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FINANCIAL ACCOUNTING
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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3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $ 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of 2 of 1% of the sales of $8,040,000 for the year, determine the following: a. Bad debt expense for the year. 2$ b. Balance in the allowance account after the adjustment of December 31. $ c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $
Transcribed Image Text:3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $ 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of 2 of 1% of the sales of $8,040,000 for the year, determine the following: a. Bad debt expense for the year. 2$ b. Balance in the allowance account after the adjustment of December 31. $ c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). $
The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,565 cash in full payment of Arlene's account. Apr. 3 Wrote off the $14,700 balance owed by Premier GS Co., which is bankrupt. July 16 Received 40% of the $26,400 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $4,180 casl in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $11,055; Fogle Co., $3,285; Lake Furniture, $8,440; Melinda Shryer, $2,385. 31 Based on an analysis of the $1,301,800 of accounts receivable, it was estimated that $56,600 will be uncollectible. Journalized the adjusting entry.
Transcribed Image Text:The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,565 cash in full payment of Arlene's account. Apr. 3 Wrote off the $14,700 balance owed by Premier GS Co., which is bankrupt. July 16 Received 40% of the $26,400 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $4,180 casl in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $11,055; Fogle Co., $3,285; Lake Furniture, $8,440; Melinda Shryer, $2,385. 31 Based on an analysis of the $1,301,800 of accounts receivable, it was estimated that $56,600 will be uncollectible. Journalized the adjusting entry.
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