5:12ul 5GACC111-Student Te...customer accountsDec. 31 Estimated uncollectible accounts as $4,500 (1%% ofsales).CHAPTER SEVEN/ Cash and Receivables First US EditionRequired:1. Prepare journal entries to record the above transactions.2. Assume that management is considering a switch to the balancesheet method of calculating the allowance for doubtful accounts.Under this method, the allowance at the end of 2021 is estimated>to be $2,000. Comment on the discrepancy between the twomethods of estimating allowance for doubtful accounts.CP 7-5Impulse Inc. had the following unadjusted account balances atDecember 31, 2019, its year-end.Account BalancesDebitCreditAccounts Receivable$125,000$ 3,000Allowance for Doubtful AccountsSales750,000Impulse estimates its uncollectible accounts as five per cent of itsDecember 31 accounts receivable balance.Required:1. Calculate the amount of estimated uncollectible accounts that willappear on Impulse's balance sheet at December 31, 2019.2. Calculate the amount of bad debt expense that will appear onImpulse's income statement at December 31, 2019.3. Prepare a partial balance sheet at December 31, 2019 showingaccounts receivable, allowance for doubtful accounts, and the netaccounts receivable.CHADTED CEIVEN ICach snd Darakshlar Eiret IIC E AininnDashboardCalendarTo DoNotificationsInbox因

CP 7-5 Impulse Inc. had the following unadjusted account balances at December 31, 2019, its year-end. Account Balances Debit $125,000 Credit Accounts Receivable Allowance for Doubtful Accounts $ 3,000 Sales 750,000 Impulse estimates its uncollectible accounts as five per cent of its December 31 accounts receivable balance. Required: 1. Calculate the amount of estimated uncollectible accounts that will appear on Impulse's balance sheet at December 31, 2019. 2. Calculate the amount of bad debt expense that will appear on Impulse's income statement at December 31, 2019. 3. Prepare a partial balance sheet at December 31, 2019 showing accounts receivable, allowance for doubtful accounts, and the net accounts receivable.

CP 7-5 Impulse Inc. had the following unadjusted account balances at December 31, 2019, its year-end. Account Balances Debit $125,000 Credit Accounts Receivable Allowance for Doubtful Accounts $ 3,000 Sales 750,000 Impulse estimates its uncollectible accounts as five per cent of its December 31 accounts receivable balance. Required: 1. Calculate the amount of estimated uncollectible accounts that will appear on Impulse's balance sheet at December 31, 2019. 2. Calculate the amount of bad debt expense that will appear on Impulse's income statement at December 31, 2019. 3. Prepare a partial balance sheet at December 31, 2019 showing accounts receivable, allowance for doubtful accounts, and the net accounts receivable.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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PAGE 467 PE9-4B At the end of the current year, Accounts Receivable has a balance of $3,460,000. Allowance for Doubtful Accounts has a debit balance of $12,500 and sales for the year total $46,300,000 Using the aging method the balance of Allowance for Doubtful Accounts is estimated as S245,000 Determine the net realizable value of Accounts Receivable 3,215,000 3,460,000 245,000 O 12,500
D1. What is the average balance of receivables greater than 120 days due $
38. The company’s accounts receivable under “61-90 days” category totaleda. P32,600b. P44,320c. P44,600d. P42,000 39. The allowance for bad debts to be reported on the balance sheet at December 31, 20x7, isa. P13,199b. P6,199c. P9,699d. P9,043 40. What entry should be made on December 31, 20x7, to adjust the allowance for bad debts account?a. Bad debt expense 13,699Allowance for bad debts 13,699b. Bad debt expense 5,199Allowance for bad debts 5,199c. Allowance for bad debts 5,199Bad debts expense 5,199d. Bad debt expense 9,699Allowance for bad debts 9,699
8. Use the following information for the next two questions: Pampi's Co. has the following information. Days Outstanding Receivable Balances % collectible 0-60 480,000 1% 61-120 360,000 2% Over 120 400,000 6% During the year, Pampi wrote off P14,000 receivables and recovered 8,000 that had been written-off in prior years. The allowance for doubtful accounts has a beginning balance of P4,000. How much is the net realizable value of accounts receivable at year-end? How much is the doubtful accounts expense?
am. 124..
Assume that accounts receivable and the allowance for doubtful accounts (AFDA) ending balances were OMR500,000 debit and OMR5000 credit balances respectively at December 31, and the uncollectible accounts are estimated to be 5% of accounts receivable. Find out the ending balance of ADFA from the above given information . a . None of the given options b . OMR 30000 C. OMR 25000 d . OMR 20000
K. Brant D. Eaton S Klein C. Sheen Total % uncollectible Account No. 1 2 3 4 5 6 7 $800 Debit 500 300 5 550 At the beginning of the period, ABC had balances in Accounts Receivable of $100,000 and in Allowance for Doubtful Accounts of $56 (credit). Prepare a journal entry to record the above estimate using the following Chart of Account. Chart of Account 200 200 2,050 500 2% Description Cash $600 $200 150 Sales Revenue Credit 200 600 350 200 400 5% 10% 25% 50% Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Sales Return and Allowance Sales Discount Enter the Account No. and amount for the entry. 400 Amount 269
11. Please answer which is best for
0.13 / 1 View Policies Show Attempt History Current Attempt in Progress At the beginning of the current period, Bramble Corp. had balances in Accounts Receivable of $196,800 and in Allowance for Doubtful Accounts of $9,510 (credit). During the period, it had credit sales of $864,300 and collections of $687,610. It wrote off as uncollectible accounts receivable of $6,804. However, a $3,219 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,000 at the end of the period. (Omit cost of goods sold entries.) (a) - (d) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. (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…
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3. Below are the subledger accounts receivable for Emilio Company: Anthony.. Malaya Mekhi. Omari. Kaytana. Total. $ 7,200 9,700 18,200 37,000 900 $73,000 There is no balance in the Allowance for Doubtful accounts. Instructions a. Prepare the appropriate journal entries given the following transactions: i. the controller would like you the write off the following accounts as uncollectible: 7,200 18,200 Anthony. Mekhi.. Кaytana. 900 ii. received payment from Malaya for $2,600 iii. collected $7,200 from the Anthony account iv. write off the balance in the Malaya account v. collected $18,000 from Mekhi, the remainder will not be collectible vi. the controller estimates that 2% of the total accounts receivable balance will be uncollectible b. What is the net realizable value of the accounts receivable after all adjustments? Date Account Titles and Explanation PR Debit Credit