Manchester Company provided the following accounts abstracted from the unadjusted trial balance at year-end: Debit Credit Accounts receivable Allowance for doubtful accounts Net credit sales 5,000,000 40,000 20,000,000 The entity estimated that 3% of the gross accounts receivable will become uncollectible. What amount should be recognized as doubtful åccounts expense for the current year?

Manchester Company provided the following accounts abstracted from the unadjusted trial balance at year-end: Debit Credit Accounts receivable Allowance for doubtful accounts Net credit sales 5,000,000 40,000 20,000,000 The entity estimated that 3% of the gross accounts receivable will become uncollectible. What amount should be recognized as doubtful åccounts expense for the current year?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4PB: Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts...

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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.
SIPAG Company provided the following accounts abstracted from the unadjusted trial balance at year- end: - Accounts Receivable (debit) 5,000,000 Allowance for doubtful accounts (credit) - 40,000 - Net credit sales (credit) 20,000,000 The entity estimated that 3% of the gross accounts receivable will become uncollectible. What amount should be recognize as doubtful accounts expense for the current year?
XZ company provided the following accounts abstracted from the unadjusted trial balance at year-end: A/R: 5,000,000(debit) Allowance for Doubtful Accounts: 50,000 (debit) Gross Credit Sales: 20,000,000 (credit) The entity estimated that 3% of the gross accounts receivable will become uncollectible. Assuming a P500,000 sales returns for the year, what amount should be recognized as doubtful accounts expense for the period?
What amount should be reported as doubtful accounts expense for the current year? Please include solutions with the answers. Thank you!
ABC Company provided the following accounts excerpt from the unadjusted trial balance on Dec 31, 2022; Accounts Receivable, P250,000; Allowance for doubtful accounts (dr. bal. of P2,000); Sales, P1,000,000. The company estimated that 4% of the gross accounts receivable will become uncollectible. . 5.What amount should be reported as allowance for doubtful accounts on Dec 31, 2022? * 6.What amount should be recognized as doubtful accounts expense for the year 2022? 7.At what amount shall the accounts receivable be presented on Dec 31, 2022?
At its fiscal year end, under the aging of a company's accounts receivable, the uncollectible accounts are estimated to be $12,000. The unadjusted balance for the Allowance for Doubtful Accounts is $2,000 credit. Assume the company records adjusting entries only at year end. What is the balance in the Allowance for Doubtful Accounts account after adjustment? A. $14,000 B. $12,000 O C. $10,000 D. $2,000
FDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable P11,000,000 Allowance for Doubtful Accounts P300,000 Sales P50,000,000 The entity estimated that 5% of accounts receivable may prove uncollectible. How much should be reported as doubtful accounts expense for the year ended December 31, 2021?
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FDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable P13,000,000 Allowance for Doubtful Accounts P300,000 Sales P50,000,000 The entity estimated that 7% of accounts receivable may prove uncollectible. How much should be reported as doubtful accounts expense for the year ended December 31, 2021?
Namesake Company reported the following unadjusted balances at year-end: Debit Credit Accounts receivable 3,000,000 Allowance for doubtful accounts 10,000 Net credit sales 8,000,000 The entity estimated that 3% of the gross accounts receivable would become uncollectible. What amount should be reported as doubtful accounts expense for the current year?
Effective with the current year, Fateful Company adopted a new accounting method for estimating the allowance for doubtful accounts at the amount indicated by the year-end aging of accounts receivable. Allowance for doubtful accounts, January 1 Provision for doubtful accounts during the year 250,000 (2% on credit sales of P10,000,000) Accounts written off during the year 200,000 205,000 220,000 Estimated uncollectible accounts per aging, December 31 What amount should be reported as doubtful accounts expense for the current year?
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