Cortina Company accumulates the following adjustment data at December 31.Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers inalphabetical order.)(1)Type of Adjustment(2)Accounts Before AdjustmentItem(a) Supplies of $400 are on hand. Supplies account shows $1,600 balance.(b)Services performed but unbilled total $700.Interest of $300 has accumulated on a note payable.(d)Rent collected in advance totaling $1,100 has been earned.

Deferred revenue: Deferred revenues are revenues related to more than one period. A deferred…

Answered: Cortina Company accumulates the…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1CP

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Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
Assume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer allowances b. Estimated customer returns
Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $10,112 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31.
Journalize the following adjusting entries on December 31: A. The Supplies Account balance as of December 31 is $1,200. Actual supplies on hand equals $800. B. The company uses the allowance method for accounts receivable. A review of the accounts receivable aging report indicates that $50,000 of the accounts receivable will not be collectible. The allowance account has a current balance of $30,000. C. The trial balance indicates unearned revenue of $9,000. The company has determined that $3,000 of service has still not yet been provided. D. The company paid an annual insurance premium of $12,000 during the year. Six months of the insurance has expired. E. On January 1, the company purchased a delivery truck for 36,000. The company expects to use the truck for 3 years.
On December 31, journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,000 and the company uses the analysis of receivables method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
At the beginning of 20X3, W7w Tax Prep Company reported Accounts Receivable $11500 and Allowance for Uncollectible Accounts $1000 (debit). During 20X3, before recording the year-end adjusting entries, the Company recorded credit service revenue $27000 and wrote off accounts receivable $200. The following balance was reported on December 31, 20X3, before any adjustment Accounts Receivable $23000. The Company estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due 0-30 days past due Amount Receivable Estimated Percent Uncollectible 18,000 10% 3,000 30% More than 30 days past due Total 2,000 60% 23,000 Required: Please choose the best answer to the following questions based on the above information. On December 31, 20X3, what is the amount of accounts receivable that the Company expects to collect from customers? O $19100 $21800 O $10500 O $23000 What is the amount of bad debt expense that the Company recorded in its December 31,…
The ledger of Sheffield Corp. at the end of the current year shows Accounts Receivable $80,300; Credit Sales $769,390; and Sales Returns and Allowances $41,700. If Sheffield Corp. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sheffield Corp. determines that Matisse's $820 balance is (a) uncollectible. If Allowance for Doubtful Accounts has a credit balance of $1,112 in the trial balance, journalize the adjusting entry at December 3L, assuming bad debts are expected to be 11% of accounts receivable. (b) If Allowance for Doubtful Accounts has a debit balance of $450 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c) (Credit account titles are automatically Indented when amount s entered. Do not Indent manually.) No. Account Titles and Explanation Debit Credit (a) VA 3:00
The ledger of Metlock, Inc. at the end of the current year shows Accounts Receivable $85,700; Credit Sales $845,580; and Sales Returns and Allowances $42,390. (a) If Metlock, Inc. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Metlock, Inc. determines that Matisse’s $883 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,191 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $450 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) enter an account title enter a…
At December 31, Gill Company reported accounts receivable of $248.000 and an allowance for uncollectible accounts of $1,800 (debit before adjustment. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjusting entry for uncollectible accounts would be Multiple Choice O O O $1,800 $7,440 $9,240 $5.840
At the end of the year, a company's balance of Allowance for Uncollectible Accounts is $2,800 (debit) before adjustment. The company estimates future uncollectible accounts to be $14,000. What is the adjustment would the company record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
Coronet Suppliers uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $80,500, and it estimates that 3% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Account has: (a) a $1,369 credit balance before the adjustment. (b) a $403 debit balance before the adjustment. View transaction list Journal entry worksheet 1 2 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,369 credit balance before the adjustment. ansaction (a) te: Enter debits before credits. General Journal Debit Credit
Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates that the estimated amount of uncollectible accounts is $16,000. Based on the estimate, which of the following adjusting entries should be made? a.debit Allowance for Doubtful Accounts, $800; credit Bad Debt Expense, $800 b.debit Bad Debt Expense, $16,800; credit Allowance for Doubtful Accounts, $16,800 c.debit Bad Debt Expense, $800; credit Allowance for Doubtful Accounts, $800 d.debit Bad Debt Expense, $15,200; credit Allowance for Doubtful Accounts, $15,200

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