2019 Dec. 2020 Mar. Sep. Nov. Dec. Dec. 31 Estimated that bad debt expense for the year was 4 percent of credit sales of $384,500 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 26 Sold inventory to Melinda Monet, $10,400.00, on credit terms of 2/10, n/30. Ignore cost of goods sold. 15 Wrote off Melinda Monet's account as uncollectible after repeated efforts to collect from her. 10 Received $5,400 from Monet, along with a letter stating her intention to pay her debt in full within 30 days. Reinstated her account in full. 5 Received the balance due from Monet. 31 Made a compound entry to write off the following accounts as uncollectible: Bob Keffer, $2,000; Marilyn Lee, $870.00; and Rich Alton, $12,300. 31 Estimated that bad debt expense for the year was 3 percent of credit sales of $810,000 and recorded the expense. 31 Made the closing entry for the bad debt expense. Print Done

2019 Dec. 2020 Mar. Sep. Nov. Dec. Dec. 31 Estimated that bad debt expense for the year was 4 percent of credit sales of $384,500 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 26 Sold inventory to Melinda Monet, $10,400.00, on credit terms of 2/10, n/30. Ignore cost of goods sold. 15 Wrote off Melinda Monet's account as uncollectible after repeated efforts to collect from her. 10 Received $5,400 from Monet, along with a letter stating her intention to pay her debt in full within 30 days. Reinstated her account in full. 5 Received the balance due from Monet. 31 Made a compound entry to write off the following accounts as uncollectible: Bob Keffer, $2,000; Marilyn Lee, $870.00; and Rich Alton, $12,300. 31 Estimated that bad debt expense for the year was 3 percent of credit sales of $810,000 and recorded the expense. 31 Made the closing entry for the bad debt expense. Print Done

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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Requirement 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $4.300 (cr.) and so. respectively. Remember to update account balances but ignore posting references. Begin by recording the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Jan 17: Sold inventory to Rick Harrison, $900 on account. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Jan 17 Jun 29: Wrote off the Rick Harrison account as uncollectible after repeated efforts to collect from him Journal Entry Date Accounts Debit Credit More Info Jun 29 Jan 17 Sold inventory to Rick Harrison, $900, on account. Ignore cost of goods sold. Jun 29 Wrote off the Rick Harrison account as uncollectible after repeated efforts to collect from him. Aug 6 Received $50 from Rick Harrison, along with a letter…
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Assume that Rahma LLC sold OMR 2000 goods to Al Karama LLC on credit. After sales, based on the financial position of the purchaser, Rahma LLC anticipated OMR 400 as uncollectable accounts receivables. From the following given options, identify journal entry for writing off OMR400 balance as uncollectible on December 31st by following direct write-off method. a. Dr Bad debt expenses A/c OMR 400 and Cr Allowance for doubtful accounts OMR 400 b. Dr Bad debt expenses A/C MR 400 and Cr Accounts receivables A/C OMR 400. C. None of the given options d. Dr Accounts receivables A/C OMR 400 and Cr Bad debt expenses A/C OMR 400
Beginning balances: Allowance for Doubtful Accounts - $45,000 Accounts Receivable - $3,000,000 Bad Debt percent of credit sales – 1.5% Total Credit Sales – $38,000,000 1) Estimate bad debt expense using percent of sales method 2) Record transaction. 3) Show new adjusted allowance account 4) In January the next year, $48,000 is determined to be uncollectible. Show the entry and adjust accounts.
Entry for bad debt expenses
Instructions General Journal 1. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense on December 31. The following information is extracted from Shelton Corporation's accounting records at the beginning of 2019: Chart of Accounts Accounts Receivable $71,000 General Journal Instructions CHART OF ACCOUNTS Allowance for Doubtful Accounts 1,200 (credit) Shelton Corporation PAGE 1 During 2019, sales on credit amounted to $568,000, $553,600 was collected on outstanding receivables and $2,600 of receivables were written General Ledger off as uncollectible. On December 31, 2019, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. GENERAL JOURNAL ASSETS REVENUE DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Required: 111 Cash 411 Sales Revenue 1. 1. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense for 2019. 121 Accounts Receivable 2 2. Prepare the Accounts Receivable section of Shelton's…
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ts The Tz Corp. estimates bad debt expense at 0.30 % of credit sales . The company reported accounts receivable and allowance for uncollectible accounts of 490,000 and 1,610 respectively December 31 2023. During 2024 , Tzs credit sales and cash collections were $327,000 and respectively , and $1,890 in accounts receivable were written off 2024 bad debt expense is $ 981 . $ 1,660 $ 1,056 . None of the options listed . $987
12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. XYZ’s management has estimated that 1.5% of sales will be uncollectible. For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts: Bad debt expense: Allowance for doubtful accounts: For the end of 2020, what is the company's net realizable value?