Prepare the entry to record the write-off of uncollectible accounts during the period. (List debit entry before credit entry. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts)Account Titles and ExplanationeTextbook and MediaList of AccountsDebitCreditAssistance Used Current Attempt in ProgressAssume the following information for Skysong Corp.Accounts receivable (beginning balance)Allowance for doubtful accounts (beginning balance)Net credit salesCollectionsWrite-offs of accounts receivableCollections of accounts previously written off$140,00011,420932,000913,0006,0002,100Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable.

Writing off Uncollectible Receivables: Eliminating an uncollectible accounts receivable from the…

Assume the following information for Skysong Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $140,000 11,420 932,000 913,000 6,000 2,100 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable.

Assume the following information for Skysong Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $140,000 11,420 932,000 913,000 6,000 2,100 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable.

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

Can you also send me how to do this one? 2. Refer to the data below for XYZ Corporation. Credit sales during 2018 850,000 Accounts Receivable—January 1, 2018 334,000 Collections from credit customers during 2018 725,000 Estimated uncollectible accounts based on an aging analysis 13,200 Customer accounts written off as uncollectible during 2018 12,000 Allowance for doubtful accounts 1,700(after write-off of uncollectible accounts) Answer the following questions using the above data: A. What is the balance of Accounts Receivable at December 31, 2018? B. If the aging approach is used to estimate bad debts, what should the balance in Allowance for Doubtful Accountsbe after the bad debts adjustment? C. If the aging approach is used to estimate bad debts, what amount should be recorded as bed debts expense for2018?
On January 1, Year 1, the Accounts Receivable balance was $29,000 and the balance in the Allowance for Doubtful Accounts was $3,400. On January 15, Year 1, an $980 uncollectible account was written-off. What is the net realizable value of accounts receivable immediately after the write-off? Multiple Choice O O $28,020 $26,580 $25,600 $24,620
d) Golden Music Company uses the allowance method to estimate uncollectible accounts receivable. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $17,000 $1,500 $1,200 $500 $900 $21,100 1% 1-30 days past due 31–60 days past due 61–90 days past due Over 90 days past due Total Accounts Receivable 3% 6% 12% 25% On 31 December 2021, the company has found out that a customer went bankrupt and management agreed that the accounts receivable of $900 included above which is past due for over 90 days can be written off. i) Compute the total estimated uncollectible accounts receivable as at 31 December 2021. ii) Prepare the journal entry year-end to write off the accounts receivable of $900 and the adjusting journal entry to record the bad debts for the year ended 31 December 2021.
Please give answer of this question
Sipacore Ltd. has an Accounts Receivable amount of $363,700 and an unadjusted credit balance in Allowance for Expected Credit Losses of $8,600 at March 31. The company's accounts receivable and percentage estimates of uncollectible accounts are as follows: Number of Days Outstanding 0-30 (a) 31-60 61-90 Over 90 Total Your answer is correct. Age of Accounts 0-30 days 31-60 days Accounts Receivable $258,000 45,800 32,600 27,300 $363,700 61-90 days Over 90 days Prepare an aging schedule to determine the total estimated uncollectibles at March 31. Amount % $258,000 2% 45,800 10% 32,600 30% Estimated Percentage Uncollectible 27,300 50% 2% 10% 30% 50% Estimated Uncollectible 5160 4580 9780 13650 33170
At the beginning of the current period, Skysong, Inc. had balances in Accounts Receivable of $197,000 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had net credit sales of $862,700 and collections of $838,670. It wrote off as uncollectible accounts receivable of $7,477. However, a $3,049 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,310 at the end of the period. (Omit cost of goods sold entries.) (a-d) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period.
Wohoo Publishers uses the allowance method to estimate uncollectible accounts receivables. The company produced the following aging of the accounts receivable at year-end (Y in thousands). Accounts receivable % uncollectible Estimated bad debts Total 200,000 0-30 days 77,000 2% 31-60 days 46,000 5% 61-90 days 91-120 days 39,000 6% 23,000 10% Over 120 days 15,000 25%
Charlston Inc. has accounts receivable of $110,000 in an allowance for doubtful accounts of $17,000. If it writes off a customer account balance of $1700 what is the amount of its net accounts receivable? A) 93,000 B) 108,300 C) 91,300 D) 110,000
None
Explain within calculation