Accounts Receivable. Allowance for Doubtful Accounts Sales Revenue No. Account Titles and Explanation Dr. (a) €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

Accounts Receivable. Allowance for Doubtful Accounts Sales Revenue No. Account Titles and Explanation Dr. (a) €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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Net credit sales $831, 400 Account Receivable 222,850 Allowance for Doubtful Account 0. Do the following: Compute bad debt estimation using the income method, where the percentage uncollectible is 5%. Prepare the journal entry for the income statement method bad debt estimation. Compute bad debt estimation using the balance sheet method of percentage of receivables, where the percentage uncollectible is 9%. Prepare the journal entry for the balance sheet method bad debt estimation.
d) The trial balance before adjustment of Braxton Inc. shows the following balances. DEBIT CREDIT Accounts receivable $170,000 Allowance for doubtful accounts 1,750 Net Credit Sales $1,280,000 Journalize the Bad Debt Expenses assuming: i. 1.2% of Sales will be uncollectible ii. iii. 9% of gross accounts receivable will be uncollectible the same as part ii above instead there is a credit balance in Allowance for doubtful accounts of $1,700 and collected $2,100 from an account previously written off.
Munabhai
Entry for bad debt expenses
Need help with this question
The trial balance before adjustment of saturn corp shows the following balances. Dr. P97,400 3,300 Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a P1,857 credit balance. P643,200
idiyah Co. estimates that RO 6,500 of its accounts receivable to be uncollectible. If Allowance for Doubtful Accounts has a RO 200 debit balance, the company should record a elect one: O a. None of the answers are correct O b. debit to Bad Debt Expense for RO 5,300. O c credit to Allowance for Doubtful Accounts for RO 6,500. O d. debit to Allowance for Doubtful Accounts for RO 5,300. O e. credit to Bad Debt Expense for RO 7,700.
Uncollectible Accounts-Percentage of Sales and Percentage of Receivables At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yang's Gift Shop was $30,000. Credit sales for the year were $355,200. Required: Make the necessary adjusting entry in general journal form under each of the following assumptions. Show the calculation for net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of $330. a. The percentage of sales method is used and bad debt expense is estimated to be 2% of credit sales. Page: DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Dec. 31 88 Bad Debt Expense V 2 Allowance for Doubtful Accounts - 2. 3 Feedback Accounts receivable, December 31, 20-- Less allowance for doubtful accounts Net realizable value Feedback b. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $6,950 in uncollectible accounts. Page: DOC. POST. NO. REF. DATE ACCOUNT…
Please do not give solution in image format thanku
The trial balance before adjustment of Monty Inc. shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) (a) Dr. (b) $106,200 2,065 Cr. Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,955 credit balance. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation $802,400 Debit Credit
An aging of a company's accounts receivable indicates an estimate of uncollectible accounts of $4,450. If Allowance for Doubtful Accounts has a $1,047 credit balance, the adjustment to journalize the bad debt expense for the period will require a a. debit to Bad Debt Expense for $1,047 b. debit to Bad Debt Expense for $4,450 c. debit to Bad Debt Expense for $3,403 d. credit to Allowance for Doubtful Accounts for $4,450
Please do not give salutations in image format thankuh