Need help with this accounting question not use ai Odonnel Inc. had the following account balances for Year 4 and Year 3.12/31/Year 12/31/Year43Accounts receivable (balance in the account, not net) $82,400$65,700Allowance for doubtful accounts (normal, credit,$5,870$3,460negative asset balance)Bad debt expense$10,200$9,300There were no recoveries of previously written-off accounts during Year 4.A. What were Odonnel's write-offs during Year 4?B. How much of the Accounts receivable at the end of Year 4 does Odonnel expectto collect?

Step 1: Define Allowance MethodUnder the allowance method, there are two types of determining the…

Answered: Odonnel Inc. had the following account…

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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etlock, Inc. unadjusted trial balance includes the following balances (assume normal balances): • Accounts receivable $1810000 • Allowance for doubtful accounts $37300 Bad debts are estimated to be 10% of outstanding receivables. What amount of bad debt expense will the company record? $141570 $143700 $186700 $181330
What amount should it debit bad debt expense?
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Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $23,550. The account had an unadjusted credit balance of $11,900 at that time. a. The appropriate bad debt adjustment was recorded. b. Later, an account receivable for $2,900 was determined to be uncollectible and was written off. Required: For each transaction listed above, indicate the amount and direction +for increase or -for decrease) of effects on the financial statement accounts and on the overall accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) Assets Liabilities Stockholders' Equity
Blackhorse Productions, Incorporated, used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $22,350. The account had an unadjusted credit balance of $11,300 at that time. a. The appropriate bad debt adjustment was recorded. b. Later, an account receivable for $2,300 was determined to be uncollectible and was written off. Required: For each transaction listed above, indicate the amount and direction (+ for increase or - for decrease) of effects on the financial statement accounts and on the overall accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) Assets Allowance for Doubtful Accounts Allowance for Doubtful Accounts a. b. b. Accounts Receivable 9,250 X = 1,100 X = (1,100) X = > Answer is complete but not entirely correct. Liabilities + + + + Bad Debt Expense Stockholders' Equity 9,250 X
Blackhorse Productions, Incorporated, used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $22,550. The account had an unadjusted credit balance of $11,400 at that time. The appropriate bad debt adjustment was recorded. Later, an account receivable for $2,400 was determined to be uncollectible and was written off. Required: For each transaction listed above, indicate the amount and direction (+ for increase or − for decrease) of effects on the financial statement accounts and on the overall accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.)
Prior to the adjusting entry for bad debt expense, Lierman, Inc.'s balances for accounts receivable and allowances for doubtful accounts were $700,000 (debit) and $1,200 (credit), respectively. After the bad debt expense entry was posted, the net realizable value of accounts receivable was $663,000. Bad debt expense for the year was a. $37,800 b. $35,800 c. $39,200 d. $37,000
Ee.19.
A recent report for UPS contained the following data: (in thousands) Accounts receivable Less: Allowance for bad debts Net accounts receivable Bad debt expense Current year $1,034,608 36,800 $ 997,808 $55,147 Previous year $ 805,495 38,225 S 767,270 $31,388 Required: 1. Prepare the journal entry for the amount of accounts receivable that were actually written off during the current year. 2. Prepare the journal entry to record the bad debt expense for the current year 3. What is the purpose of the account "Allowance for doubtful accounts"? Although the normal balance of this account is a credit balance, it sometimes has a debit balance. Briefly explain how this can happen.
Helix reported the following information in its financial statements. Write-offs of accounts receivable were $340 in the current year. Helix did not recover any write-offs. At December 31 Current Year Prior Year Accounts receivable $ 7,800 $ 5,400 Allowance for doubtful accounts 680 490 Accounts receivable, net $ 7,120 $ 4,910 Determine Bad Debts Expense for the current year.
Helix reported the following information in its financial statements. Write-offs of accounts receivable were $340 in the current year. Helix did not recover any write-offs. At December 31 Accounts receivable Allowance for doubtful accounts Accounts receivable, net Current Year $ 7,800 680 $ 7,120 Determine Bad Debts Expense for the current year. Bad debts expense Prior Year $ 5,400 490 $ 4,910
Blue Spruce Corp. unadjusted trial balance includes the following balances (assume normal balances): • Accounts Receivable $1160000 • Allowances for Doubtful Accounts $24900 Bad debts are estimated to be 5% of outstanding receivables. What amount of bad debt expense will the company record? $55678 $31822 $58000 $33100 The financial statements of the Wildhorse Co. report net sales of $384000 and accounts receivable of $48000 and $36000 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation.) 50.0 39.9 80.4 29.7 Windsor, Inc. had net credit sales during the year of $1128800 and cost of goods sold of $448000. The balance in accounts receivable at the beginning of the year was $122400 and at the end of the year was $149600. What was the accounts receivable turnover? 8.3 10.3 5.1 7.0

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