Accounts Receivable-A. Hopkins3,000Bad debts expense3,000Cash3,000Accounts Receivable-A. Hopkins3,000CashAccounts Receivable-A. HopkinsAccounts Receivable-A. HopkinsAllowance for Doubtful Accounts3,0003,0003,0003,000OAllowance for Doubtful AccountsAccounts Receivable-A. Hopkins3,0003,000Allowance for Doubtful AccountsBad debts expense3,0003,000 Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $3,000uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is:Multiple ChoiceAccounts Receivable-A. Hopkins3,000Bad debts expense3,000Cash3,000Accounts Receivable-A. Hopkins3,000OCashAccounts Receivable-A. Hopkins.Accounts Receivable-A. HopkinsAllowance for Doubtful Accounts3,0003,0003,0003,000Allowance for Doubtful AccountsAccounts Receivable-A. Hopkins3,0003,000

If the doubtful accounts are subsequently found to be worthless, the accounts are written off as…

Answered: Accounts Receivable-A. Hopkins 3,000…

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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Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are RM250,000. If the balance of the Allowance for Doubtful Accounts is RM60,000 debit before adjustment, what is the amount of bad debts expense for that period? O A. RM250,000 B. RM60,000 O C. RM310,000 D. RM190,000
1 Calculate, record, post, and analyze the adjustment to recognize bad debt expense under the following information provided: Account DR CR Accounts receivable Allowance for doubtful accounts 365,000 15,000 Net credit sales 827,000 Amount % Estimated Total Estimated Number of Days Outstanding Receivable Uncollectible Uncollectible 0-30 175,000 1.00% 31-60 80,000 2.00% 61-90 50,000 42,000 18,000 5.00% Page 1 91-120 20.00% Over 120 40.00% TOTALS 365,000 Page 2 General Ledger Accounts Receivable A Allowance for Doubtful XA Bad Debt Expense E Debit Credit Debit Credit Debit Credit Transaction Analysis ASSETS LIABILITIES EQUITY REVENUES EXPENSES NET INCOME + General Journal DR CR 2 What is the net realizable value of Accounts receivable?
(b) (c) (d) Allowance for Doubtful Accounts Accounts Receivable Cash Bad Debt Expense (To reinstate account previously written off) Bad Debt Expense Allowance for Doubtful Accounts (To record the recovery of the uncollectible account during the period) 6500 3300 6500 3300 00 00
Multiple Choice Bad Debts Expense Allowance for Doubtful Accounts Accounts Receivable Bad Debts Expense Sales 21,750 21,750 21,750 575 22,325 Bad Debts Expense 22,325 Allowance for Doubtful Accounts 22,325 Bad Debts Expense Allowance for Doubtful Accounts 21,175 21,175 Accounts Receivable 22,325 Allowance for Doubtful Accounts 22,325
Bad Debts Expense Allowance for Doubtful Accounts 23,295 23,295 Accounts Receivable 24,205 Allowance for Doubtful Accounts 24,205 Bad Debts Expense 24,205 Allowance for Doubtful Accounts 24,205 Bad Debts Expense Allowance for Doubtful Accounts Accounts Receivable Bad Debts Expense Sales 23,750 23,750 23,750 455 24,205
Accounting
iedugen.wileyplus. Return to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION ( BACK NEXT Exercise 9-04 a-f (Part Level Submission) At the beginning of the current period, Cheyenne had balances in Accounts Receivable of $286,000 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period, it had net credit sales of $890,000 and collections of $845,500. It wrote off as uncollectible accounts receivable of $6,000. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Omit cost of goods sold entries.) (a - d) Your answer has been saved and sent for grading. See Gradebook for score details. (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of…
Calculate the total estimated uncollectibles based on the below information. Accounts receivable % uncollectible Estimated Bad debts Total $307,100 $ 0-30 $100,200 1% $ 31-60 $65,900 4% Number of Days Outstanding $ 61-90 $59,800 5% 91-120 $44,600 8% $ Over 120 $36.600 20%
Question 3 of 8 > -/2 View Policies Current Attempt in Progress What is the journal entry to record an uncollectible accounts receivable? Bad Debt Expense XXX Allowance for Doubtful Accounts XXX Bad Debt Expenses XXX Accounts Receivable XXX Accounts Receivable XXX Allowance for Doubtful Accounts XXX Allowance for Doubtful Accounts XXX Accounts Receivable XXX Save for Later Attempts: 0 of 1 used Submit Ans
Kimmel, Financial Accounting, 8e Help | System Announcerments Practice Question 40 Which one of the following is the correct presentation of Accounts Receivable and its contra account on the balance sheet? Accounts Receivable $642,000 Less: Bad Debt Expense (17,000) (2,000) Less: Allowance for Doubtful Accounts $623,000 Accounts Receivable $642,000 Less: Allowance for Doubtful Accounts (2,000) $640,000 Accounts Receivable $642,000 Plus: Allowance for Doubtful Accounts 2,000 $644,000 Accounts Receivable $642,000 Less: Bad Debt Expense (17,000) $625,000 lick if you would like to Show Work for this question: Open Show Work
At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000

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