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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Subject:
The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $ 14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 830,000 Not yet due 1.25 % 254,000 1 to 30 days past due 2.00 86,000 31 to 60 days past due 6.50 38,000 61 to 90 days past due 32.75 12,000 Over 90 days past due 68.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Record the estimated ba debts. Required information 1 Record the estimated bad debts. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal
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Required information. [The following information applies to the questions displayed below] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 1.15% 1.90 6.40 View transaction list View journal entry worksheet 32.25 67.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations.
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Exercise 7-11 (Algo) Uncollectible accounts; allowance method vs. direct write-off method (L07-5, 7-6] Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $12.000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $200,100, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 22,000. Required: 1. What was the balance in gross accounts receivable as of 12/31/2020? 2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021. 4. If Johnson instead used the direct write-off…
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! Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 820,000 Age of Accounts Receivable Not yet due Expected Percent Uncollectible 1.30% 328,000 1 to 30 days past due 2.05 65,600 31 to 60 days past due 6.55 32,800 13,120 61 to 90 days past due Over 90 days past due 33.00 69.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations.
Required information Skip to question [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 820,000 Not yet due 1.25% 328,000 1 to 30 days past due 2.00 65,600 31 to 60 days past due 6.50 32,800 61 to 90 days past due 32.75 13,120 Over 90 days past due 68.00 Required:1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable.
Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 830,000 Age of Accounts Receivable Not yet due 1 to 30 days past due Expected Percent Uncollectible 1.25% 254,000 2.00 86,000 31 to 60 days past due 6.50 38,000 12,000 61 to 90 days past due Over 90 days past due 32.75 68.00 3. On June 30 of the next year, Jarden concludes that a customer's $4,750 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income? Affects Jarden's net income