At the beginning of the current period, Whispering Winds Corp. had balances in Accounts Receivable of $200,600 and in Allowance for Doubtful Accounts of $9,630. During the period, it had net credit sales of $770,000 and collections of $746,470. It wrote off as uncollectible accounts receivable of $7,481. Uncollectible accounts are estimated to total $22,900 at the end of the period. (Omit recording cost of goods sold.) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Liabili Assets Stockholders' Equity ties Allow. Retained Earnings For Doubtf Comm Accts. Cash ul on Rev. Exp. Rec. Accts Stock Be g. Ва 1. $1 $4 (a (b (c %24 %24 %24 %24 %24

At the beginning of the current period, Whispering Winds Corp. had balances in Accounts Receivable of $200,600 and in Allowance for Doubtful Accounts of $9,630. During the period, it had net credit sales of $770,000 and collections of $746,470. It wrote off as uncollectible accounts receivable of $7,481. Uncollectible accounts are estimated to total $22,900 at the end of the period. (Omit recording cost of goods sold.) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Liabili Assets Stockholders' Equity ties Allow. Retained Earnings For Doubtf Comm Accts. Cash ul on Rev. Exp. Rec. Accts Stock Be g. Ва 1. $1 $4 (a (b (c %24 %24 %24 %24 %24

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4PB: Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts...

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Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.
Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
At the beginning of the current period, Whispering Winds Corp, had balances in Accounts Receivable of $260,000 and in Allowance for Doubtful Accounts of $11,700. During the period, it had net credit sales of $1,040,000 and collections of $991,900. It wrote as uncollectible accounts receivable of $9.490. Uncollectible accounts are estimated to total $32,500 at the end of the period. (Omit recording cost of goods sold.) off (a-c) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. Record sales and collections during the period. (a) (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses eg (45)) Assets Liabilities Cash Accts. Rec. Allow. For Doubtful Accts Beg Bal $ (a) (b) (c) eTextbook and Media Save for Later…
At the beginning of the current period, Waterway Industries had balances in Accounts Receivable of $190,800 and in Allowance for Doubtful Accounts of $9,670 (credit). During the period, it had net credit sales of $730,800 and collections of $749,620. It wrote off as uncollectible accounts receivable of $7,511. However, a $3,339 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,000 at the end of the period. (Omit cost of goods sold entries.) (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. (Credit account titles are automatically indented when…
At the beginning of the current period, Flounder Corp. had balances in Accounts Receivable of $224,000 and in Allowance for Doubtful Accounts of $10,080. During the period, it had net credit sales of $896,000 and collections of $854,560. It wrote off uncollectible accounts receivable of $8,176. Uncollectible accounts are estimated to total $28,000 at the end of the period. (Omit recording cost of goods sold.) (a-c) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period.
At the beginning of the current period, Asare Company had balances in Accounts Receivable of $200,092 and in Allowance for Doubtful Accounts of $9,996 (credit). During the period, it had net credit sales of $717,375 and collections of $778,839. It wrote off as uncollectible accounts receivable of $7,233. However, a $3,013 account previously written off as uncollectible was recovered before the end of the current period. What is the ending balance in the accounts receivable account? Your Answer: Answer
At the beginning of the current period, Novak Corp. had balances in Accounts Receivable of $204,000 and in Allowance for Doubtful Accounts of $9,180. During the period, it had net credit sales of $816,000 and collections of $778,260. It wrote off uncollectible accounts receivable of $7,446. Uncollectible accounts are estimated to total $25,500 at the end of the period. (Omit recording cost of goods sold.) (a-c) - Your answer is partially correct. Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period. ⚫ Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses.
At the beginning of the current period, Windsor Corp. had balances in Accounts Receivable of $211,700 and in Allowance for Doubtful Accounts of $8,370 (credit). During the period, it had net credit sales of $763,800 and collections of $782,420. It wrote off as uncollectible accounts receivable of $7,326. However, a $2,985 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,790 at the end of the period. (Omit cost of goods sold entries.) (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.