EA10. Identify which of the following accounts would not be listed on the company's Post- Closing Trial Balance. Prepaid insurance Land Notes payable Retained earnings Insurance expense Service revenue Supplies Salaries expense $ 9,444 34,000 48,000 31,315 12,689 82,500 9,700 51,500
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- The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500What are the balances of accounts receivable, related allowance account, and bad debts expense on December 31, 2021? A. P7,092,000, P1,110,130, and P756,130 B. P9,616,000, P1,653,370, and P756,130 C. P9,616,000, P1,791,610, and P1,437,610 D. P9,104,000, P1,653,370, and P1,299,370Prepare the general journal entries to record the accounts receivable 'write-offs' and the 'write-off recoveries' for 2023. Label Debit accounts with "Dr" and Credit accounts with "Cr". For example: (Dr) Asset $XXXXX, (Cr) Revenues $XXXXX. Ignore GST & narrations
- Required: (a) What is the total estimated uncollectible amount of accounts receivable? (b) Prepare journal entries to record impairment loss of receivable in 2021 using Statement of Financial Position approach. (c) Prepare a partial statement of financial position as at 31 December 2021 on the accounts receivable. (d) Prepare journal entries to record impairment loss of receivable in 2021 assuming the balance of the Allowance for Impairment account is $7.300 (Cr.) prior to adjustment.1. What amount should be reported as accounts receivable on December 31?a. 1,300,000b. 1,426,000c. 1,280,000d. 1,220,000 2. What amount should be reported as allowance for doubtful accounts on December 31?a. 120,000b. 200,000c. 250,000d. 170,000The Fortune Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information: ● Accounts receivable on December 31, 2017: RO380000 ● Required balance in Allowance for Doubtful Accounts account on December 31, 2017: RO3000 ● Existing balance in Allowance for Doubtful Accounts account on December 31, 2017: RO2500 The journal entry to recognize uncollectible accounts expense on December 31, 2017 is: a. Dr Uncollectible Accounts Expense 500 & Cr Allowance for Doubtful Accounts 500 b. Dr Uncollectible Accounts Expense 3,000 & Cr Allowance for Doubtful Accounts 3,000 c. Dr. Accounts Receivable 2500 Cr Uncollectible Accounts Expense 2500 d. Dr. Accounts Receivable 2500 Cr Allowance for Uncollectible Accounts Expense 2500
- Questions: a. The allowance for doubtful accounts as of December 31, 2023 is?. b. The adjusted gross balance of accounts receivables is? c. The doubtful accounts expense for the year 2023 is?The Fortune Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information, Accounts receivable on December 31 2017, RO380,000,Required balance in Allowance for Doubtful Accounts account on December 31, 2017 RO3,000,Existing balance in Allowance for Doubtful Accounts account on December 31, 2017 RO2,500,The journal entry to recognize uncollectible accounts expense on December 31, 2017 is: a. Dr. Accounts Receivable 2500 Cr Allowance for Uncollectible Accounts Expense 2500 b. Dr Uncollectible Accounts Expense 3000 Cr Allowance for Doubtful Accounts 3000 c. Dr. Accounts Receivable 2500 Cr Uncollectible Accounts Expense 2500 d. Dr Uncollectible Accounts Expense 500 & Cr Allowance for Doubtful Accounts 50028. Insurance premium paid in advance to insurance company is an example of: a. Prepaid expense b. Outstanding expense c. Accrued revenue d. Accrued expense
- At 31 December 2002 A Co had the following balances:Trade Receivable 52000Trade payables 60000Sales Revenue 890000Sales returns and allowances 5000Allowance for uncollectible accounts (1/01/2021) 1000During 2003 a customer was declared a bunkrupt and 200 should be written off via allowance methodProvide extracts from balance sheet and income statement for 2002 if A co estimates allowance for uncollectible accounts to be 1% of net sales(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000DI-TWO Corporation had the following accounts and their balances on December 31 before any adjustments: Sales P5,000,000 Accounts Receivable 600,000 Allowance for doubtful accounts 25,000