Apex Retailers' trial balance shows Accounts Receivable $85,000, estimated bad debts 5% of receivables. Find the required provision for doubtful debts.
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Find the required provision for doubtful debts
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- One company has estimated that $3150 of its accounts receiable will be uncollectible. If allownace for doubtful accounts already has a credit balance of $1102, and the percentage of receivables method is used, it sadjustment to recrod for the period will require a debit to what for what amount?a) The trial balance before adjustment of Jason Donohoe Company reports the following balances: Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances Dr. $300,000 80,000 Date Instructions (a) Prepare the entry for estimated bad debts assuming the balance sheet approach is used, and doubtful accounts are estimated to be 6% of gross accounts receivable. DR/CR Cr. (b) Prepare the entry for estimated bad debts assuming that income statement approach is used at 1% of net sales. $ 5,000 1,700,000 (c) Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of $5,000 instead of a credit balance. How will this difference affect the journal entry in part (a)? Account Debit CreditNichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $250,000 and credit sales are $1,000,000. Management estimates that 4% of accounts receivable and 1% of credit sales will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment? Group of answer choices DR Bad Debt Expense and CR Allowance for Doubtful Accounts $10,000 DR Bad Debt Expense and CR Allowance for Doubtful Accounts for $7,500 DR Bad Debt Expense and CR Accounts Receivable for $7,500 DR Bad Debt Expense and CR Allowance for Doubtful Accounts for $7,000
- Pina Colada Corp. uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $270000 and credit sales are $2710000. Management estimates that 3% of accounts receivable will be uncollectible. What adjusting entry will Pina Colada Corp. make if the Allowance for Doubtful Accounts has a credit balance of $2700 before adjustment?Please Do not Give image formatBidiyah Co. estimates that RO 6,500 of its accounts receivable to be uncollectible. If Allowance for Doubtful Accounts has a RO 1,200 debit balance, the company should record a: Select 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. Od. debit to Allowance for Doubtful Accounts for RO 5,300. O e. credit to Bad Debt Expense for RO 7,700.
- Blossom Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $310000 and credit sales are $3110000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Blossom Company make if the Allowance for Doubtful Accounts has a credit balance of $3100 before adjustment?Using the aging approach, management estimates that10%of the$10,000of Accounts Receivable will be uncollectible. The Allowance for Doubtful Accounts has a$100unadjusted debit balance. After the bad debt adjusting entry is recorded, Bad Debt Expense on the income statement will be the Allowance for Doubtful Accounts on the balance sheet. Multiple Choice$100less than$100more than the same amount as$9,900more thanBy the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $12,000. If the balance of the Allowance for Doubtful Accounts is $2,500 credit before adjustment, what is the amount of bad debt expense for that period? Select one: a. $9,500 b. The answer does not exist C. $14,500 d. $2,500 e. $12,000 Previous page Next page
- Pharoah Company uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $440000 and credit sales are $1760000. Management estimates that 6% of accounts receivable will be uncollectible. What adjusting entry will Pharoah Company make if the Allowance for Doubtful Accounts has a credit balance of $4400 before adjustment?Vaughn Manufacturing unadjusted trial balance includes the following balances (assume normal balances): • Accounts receivable $1840000 • Allowance for doubtful accounts $33700 Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record?The adjusted trial balance before adjustment of Metlock Inc. shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Dr. $88,200 1,715 Cr. $666,400 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 $1,585 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. List all debit entries before credit entries.)
