5. EEE Company reported accounts receivable 8,000,000 on December 31, 2023 and allowance for doubtful accounts 1,000,000 on January 1,2023. During the year, accounts of 400,000 were written off and recoveries of accounts written off totalled 10,000. Under 30 days 31-180 days 181-360 days More than 1 yr Amount 5,000,000 1,500,000 1,000,000 500,000 % Uncollectible 8% 10% 15% 25% a. What amount should be reported as doubtful account expense for the current year?

5. EEE Company reported accounts receivable 8,000,000 on December 31, 2023 and allowance for doubtful accounts 1,000,000 on January 1,2023. During the year, accounts of 400,000 were written off and recoveries of accounts written off totalled 10,000. Under 30 days 31-180 days 181-360 days More than 1 yr Amount 5,000,000 1,500,000 1,000,000 500,000 % Uncollectible 8% 10% 15% 25% a. What amount should be reported as doubtful account expense for the current year?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...

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At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.
9) JSC Company reported accounts receivable P8,000,000 on December 31, 2020 and allowance for doubtful accounts P1,000,000 on January 1, 2020. During the year, accounts P400,000 were written off and recoveries written off totaled P100,000. Table factors for three periods Amount Uncollectible Under 30 days 5,000,000 10% 31 – 180 days 1,500,000 20% 181 – 360 days 1,000,000 50% More than one year 500,000 100% What amount should be reported as doubtful accounts expense for the current year? A. 1,800,000 B. 1,100,000 C. 1,000,000 D. 1,400,000
6) Brotherhood Company had the following information relating to its accounts receivable: Accounts receivable, 12/31/21 1,300,000 Credit sales for 2022 5,400,000 4,750,000 125,000 Collections from customers for 2022, excluding recovery Accounts written off 9/30/22 Collection of accounts written off in prior year (customer credit was not reestablished) Estimated uncollectible receivable per aging of receivable at 12/31/22 25,000 165,000 On December 31, 2022, the amortized cost of accounts receivable is a. 1,825,000 b. 1,800,000 c. 1,635,000 d. 1,660,000
1. Orr Company prepared an aging of accounts receivable on December 31, 20XX and determined that the net realizable value of the accounts receivable was P2,500,000. Additional information is available as follows: Allowance for doubtful accounts on January 1 - 280,000 Accounts written off as uncollectible - 230,000 Accounts receivable on December 31 - 2,700,000 Uncollectible accounts recovery - 50,000 For the year ended December 31, 20XX, what amount should be recognized as doubtful accounts expense?
33. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
36. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
45. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
21. Ebasan Company estimates its doubtful accounts by aging its accounts receivable. The aging schedule of accounts receivable at December 31, 2020 is presented below: Age of Accounts 0-30 days 31-60 days Amount P1,264,800 691,500 61-90 days 288,600 114,975 91-120 days Over 120 days 59,100 Ebasan's uncollectible accounts experience for the past 5 years are summarized in the following schedule: Year 0-30 31-60 61-90 91-120 Over 120 2019 Receivable (Dec 31) P1,968,750 1,500,000 697,500 0.3% 1.8% 12% 38% 65% 2018 0.5% 1.6% 41% 70% 2017 1.5% 0% 50% 69% 0.2% 0.4% 2016 1,224,000 1,7% 10.2% 47% 81% 2015 1,865,500 0.9% 2.0% 9.7% 33% 95% The balance of the allowance for doubtful accounts at December 31, 2020 before adjustment is P126,751. The necessary adjusting journal entry to adjust the allowance for doubtful accounts as of Dec 31,2020 would include: A. A debit to retained earnings of P13,894, B. A debit to doubtful accounts expense P140,644. C. A credit to doubtful accounts expense…
SISSY Company provided the following information relating to accounts receivable for the current yearAccounts receivable on January 1 1,300,000Credit Sales 5,400,000Collections from customers, 4,750,000Accounts written off 125,000Estimated uncollectible receivables per aging 165,000What is the balance of accounts receivable before allowance for doubtful accounts on December 31?a. 1,825,000b. 1,850,000c. 1,950,000d. 1,990,000
11) Mugster Company adopted a new method for estimating doubtful accounts at an amount indicated by aging of accounts receivable: Allowance for doubtful accounts - January 1 250,000 Provision for doubtful accounts recorded during the year (2% of credit sales of P10,000,000) 200,000 Accounts written off 205,000 Uncollectible accounts per aging December 31 220,000 What is the year-end adjustment to the allowance for doubtful accounts? A. 175,000 debit B. 175,000 credit C. 25,000 debit D. 25,000 credit
9. BT21 Company prepared an aging of accounts receivable on December 31 and determined that the net realizable value of the accounts receivable was P1,500,000. Allowance for doubtful accounts on January 1 is debit balance of P100,000. Accounts written off as uncollectible is P200,000 while recovery of accounts previously written off is P50,000. Accounts receivable balance on December 31 is P1,900,000. As part of year-end adjusting entries, what amount should be debited to Bad debts expense at year end?
10) DEF Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000 Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) (28,000) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written…