3) At the beginning of 2021, the balance in Jackson Enterprises' Allowance for UncollectibleAccounts was $31,800. During 2021, the company wrote off $38,000 of accounts receivable.Writing off the individual bad debts would include a:A) Debit to Bad Debt Expense.B) Credit to Accounts Receivable.C) Credit to the Allowance for Uncollectible Accounts.D) Debit to Bad Debt Expense; credit to the Allowance for Uncollectible Accounts.4) At December 31, Gill Co. reported accounts receivable of $238,000 and an allowance foruncollectible accounts of $600 (debit) before any adjustments. An analysis of accountsreceivable suggests that the allowance for uncollectible accounts should be 3% of accountsreceivable. The amount of the adjustment for uncollectible accounts would be:A) $6,540.B) $7,800.C) $7,140.D) $7,740.

3) Company wrote off $38,000 of accounts receivable. In balance sheet accounts receivable recorded…

Answered: 3) At the beginning of 2021, the…

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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What is the amortized cost of accounts receivable at December 31, 2021?
At the end of 2023, Ayayai Corp. has accounts receivable of $2.90 million and an allowance for expected credit losses of $115,000. On January 16, 2024, Ayayai determined that its $22,400 receivable from Blossom Company will not be collected, and management has authorized its write-off. On January 31, 2024, Ayayai received notification that the company will receive $0.15 for every $1.00 of accounts receivable relating to Sunland Company The company had previously written off 100% of the amount due from Sunland ($60,500). (a) Your answer is partially correct. Prepare the journal entry for Ayayai to write-off the Blossom receivable and any journal entry needed to reflect the notice regarding Sunland. (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 O for the amounts. List all debit entries before credit entries.) Blossom Company accounts receivable write-off:…
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Use the following information for the next four questions: From inception of operations, Alas Company provided for bad debts expense under the allowance method. Provisions were made monthly at 2% of credit sales, bad debts written off were charged to the allowance account and recoveries of bad debts previously written off were credited to the allowance account. No year- end adjustments to the allowance account were made. The allowance for doubtful accounts was P135,000 on January 1, 2020. During the year 2020, credit sales totaled P9,200,000, interim provisions for doubtful accounts were made at 2% of credit sales, P82,000 of bad debts were written off, and recoveries of accounts previously written off amounted to P17,000. The entity prepared an aging of accounts receivable for the first time on December 31, 2020. Balance Uncollectible November - December 2,180,000.00 2% July - October January - June 590,000.00 10% 436,000.00 25% Prior to January 1 2020 Total 242,000.00 75%…
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At the end of 2020, Bonita Company has accounts receivable of $960,000 and an allowance for doubtful accounts of $48,000. On January 16, 2021, Bonita Company determined that its receivable from Ramirez Company of $7,200 will not be collected, and management authorized its write-off. What is the net amount expected to be collected of Bonita Company’s accounts receivable after the write-off of the Ramirez receivable? Net amount expected to be collected $
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