On December 31, 2019 accounts receivable and allowance for doubtful accounts haveP675,000 and P30,000 respectively. The following are some transactions that occurred during2020.Sales on account, terms 2/10, 1/15. n/603,000,000Collections3,200,000Collections include the following:W/in the 10 day discount periodW/in the 15-day discount periodBeyond the discount periodRecovery of accounts written of1,764.000990,000?6,000Accounts receivable written off as worthless22,000Estimated sales returns at year end12,000The company's policy is to provide for uncollectible accounts equal to 1% of gross sales.How much is the accounts receivable end on December 31, 2020? On December 31, 2019 accounts receeivable and allowance for doubtful accounts haveP675,000 and P30,000 respectively. The following are some transactions that occurred during2020.Sales on account, terms 2/10, 1/15. n/603,000,000Collections3,200,000Collections include the following:W/in the 10 day discount periodW/in the 15-day discount periodBeyond the discount periodRecovery of accounts written of1,764.000990,0006,000Accounts receivable written off as worthless22,000Estimated sales returns at year end12,000The company's policy is to provide for uncollectible accounts equal to 1% of gross sales.How much is the collection from customers paying beyond the discount period? 6

Accounts Receivable Accounts receivable is considered to be one of the main cash generation into the…

On December 31, 2019 accounts receivable and allowance for doubtful accounts have P675,000 and P30,000 respectively. The following are some transactions that occurred during 2020. Sales on account, terms 2/10, 1/15. n/60 Collections Collections include the following: W/in the 10 day discount period W/in the 15-day discount period Beyond the discount period Recovery of accounts written of Accounts receivable written off as worthless 3,000,000 3,200,000 1,764.000 990,000 ? 6,000 22,000 Estimated sales returns at year end 12,000

On December 31, 2019 accounts receivable and allowance for doubtful accounts have P675,000 and P30,000 respectively. The following are some transactions that occurred during 2020. Sales on account, terms 2/10, 1/15. n/60 Collections Collections include the following: W/in the 10 day discount period W/in the 15-day discount period Beyond the discount period Recovery of accounts written of Accounts receivable written off as worthless 3,000,000 3,200,000 1,764.000 990,000 ? 6,000 22,000 Estimated sales returns at year end 12,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Estimating allowance for doubtful accounts Devers Company has the following balances in their accounts receivable account and allowance for doubtful accounts at the end of the period ending September 30, 2021. Accounts Receviable Allow. for Doubtful Accts 505,000 3,000 Devers has a past history of uncollectible accounts as shown below: Accounts Receivable Age Class Percentage Uncollectible $275,000 1-30 days 0.50% $100,000 31-60 days 2.00% $ 60,000 61-90 days 7.00% $ 50,000 91-120 days 18.00% $ 20,000 > 120 days 60.00% Required 1. Estimate the amount that should be in the Allowance for Doubtful Accounts based on the aging of the accounts receivable schedule above…
Lean Corporation provided the following information regarding its Notes Receivable as at December 31, 2021. NOTE GROSS CARRYING AMOUNT LIFETIME EXPECTED CREDIT LOSSES 12-MONTH EXPECTED CREDIT LOSSES CREDIT RISK ASSESSMENT A P 3,000,000 P 300,000 P 50,000 Low credit risk B 2,000,000 400,000 40,000 31 days past due C 1,000,000 500,000 60,000 Credit-impaired The loss allowance that the entity should recognize as at December 31, 2021 is A. P 590,000 B. P 900,000 C. P 950,000 D. P 1,200,000 WITH SOLUTION PLS
An analysis and aging of Eagle Corporation accounts receivable at December 31, 2021 , disclosed the following Amount estimated to be uncollectible P 1,800,000 Accounts receivable 17,500,000 Allowance for doubtful accounts (per books) 1,250,000 What is the net realizable value of Eagle Corporation’s receivables at December 31, 2021? A. P 14,450,000 B. P 16,250,000 C. P 15,700,000 D. P 17,500,000
Nabangsit Corporation reported the following receivables on December 31, 2018: Accounts receivable, net of P520,000 allowance for doubtful accounts P3,840,000 Interest receivable 190,000 Notes receivable 4,000,000 Additional information: The notes receivable comprised of the following: P3,000,000 note dated March 31, 2018, with principal and 8% interest payable on March 31, 2019. P1,000,000 note dated October 31, 2018, with principal and interest payable on October 31, 2019. During 2019, sales revenue totaled P21,200,000, cash collected from customers amounted to P19,800,000, and P410,000 in accounts receivable were written off. All sales are made on credit basis. Doubtful accounts expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of…
Blossom Company has accounts receivable of $92,000 at March 31, 2025. Credit terms are 2/10, n/30. At March 31, 2025, there is a $2,200 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Age of Accounts 2025 2024 Uncollectible Current $61,600 $78,910 2 % 1-30 days past due 14,100 7,420 5 31-90 days past due 9,500 2,280 31 Over 90 days past due 6,800 1,200 52 $92,000 $89,810 Determine the total estimated uncollectibles at March 31, 2025. Total estimated uncollectibles Touth
Dog
Ivanhoe Company provides for doubtful accounts based on 4.0% of credit sales. The following data are available for 2020: Credit sales during 2020 $3,020,000 Allowance for doubtful accounts 1/1/20 37,700 Collection of accounts written off in prior years (customer credit was re-established) 15,500 Customer accounts written off as uncollectible during 2020 36,100 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $Enter your answer in accordance to the question statement
8. For the year ended, December 31, 2020, GERBERA Company estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts, 1/1/20 -₱56,000; Provision for uncollectible accounts during 2020 ( 2% on credit sales of ₱2,000,000) -₱40,000; Uncollectible accounts are written off, 11/30/20 -₱46,000; Estimated uncollectible account per aging, 12/31/20 -₱69,000. After the year-end adjustment, the uncollectible accounts expense for 2020 should be? * PLEASE SHOW YOUR SOLUTIONS IN GOOD ACCOUNTING FORM. THANK YOU
Millard Corporation's books disclosed the following information for the year ended December 31, 2020 Net credit sales Net cash sales Accounts Receivable at beginning of year Accounts Receivable at end of year Millard's accounts receivable turnover is 5.80 times O 5.00 times O 3.75 times 4.35 times P1,500,000 240,000 200,000 400,000
Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 $ 251,000 Accounts Receivable, December 31, 2021 46,000 Allowance for Uncollectible Accounts, December 31, 2021 1,100 (Credit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12% of receivables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
The following information is available for Sheridan Company: Allowance for Expected Credit Losses at December 31, 2023 Credit Sales during 2024 Accounts Receivable deemed worthless and written off during 2024 $7980 O $4788 $3762 $8550 O $84360 307800 3192 As a result of a review and aging of Accounts Receivable in early January 2025, it was determined that an Allowance for Expected Credit Losses balance of $8550 is required at December 31, 2024. What amount should Sheridan record as loss on impairment for calendar 2024?
Sheffield Corp. had a $300 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $110,000 1 % 1-30 days past due 18,000 3 % 31-60 days past due 13,500 5 % 61-90 days past due 7,600 17 % Over 90 days past due 9,400 31 % Total Accounts Receivable $158,500 PART A Prepare the adjusting entry on December 31, 2022, to recognize bad debts expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense Allowance for Doubtful Accounts PART B I NEED HELP WITH PART B Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $300 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision…