccounts ReceivableAllowance for Bad DebtsNotes ReceivableOffice SuppliesPrepaid RentPrepaid InsuranceEquipmentAccumulated Depreciation - EqptLandAccounts Payable2.5% Notes PayableCotton, CapitalCotton, DrawingService IncomeSupplies ExpenseRent ExpenseUtilities Expense12,000105,000527,0001,500,0009,960,000853,00012,957,000 A. Cotton serviced for P75,000, on account. She mistakenly recorded the promise to pay as 57,000 toNotes Receivable.B. The Notes payable was issued on 3/1/20, payable after 2 years.C. Notes receivable was received on 10/1/21 and is payable semi-annually for the next 2 years. Interestrate was twice of the Notes payable.D. Supplies amounted to P100,000 on 1/1/21. 69% of total Supplies were used at year-end. No purchasesof supplies were made during the year.E.Cotton is under a 2-year rent contract amounting to P720,000 since 1/1/2021. She will pay P180,000 atthe end of every quarter, starting March 31, 2021, until the full price is paid. Cotton's last recordrelated to this transaction was on September 30, 2021.F. Cotton availed a 4-year P576,000 fire insurance last 8/1/20.G. Equipment was purchased on 6/1/20. It is estimated that it could be sold for P123,000 at the end of itsuseful life.H. Cotton failed to record a P300,000 service that she rendered. As of 12/31/21, only 80% of this balancehas been collected. (Collections related to this transaction were not recorded as well)I.For 2021, Cotton started off with 4 employees with monthly salaries of P15,000 each. After 3 months,she hired an additional 3 employees with a payment cut-off salary of P10,000. Payment of salaries ismade every 15th and last day of the month.J. 5% of total Accounts Receivable is expected to be uncollectible.

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Description: 14.) How much is adjusted Allowance for Bad Debts on December 31, 2021?15.) How much is adjusted Bad Debts Expense on December 31, 2021?Please dont reject my question :( Cotton's Laundry ServicesFor the year ended December 31, 2021Trial Balance5,087,

Cotton's laundry services is expected to have adjusted Allowance for Bad Debts for the year .…

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14.) How much is adjusted Allowance for Bad Debts on December 31, 2021? 15.) How much is adjusted Bad Debts Expense on December 31, 2021? Please dont reject my question :(

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Continental Bank made a loan of $20,000 on March 25 to Dr. Hirsch to purchase equipment for her office. The loan was secured by a demand loan (note?) subject to a variable rate of interest that was 7% on March 25. The rate of interest was raised to 8.5% effective July 1 and to 9.5% effective September 1. Dr. Hirsch made partial payments on the loan as follows: $600 on May 5; $800 on June 30; and $400 on October 10. The terms of the note require payment of any accrued interest up to, and including, October 31. How much must Dr. Hirsch pay on October 31? (Use the Declining Balance Method) May 5 Payment Calculate the interest accrued to May 5. Calculate the amount of the payment that can be applied to the principal. Calculate the remaining principal. June 30 Payment Calculate the interest accrued to June 30. Calculate the amount of the payment that can be applied to the principal. Calculate the remaining principal. October 10 Payment Calculate the interest accrued to July 1. Calculate…
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on 3 ts) Based on our discussions, why was the Allowance for Bad Debt created? O To record the amount of accounts receivable written off during the period. O To record the net amount of accounts receivable that will be paid. To record the amount of accounts receivable that will most likely never be paid. O To record the net sales amount from the last period that will probably never be paid.
(b) Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2025, using the straight-line method. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Round answers to O decimal places, e.g. 1,225.) Date Dec. 31, 2025 Account Titles and Explanation Debit Credit
Use Newell Brands, Inc.'s financial statement information to answer the following questions. Provide the following account balances for Newell Brands : December 31, 2020 December 31, 2019 Accounts Receivable (gross) Allowance for Doubtful Accounts Accounts Receivable, net Which of the above numbers represents the total amount Newell Brands is owed by customers as of December 31, 2020? Which of the above numbers represents the amount that Newell Brands believes it will not collect from its customers as of December 31, 2020? Which of the above numbers represents the amount that Newell Brands believes it will collect from its customers as of December 31, 2020? Provide the journal entry (both accounts and amounts) that Newell Brands must have made to record its estimate of Bad Debt Expense in 2020. Provide the journal entry (both accounts and amounts) that Newell Brands must…
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Under the allowance method, if a customer makes payment on a receivable that has already been written off, the company needs to reverse the write-off to the Allowance for Bad Debts account. True False 00
Questions: a. What is the correct bad debt expense for the year assuming that the allowance for doubtful accounts had a balance of P120,500 as of January 1, 2022? b. Your proposed adjusting journal entry to correct the balance of allowance for bad debts would include a net debit or credit of? (just indicate the amount)
What account is used to write off bad debts using the: allowance method: direct write-off method:
13. When the estimate used for bad debt expense is changed, bad debt expense for all past periods must be recalculated. there is no change in the amount of bad debt expense recorded for future years. bad debt expense for current and future years is affected. The company must change its write-off policy as well. 14. Which of the following methods of determining bad debt expense does not generally (assuming materiality) provide a level of matching of expense and revenue that is acceptable following GAAP? Debiting bad debt expense with a percentage of sales under the allowance method. Debiting bad debt expense as accounts are written off as uncollectible. Debiting bad debt expense with an amount derived from aging accounts receivable under the allowance method. Debiting bad debt expense with a percentage of accounts receivable under the allowance method.
For 36-40: Albert borrowed P180 000 to be repaid with equal quarterly payments for 2 2 years with an interest rate of 9% compounded quarterly. As a collateral, he offered his used car with an appraised value of P250 000 which the lender accepted. Given the first five rows of the amortization table of the loan, answer the questions that follow. Regular Payment Interest Component of Principal Component of Payment Period Loan Balance Payment 180 000.00 163 748.22 147 130.78 20 301.78 4 050.00 16 251.78 20 301.78 3 684.33 16 617.44 16 991.34 17 373.64 130 139.44 112 765.79 3 310.44 20 301.78 20 301.78 2 928.14 112344