Accounts ReceivableSheridan Company reinstatement of partial accounts receivable for amounts previously written off and now determined to becollectible:Account Titles and Explanation(b)Accounts ReceivableAllowance for Doubtful AccountseTextbook and MediaList of AccountsNet Realizable ValueBook ValueeTextbook and MediaList of AccountsSave for LaterWhat is the estimated net realizable value of Blue's accounts receivable before and after the entries above? What is the bookvalue of Blue's accounts receivable before and after the entries above?$$BeforeAdjustments$Debit$9600AfterAdjustments19100Credit9600Attempts: 3 of 3 usedAttempts: 0 of 3 used Submit Answer At the end of 2023, Blue Spruce Corp, has accounts receivable of $2.95 million and an allowance for expected credit losses of$134,500. On January 16, 2024, Blue determined that its $19.100 receivable from Crane Company will not be collected, andmanagement has authorized its write-off. On January 31, 2024, Blue received notification that the company will receive $0.15 forevery $1.00 of accounts receivable relating to Sheridan Company The company had previously written off 100% of the amount duefrom Sheridan ($64,000).(a)Your answer is partially correct.Prepare the journal entry for Blue to write-off the Crane receivable and any journal entry needed to reflect the notice regardingSheridan. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)Crane Company accounts receivable write-off:Account Titles and ExplanationAllowance for Doubtful Accounts11 frenekoskieDebit19100Credit19100

A provision for bad debts, often referred to as an allowance for doubtful accounts, is a…

Accounts Receivable Sheridan Company reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible: Account Titles and Explanation (b) Accounts Receivable Allowance for Doubtful Accounts eTextbook and Media List of Accounts Net Realizable Value Book Value List of Accounts $ eTextbook and Media Save for Later What is the estimated net realizable value of Blue's accounts receivable before and after the entries above? What is the book value of Blue's accounts receivable before and after the entries above? $ Before Adjustments $ Debit $ 9600 After Adjustments 19100 Credit 9600 Attempts: 3 of 3 used Attempts: 0 of 3 used Submit Answer

Accounts Receivable Sheridan Company reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible: Account Titles and Explanation (b) Accounts Receivable Allowance for Doubtful Accounts eTextbook and Media List of Accounts Net Realizable Value Book Value List of Accounts $ eTextbook and Media Save for Later What is the estimated net realizable value of Blue's accounts receivable before and after the entries above? What is the book value of Blue's accounts receivable before and after the entries above? $ Before Adjustments $ Debit $ 9600 After Adjustments 19100 Credit 9600 Attempts: 3 of 3 used Attempts: 0 of 3 used Submit Answer

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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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
Flora Co. uses the allowance method of accounting for uncollectible accounts receivable. The entry to write off an account that has been determined to be uncollectible would be to debit a. Allowance for Doubtful Accounts and credit Accounts Receivable. Ob. Sales Returns and Allowances and credit Accounts Receivable. c. Accounts Receivable and credit Bad Debt Expense. Od. Bad Debt Expense and credit Allowance for Doubtful Accounts.
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $2,830 from William Pruitt and wrote off the remainder owed of $2,750 as uncollectible. If an amount box does not require an entry, leave it blank. accounts payable-william pruitt accounts receivable-william pruitt bad debit expense cash sales allowance for doubtful accounts Oct. 2 Dec. 20. Reinstated the account of William Pruitt and received $2,750 cash in full payment. Reinstate Collection
23) Under the allowance method, the entry to record the write-off of a specific account would A. Decrease both accounts receivable and net income B. Increase the allowance for uncollectible accounts and decrease net income C. Decrease both accounts receivable and the allowance for uncollectible accounts D. Decrease accounts receivable and increase the allowance for uncollectible accounts
Question Content Area Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class PercentUncollectible Not past due 1% 1-30 days past due 5 31-60 days past due 25 61-90 days past due 35 Over 90 days past due 50 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff IndustriesAging of Receivables Scheduleblank Customer Balance Not PastDue 1-30 DaysPast Due 31-60 DaysPast Due 61-90 DaysPast Due Over 90 DaysPast Due Subtotals 840,000 495,600 184,800 75,600 42,000 42,000 Conover Industries 18,100 18,100 Keystone Company 18,200 18,200 Moxie Creek Inc. 6,600 6,600 Rainbow Company 10,000 10,000 Swanson Company 23,100 23,100 Total receivables 916,000 518,700 194,800 82,200 60,200 60,100 Percentage uncollectible 1% 5% 25% 35% 50% Allowance for Doubtful…
Under the direct charge-off method, when a specific account receivable is written off, what account is debited and what is the effect of the write-off on net income and on assets? debit Accounts Receivable; the write off decreases net income and total assets debit Allowance for Uncollectible Accounts; the write off increases net income and total assets debit Uncollectible Accounts Expense the write off decreases net income and total assets debit Uncollectible Accounts Expense; the write off increases net income and total assets A
Could anyone explain this question? indicate the financial statement on which the account’s balance should be found. Also, if the account is shown on a company’s balance sheet, indicate if it should appear in the asset section, liability section, retained earnings section, income section, or stockholders’ equity section. Accounts Receivable Note Receivable Discount on Note Receivable Bank Service Charge Expense Bad Debts Expense Sales Return Liability Interest Revenue Allowance for Doubtful Accounts Cash Over/ Short Interest Receivable Sales Returns and Allowances
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Reporting Uncollectible Accounts and Accounts Receivable (FSET) LaFond Company analyzes its accounts receivable at December 31 and arrives at the aged categories below along with the percentages that are estimated as uncollectible. \table [[Age Group, Accounts Receivable, \table [[Estimated], [Loss %]]], [Current (not past due), $375,000, 0.50%
Entries to Write Off Accounts Receivable Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,800 balance of an account owed by a customer, Philadelphia Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. Bad Debt Expense Accounts Receivable-Philadelphia Inc. ✔ Feedback 45,800 Check My Work Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. Feedback 45,800 b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank. ✓ Check My Work
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $743,691 and Allowance for Doubtful Accounts has a balance of $20,139. What is the net realizable value of the accounts receivable? Select the correct answer. $723,552 $20,139 $763,830 $743,691