A COMPANY'S ACCOUNTS RECEIVABLE BALANCE AT DEC. 31 WAS $120,000, AND THERE WAS A DEBIT BALANCE OF $300 IN THE ALLOWANCE FOR DOUBTFUL ACCOUNTS. THE FIRM ESTIMATES THAT 4% OF THE A/R WILL PROVE TO BE UNCOLLECTIBLE. AFTER THE APPROPRIATE ADJUSTING ENTRY IS MADE FOR ESTIMATED CREDIT LOSSES, WHAT IS THE NET REALIZABLE VALUE OF THE ACCOUNTS RECEIVABLES AT YEAR-END? A. $114,000 B. $115,200 C. $116,000 D. $117,000 E. $118,000

A COMPANY'S ACCOUNTS RECEIVABLE BALANCE AT DEC. 31 WAS $120,000, AND THERE WAS A DEBIT BALANCE OF $300 IN THE ALLOWANCE FOR DOUBTFUL ACCOUNTS. THE FIRM ESTIMATES THAT 4% OF THE A/R WILL PROVE TO BE UNCOLLECTIBLE. AFTER THE APPROPRIATE ADJUSTING ENTRY IS MADE FOR ESTIMATED CREDIT LOSSES, WHAT IS THE NET REALIZABLE VALUE OF THE ACCOUNTS RECEIVABLES AT YEAR-END? A. $114,000 B. $115,200 C. $116,000 D. $117,000 E. $118,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4PA: Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The...

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Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
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.
Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
A company's Accounts Receivable balance at Dec. 31 was $120,000, and there was a debit balance of $600 in the Allowance for Doubtful Accounts. The firm estimates that 4% of the A/R will prove to be uncollectible. After the appropriate adjusting entry is made for estimated credit losses, what is the net realizable value of the accounts receivables at year-end?help
A company's Accounts Receivable balance at Dec. 31 was $120,000, and there was a debit balance of $600 in the Allowance for Doubtful Accounts. The firm estimates that 4% of the A/R will prove to be uncollectible. After the appropriate adjusting entry is made for estimated credit losses, what is the net realizable value of the accounts receivables at year-end?
What is the net realizable value of the accounts receivables at year end
Subject: general accounting
kindly help me with accounting question
Van Hise Company’s Accounts Receivable balance at December 31 was $600,000, and there was a debit balance of $3,600 in the Allowance for Doubtful Accounts. Van Hise estimates that 3% of the Accounts Receivable will prove to be uncollectible. After the appropriate adjusting entry is made for credit losses, what is the net amount of accounts receivable included in the current assets at year-end? Select one: A. $540,000 B. $527,400 C. $582,000 D. $520,200
At the end of the fiscal year, accounts receivable has a balance of $100000 and allowance for doubtful accounts has a balance of $ 7000. the expected net realizable value of the accounts receivable is?
McKensie Company’s Accounts Receivable balance at December 31 was $100,000, and there was a negative balance of $600 in the Allowance for Uncollectible Accounts. The firm estimates that 3% of the Accounts Receivable will prove to be uncollectible. After the appropriate adjusting entry is made for credit losses, what is the net amount of accounts receivable included in the current assets at year-end? Select one: a. $87,900 b. $86,700 c. $97,000 d. $90,000 e. None of the above