If the trial balance at Howell's year-end shows trade receivables of £19,900 and bad debts of £600 written off during the year, which of the following statements is true? Select one: O a. The statement of profit or loss should include a bad debt expense of £600 and trade receivables of £19,300 should be included on the statement of financial position o b. The statement of profit or loss should include a bad debt expense of £600 and trade receivables of £19,900 should be included on the statement of financial position o c. The statement of profit or loss should include no bad debt expense and trade receivables of £19,900 should be included on the statement of financial position o d. The statement of profit or loss should include no bad debt expense and trade receivables of £19,300 should be included on the statement of financial position

If the trial balance at Howell's year-end shows trade receivables of £19,900 and bad debts of £600 written off during the year, which of the following statements is true? Select one: O a. The statement of profit or loss should include a bad debt expense of £600 and trade receivables of £19,300 should be included on the statement of financial position o b. The statement of profit or loss should include a bad debt expense of £600 and trade receivables of £19,900 should be included on the statement of financial position o c. The statement of profit or loss should include no bad debt expense and trade receivables of £19,900 should be included on the statement of financial position o d. The statement of profit or loss should include no bad debt expense and trade receivables of £19,300 should be included on the statement of financial position

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6PA: Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable....

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Suppose the balance in the Allowance for Doubtful Accounts at the end of year is a $400 Debit balance before adjustment. The company estimates future uncollectible accounts to be $3,200. At what amount would Bad Debt Expense be reported in the current year's income statement? A. $400 B. $2,800 C. $3,600 D. $3,200
1. Prepare the journal entries necessary to record the above transactions and calculate the amount to be recognised in the statement of profit or loss. 2. Write up and balance off the: (i) Bad debts expense account (ii) Doubtful debts expense account (iii) Allowance for doubtful debts account.
Questions: a. What is the correct bad debt expense for the year assuming that the allowance for doubtful accounts had a balance of P120,500 as of January 1, 2022? b. Your proposed adjusting journal entry to correct the balance of allowance for bad debts would include a net debit or credit of? (just indicate the amount)
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.
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.
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.
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.
Also, What would be the Net Realizable Value of Harris Company’s Accounts Receivable at year end after the adjusting entry for bad debts has been recorded?
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?
a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. c. Determine the net realizable value of accounts receivable.
Questions: a. The net realizable value of accounts receivable as of December 31, 2023 is? b. Your proposed adjusting journal entry to correct the balance of allowance for bad debts would include a net debit or credit of? (just indicate the amount)
At the end of the current year, Accounts Receivable has a balance of $800,020; Allowance for Doubtful Accounts has a credit balance of $5,096; and sales for the year total $3,785,000. Bad debt expense is estimated at 1/2 of 1% of net sales. a. Determine the amount of the adjusting entry for bad debt expense.$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $ Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.$