47% ( E Fri 11:39 AM Q !! B Meeting 6.pdf (page 4 of 5) Q Search Task 16 Some MC questions to practice receivables 1. For ABC Company, the aging-of-accounts-receivable table indicates that €7,500 are estimated to be uncollectible. If the Allowance for Doubtful Accounts has a €1,100 credit balance, the adjustment to record bad debts for the period will require a: A) credit to Allowance for Doubtful Accounts for €7,500. B) debit to Bad Debt Expense for €7,500. C) debit to Bad Debt Expense for €6,400. D) debit to Allowance for Doubtful Accounts for €6,400. 2. If a company fails to record an estimated Bad Debt Expense: A) Expenses are understated B) Revenues are understated C) The realizable value of the Accounts Receivables is understated D) Accounts Receivables are understated some shit Green housing2 Microsoft_Offi 6.42.201.aller untitled folder MacBook Air F7 F8 F10 F12 63

47% ( E Fri 11:39 AM Q !! B Meeting 6.pdf (page 4 of 5) Q Search Task 16 Some MC questions to practice receivables 1. For ABC Company, the aging-of-accounts-receivable table indicates that €7,500 are estimated to be uncollectible. If the Allowance for Doubtful Accounts has a €1,100 credit balance, the adjustment to record bad debts for the period will require a: A) credit to Allowance for Doubtful Accounts for €7,500. B) debit to Bad Debt Expense for €7,500. C) debit to Bad Debt Expense for €6,400. D) debit to Allowance for Doubtful Accounts for €6,400. 2. If a company fails to record an estimated Bad Debt Expense: A) Expenses are understated B) Revenues are understated C) The realizable value of the Accounts Receivables is understated D) Accounts Receivables are understated some shit Green housing2 Microsoft_Offi 6.42.201.aller untitled folder MacBook Air F7 F8 F10 F12 63

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Description: What is the correct answer for 1 and 2? 47% ( E Fri 11:39 AM Q!!B Meeting 6.pdf (page 4 of 5)Q SearchTask 16Some MC questions to practice receivables1. For ABC Company, the aging-of-accounts-receivable table indicates that €7,500 areestimated to be u

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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Current Attempt in Progre Pina SA reports the following financial information before adjustments. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue No. Account Titles and Explanation. Dr. (b) €130,100 Cr. Prepare the journal entry to record bad debt expense assuming Pina estimates bad debts at (a) 4% of accounts receivable assuming Allowance for Doubtful Accounts has the balance given in the problem data, and (b) 4% of accounts receivable assuming Allowance for Doubtful Accounts has a €1,490 debit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) €3,310 808,500 Debit Credit
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6. The following are the balances of December 31, 2017 of the following accounts: Accounts Receivable Allowance for doubtful accounts 1,000,000.00 50,000.00 5,000,000.00 Credit sales a. Allowance for doubtful accounts should be based on 8% of account receivable. b. Allowance for doubtful accounts should be based on aging of account of 90,000. c. Allowance for doubtful accounts should be set up on 2% of credit sales. Required: 1. Prepare adjusting entry of the above transactions (A, B, C are independent to each other) 2. Compute the net realizable value of each assumption (A,B,C)
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Al Hajar Co. provides you the following account balances for the year ended on 31 December 2019. Sales Revenue OMR 100,000 Cr. Accounts Receivable OMR 25,000 Dr. Allowance for Doubtful accounts OMR 1000 Cr. Scenario 1 Bad debts are estimated based on the aging schedule given below Aging class Receivable Balance (OMR) Estimate % of uncollectible 0–30 days 15,000 10 31–60 days 5,000 15 61–90 days 3,500 20 Over 90 days 1,500 25 Actual bad debt - OMR 1,100 and amount recovered - OMR 800. Scenario 2 Estimated amount of bad debts - 12% of receivables, Actual bad debt - OMR 1,500 and amount recovered later on - OMR 900. Scenario 3 Estimated amount of bad debts - 3.5% of Sales, Actual bad debt - OMR 1,300 and amount recovered - OMR 1000. Required: For each scenario given above; a)Estimate the uncollectible amounts. b)Pass adjusting entry to record the estimated uncollectible. c)Pass all the journal entries for actual write off and recovery…
What is the ending balance of the Allowance for doubtful receivables, given the following information: On January 1 2010, the Allowance for Doubtful Accounts of Alpha Inc. has a €10.500 credit balance and Accounts Receivable has a €150.000 debit balance. On December 31, some receivables are written down by €7.500 Answer: X
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Please answer with good presentation Lauren Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 3% of net credit sales will eventually be uncollectible. Selected account balances at December 31, 2020, and December 31, 2021, appear below 12/31/2020 12/31/2021 Net Credit Sales 800,000 1,000,000 Accounts Receivable 150,000 200,000 Allowance for Doubtful Accounts 12,000 ? Bad Debt Expense 18,000 ? What is the balance of Allowance for Doubtful Accounts at December 31, 2021? (Hint: you might want to create a t-account)
An aging of a company's accounts receivable indicates the estimate of uncollectible receivables totals $5,249. If Allowance for Doubtful Accounts has a $1,383 credit balance, the adjustment to record the bad debt expense for the period will require a Oa. debit to Bad Debt Expense for $3,866. Ob. credit to Allowance for Doubtful Accounts for $5,249. Oc. debit to Bad Debt Expense for $1.383. Od. debit to Bad Debt Expense for $5,249. Das
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! Required information Problem 9-3A (Algo) Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Problem 9-3A (Algo) Part 2 View transaction list Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations. Journal entry worksheet