17) The account "Notes Payable" began with a zero balance and then had the following changes: increase of $500, increase of $200, decrease of $550, and an increase of $250. The final balance is a: A) credit balance of $400. B) debit balance of $950. C) credit balance of $550. D) debit balance of $400.

17) The account "Notes Payable" began with a zero balance and then had the following changes: increase of $500, increase of $200, decrease of $550, and an increase of $250. The final balance is a: A) credit balance of $400. B) debit balance of $950. C) credit balance of $550. D) debit balance of $400.

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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A company reports accounts receivable of $180,000 on its balance sheet. The Allowance for Bad Debts has a credit balance of $20,000. If a specific customer's account with a balance of $8,000 is written off as uncollectible, what is the cash (or net) realizable value of the accounts receivable? a. $160,000 O b. $175,000 c. $172,000 Od. $200,000
Hh4. Account The allowance for doubtful debts account had a debit opening balance of $1,000 before bad debts of $900 were written off. If the allowance was adjusted to 5% of the accounts receivable balance of $44,000 inclusive GST, at the end of the period, the new amount of the allowance for doubtful debts that is deducted from accounts receivable in the balance sheet is $__________. Group of answer choices 2,200 2,100 2,000 3,000
At the end of the current year, Accounts Receivable has a balance of $940,940; Allowance for Doubtful Accounts has a credit balance of $6,235; and sales for the year total $2,902,000. Bad debt expense is estimated at 1/2 of 1% of net sales. a. Determine the amount of the adjusting entry for bad debt expense.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. c. Determine the net realizable value of accounts receivable.
answer must be correct
3. Suppose you have the following information Accounts Receivable balance 50,000. Estimated uncollectable accounts 4% of accounts receivable. previous allowance for doubtful accounts credit balance 2,500. prepare the necessary adjusting journal entry. *
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $410 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $7,470. Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $410 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $976,000 for the year. Amount added $fill in the blank 3 Ending balance $fill in the blank 4
Ivanhoe Company reports the following financial information before adjustments. Dr. Cr. Accounts receivable 60,000 Allowance for doubtful accounts 700 Sales revenue (all on credit) 750,000 Sales returns and allowances 37,000 Prepare the journal entry to record Bad Debt Expense assuming Ivanhoe Company estimates the necessary allowance for doubtful accounts at (a) 2% of accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
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