5/483Ramla has calculated her draft profit figure for the year ended 28 February 2023.Adjustments in Ramla's ledger accounts have still to be made for the following items.1 An amount of $99 owed to Ramla by Mai is to be written off as irrecoverable.2 Fixtures and fittings, $875, were purchased on credit from Padma.3 A loan repayment, $500, had been incorrectly recorded as loan interest.4 Rent paid, $350, had been recorded as $530.5 Drawings, $120, had been debited to the wages account.REQUIRED(a) Prepare the journal entries required for items 1-5. Narratives are not required.ItemnumberRamlaJournalDetailsDebitCredit$$[10](b) Complete the following table by entering the arrunt of each adjustmt required to calculate

Item 1: Bad Debt Expense: This account is debited to recognize the expense incurred from the…

Answered: 5/48 3 Ramla has calculated her draft…

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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At the end of the accounting period, Donna's Daisies had Accounts Receivable of $14,000, Bad Debt Expense of $1,250, and Allowance for Doubtful Accounts of $1,575. What is Donna's net realizable value? a.$12,750 b.$11,175 c.$12,425 d.$15,575
Suppose the balance in the Allowance for Doubtful Accounts at the end of year is a $400 Debit balance before adjustment. The company estimates future uncollectible accounts to be $3,200. At what amount would Bad Debt Expense be reported in the current year's income statement? A. $400 B. $2,800 C. $3,600 D. $3,200
18. Tangier Company had a January 1, 2022, balance in Allowance for Doubtful Accounts of $7,000 Cr. The following events required journal entries during 2022: Apr. 15 Diya’s account receivable of $5,700 was deemed uncollectible. July 1 Nitosa paid the full amount of her previously written-off account receivable. The receivable of $2,300 had been written off in 2021. Dec. 31 Bad debts expense was estimated to be 2.0 percent of net credit sales, which had amounted to $375,000. What amount of Allowance for Doubtful Accounts should appear in the December 31, 2022 balance sheet? a. $6,500 b. $11,100 c. $22,500 d. $17,900 e. None of the above. 19. Nguyen Company had $250,000 of Accounts Receivable and a $7,500 credit balance in its Allowance for Doubtful Accounts account just prior to writing off a $2,000 uncollectible account of a customer. After the write-off, the carrying amount (NRV-Net Realizable…
4) Matiere Co. completed the following transactions during 2019 and 2020: Date Transactions 2019 Dec. 31 Estimated that bad debt expenses for the year was 3% of credit sales of $385,000 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 2020 Mar. 26 Sold inventory to Mabel Sanders, $10,037.50, on credit terms of 2/10, n/30. Ignore the cost of goods sold. Sep. 15 Wrote off Mabel Sanders's account as uncollectible after repeated efforts to collect from her. Nov. 10 Received $5,500 from Sanders, along with a letter stating her intention to pay her debt in full within 30 days. Reinstated her account in full. Received the balance due from Sanders. Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Curt Major, $2,200. Bernadette Lalonde, $962.50; Ellen Smart, $1,470. 31 Estimated that bad debt expense for the year was 2% of credit sales of $490,000 and recorded the expense. Made the closing entry for bad debt expense. 31 a.…
Explain within calculation
On December 31, 2023, when its accounts receivable were $282,000 and its Allowance for Expected Credit Losses had an unadjusted debit balance of $1,900, Runner Corp. estimated that $15,800 of its accounts receivable account would become uncollectible, and it recorded the credit losses adjusting entry. On May 11, 2024, Runner determined that Fei Ya Cheng's account was uncollectible and wrote off $1,800. On November 12, 2024, Cheng paid the amount previously written off. (a) Your answer is partially correct. Prepare the required journal entries to record each of the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.) 2023 (b) Date Account Titles and Explanation Dec. 31 No Entry 2024 No Entry Date Account Titles and…
6.Allowance for Doubtful Accounts has a credit balance of $1,300 at the end of the year (before adjustment). The company prepares an analysis of customers' accounts to estimate the amount of uncollectible accounts of $41,900. Which of the following adjusting entries would be made to record the bad debt expense for the year? Bacon Company acquired new machinery with a price of $15,200 by trading in similar old machinery and paying $12,700. The old machinery originally cost $9,000 and had accumulated depreciation of $5,000. In recording this transaction, Bacon Company should record Group of answer choices
REI Co-Op Inc. has the following unadjusted year end trial balance information available for 2022. 48 49 Credit Sales 50 Ending accounts receivable balance 51 Ending allowance for credit losses balance 52 Estimated uncollectibles 52 REI Co-Op 4,800,000 700,000 150,000 2% If REI Co-Op. uses the sales revenue approach for estimating the allowance for credit losses. What is the new ending allowance for credit loss balance after the proper adjustments to the accounts are recorded: Please round to the nearest whole number.
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