A company reports Accounts Receivable of $5,000 on its balance sheet at 12/31/2012. Its Allowance for Doubtful Accounts on 12/31/2012 is $500. What is the total amount owed by customers at 12/31/2012?

A company reports Accounts Receivable of $5,000 on its balance sheet at 12/31/2012. Its Allowance for Doubtful Accounts on 12/31/2012 is $500. What is the total amount owed by customers at 12/31/2012?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 18MC: Michelle Company reports $345,000 in credit sales and $267,500 in accounts receivable at the end of...

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Michelle Company reports $345,000 in credit sales and $267,500 in accounts receivable at the end of 2019. Michelle currently uses the income statement method to record bad debt estimation at 4%. To manage earnings more efficiently, Michelle changes bed debt estimation to the balance sheet method at 4%. How much is the difference in net income between the income statement and balance sheet methods? A. $3,100 B. $13,800 C. $10,700 D. $77,500
Q5: At December 31, 2009, Leis Co. reported the following information on its balance sheet. Account receivable $960,000 Less: Allowance for doubtful debts 80,000 During 2010, the company had the following transactions related to receivables. 1. Sales on account $3,200,000 2. Sales return and allowance 50,000 3. Collection of account receivable 2,810,000 4. Written -off account receivable deemed uncollectible 90,000 5. Recovery of bad debts previously written- off as uncollectible 24,000 Page 3 of 4 Required: a. Prepare the journal entries to record each of these five transactions. b. Enter the January 1, 2010, balances in Account Receivable and Allowance for doubtful accounts, post the entries to the two accounts, and determine balances. c. Prepare the journal entry to record doubtful debt expenses for 2010, assuming the aging schedule of account receivable indicates that expected doubtful debts are $115,000.
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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 wan P2,500,000. Allowance for uncollectible accounts on Januaryt Accounts witten oft as ungoilectble Accounts receivable on December 31 Uncollectible accounts recovery 280.000 230.000 2.700.000 50.000 What is the uncolectible accounts expense for 2013? a. 230,000 b. 200,000 c. 150,000 d. 100,000
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14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TL
Tantrum Company provided the following information in relation to accounts receivable at year-end: Days outstanding estimated amount %uncollectible www M 1% 1,200,000 900,000 0-60 61-120 2% 1,000,000 3,100,000\ During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was Over 120 6% P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?
PAGE 467 PE9-4B At the end of the current year, Accounts Receivable has a balance of $3,460,000. Allowance for Doubtful Accounts has a debit balance of $12,500 and sales for the year total $46,300,000 Using the aging method the balance of Allowance for Doubtful Accounts is estimated as S245,000 Determine the net realizable value of Accounts Receivable 3,215,000 3,460,000 245,000 O 12,500
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