5) Based on the information:Credit sales1,720,000Collections on accounts receivable during the year1,700,0008,100,000Cash salesUnadjusted balance in Allowance for doubtful accounts500 debitSales returns and allowances for credit sales40,000Accounts receivable, beginning of the year140,000If bad debts are estimated to be 12 of ending accounts receivable, in the adjusting entry to recognize baddebts, you would debit bad debt expense for:A.2,300В.1.900C.1,300D.1.800

5) Based on the information: Credit sales 1,720,000 Collections on accounts receivable during the year 1,700,000 Cash sales 8,100,000 Unadjusted balance in Allowance for doubtful accounts Sales returns and allowances for credit sales 500 debit 40,000 Accounts receivable, beginning of the year 140,000 If bad debts are estimated to be 1% of ending accounts receivable, in the adjusting entry to recognize bad debts, you would debit bad debt expense for: A 2,300 B. 1,900 c. 1,300 D. 1,800

5) Based on the information: Credit sales 1,720,000 Collections on accounts receivable during the year 1,700,000 Cash sales 8,100,000 Unadjusted balance in Allowance for doubtful accounts Sales returns and allowances for credit sales 500 debit 40,000 Accounts receivable, beginning of the year 140,000 If bad debts are estimated to be 1% of ending accounts receivable, in the adjusting entry to recognize bad debts, you would debit bad debt expense for: A 2,300 B. 1,900 c. 1,300 D. 1,800

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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After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $450,000 and Allowance for Doubtful Accounts has a balance of $25,000. What is the net expected realizable value of the accounts receivable? $25,000 O $450,000 O $455,000 $425,000
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Pina Colada Corp. uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $270000 and credit sales are $2710000. Management estimates that 3% of accounts receivable will be uncollectible. What adjusting entry will Pina Colada Corp. make if the Allowance for Doubtful Accounts has a credit balance of $2700 before adjustment?
Zebra Company reported the following for 2022: Credit sales = $419884 Accounts Receivable = $16376 Allowance for Doubtful Accounts = $291 (credit balance) Bad Debt is estimated at 0.31 of 1% of sales After the adjusting entry is recorded, what is the value of Allowance for Doubtful Accounts? ROUND TO THE NEAREST DOLLAR
Bad debts accounts are estimated to be doubtful at 5% of the accounts receivable. An extract from the trial balance shows the following balances: Accounts Receivable P200,000 Allowance for Bad Debts, credit 2,000 The net realizable value of accounts receivable after the adjustment for the current reporting period is: Select the correct response: 198,000 190,000 188,000 200,000
17.The following information is provided: Unadjusted balance in Allowance for Doubtful Accounts $1,100 (debit)Accounts Receivable, December 31 245,500Sales Returns and Allowances 5,500Sales 850,000Sales Discounts 15,000 Required:1. Prepare the adjusting entry if bad debts are estimated to be 1.5% of net sales.2. Compute the amount of the adjusting entry if bad debts are estimated to be 3% of ending accounts receivable.
A company has net credit sales of $499000 for the year and it estimates that uncollectible accounts will be 3% of its Account Receivables balance. If Allowance for Doubtful Accounts has a credit balance of $2000 prior to adjustment, its balance after adjustment will be a credit of $16970. $14970. $12970. $14910.
2. D’Costa Company uses the allowance method of handling credit losses. It estimates losses at 2% of credit sales, which were $1,800,000 this year. At December 31 of this year, the Accounts Receivable balance is $270,000, and the Allowance for Doubtful Accounts has a $3,600 credit balance before adjustment. a. Give the adjusting entry to record bad debts expense for this year. b. What net amount of accounts receivable would appear on the December 31 balance sheet this year? c. Assume that D’Costa Company uses aged accounts receivable as a basis of estimating credit losses, instead of a percent of credit sales. If the firm estimates that $22,800 of the accounts will prove uncollectible, what adjusting entry would D’Costa Company make to record the bad debts expense for this year?
Allowance for Doubtful Accounts has a credit balance of $613 at the end of the year (before adjustment), and bad debt expense is estimated at 3% of credit sales. If credit sales are $604,400, the amount of the adjusting entry to journalize the estimated uncollectible accounts receivable is a. $18,745 b. $17,519 c. cannot determine without more information d. $18,132
Moving to another question will save this response. Question 14 Sama company has the following unadjusted account balances at December 31, 2021; Total Sales of $720,000, Accounts Receivable of $205,000 and the allowance was estimated as 3.5% of the total Account Receivable. The Allowance for Doubtful Accounts had a credit balance of $2,400, before the estimate was made. Required: Prepare the adjusting journal entry to record bad debts expense for 2021. Answer in the following format [Note: This is just an example and is not related to the question] Jan 1 Dr. Cash...... 120 Cr. Owner capital.............. 120 10 (Mac) I %0 O