5. Omega Company prepared an aging of accounts receivable on December 31, 2013 anddetermined that the net realizable value of the accounts receivable wan P2,500,000.Allowance for uncollectible accounts on JanuarytAccounts witten oft as ungoilectbleAccounts receivable on December 31Uncollectible accounts recovery280.000230.0002.700.00050.000What is the uncolectible accounts expense for 2013?a. 230,000b. 200,000c. 150,000d. 100,000

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5. Omega Company prepared an aging of accounts receivable on December 31, 2013 and determined that the net realizable value of the accounts receivable was P2,500.000. Alowance for uncollectible accounts on January t Accounts witten oit as uncolectible Accounts receivable on December 31 Uncollectible acounts recovery 280.000 230.000 2.700.000 50.000 What is the uncollectble accounts expense for 20137 a. 230,000 b. 200.000 C 150.000 d. 100.000

5. Omega Company prepared an aging of accounts receivable on December 31, 2013 and determined that the net realizable value of the accounts receivable was P2,500.000. Alowance for uncollectible accounts on January t Accounts witten oit as uncolectible Accounts receivable on December 31 Uncollectible acounts recovery 280.000 230.000 2.700.000 50.000 What is the uncollectble accounts expense for 20137 a. 230,000 b. 200.000 C 150.000 d. 100.000

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1AP

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Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
Omega Company prepared an aging of accounts receivable on December 31, 2018 and determined that the net realizable value of the accounts receivable was P2,500,000. Alow ance for uncolectible accounts on January 1 Accounts written off as uncollectible Accounts receivable on December 31 Uncollectible accounts recovery 280,000 230,000 2,700,000 50,000 What is the uncollectible accounts expense for the current year?
5. AA Company prepared an aging of its accounts receivable at December 31, 2022 and determined that the net realizable value of the receivables was P350,000. Additional information is available as follows: Allowance for uncollectible accounts at 1/1/22 – credit balance,P34,000 Accounts written off as uncollectible during 2022, P23,000 Accounts receivable at 12/31/22, P375,000 Uncollectible accounts recovered during 2022, P5,000 Total provisions made during 2022, P12,000 Statement 1: The amount of bad debts expense in 2022 is P9,000. Statement 2: The ending balance of the allowance for uncollectible accounts is P25,000. Group of answer choices Only statement 1 is true Both statements are true Only statement 2 is true Both statements are false
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?
(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000
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?
Warriors Company prepared an aging of its accounts receivable at December 31, 2023 and determined that the estimated uncollectible on that date was P85,200. During 2023, some customers' accounts were written off. Additional information is available as follows:Allowance for Bad Debts, December 31, 2022 P 63,000Bad debts expense reported in profit or loss 18,000Accounts Receivable, December 31, 2023 607,500Uncollectible accounts recovery during 2023 12,000 Question:21. How much were the accounts written off during 2023? A. P6,000 B. P7,800 C. P18,000 D. P22,200
23.K-Pop Company prepared an aging of its accounts receivable at December 31, 2021 and determined that the estimated uncollectibles on that date was P74,300. During 2021, some customers’ accounts were written off. Additional information is available as follows:Allow. for Uncollectible Accts, Dec. 31, 2020 - P63,000Uncollectible accounts expense reported in the statement of comprehensive income - P18,000Accounts Receivable, Dec. 31, 2021 - P607,500Recovery during 2021 of accounts previously written off - P12,000How much were the accounts written off during 2021?