Other administrative expense of $10,920 have accrued at December 31. (Hint: Use Accounts Payable for the accrued liability.) Accounts Payable-$194,879 What is the adjusting entry?
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Other administrative expense of $10,920 have accrued at December 31. (Hint: Use Accounts Payable for the accrued liability.)
Accounts Payable-$194,879
What is the
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- Physicians’ Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $50,000; Allowance for Uncollectible Accounts = $1,000 (credit). On December 31, 2024, Physicians’ estimates uncollectible accounts to be 20% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable reported in the balance sheet.At the end of the current year, Accounts Receivable has a balance of $94,790; Allowance for Doubtful Accounts has a debit balance of $3,279; and sales for the year total $1,099,000. Bad debt expense is estimated at 1% of sales. a. Determine the amount of the adjusting entry for bad debt expense.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts fill in the blank 3 Bad Debt Expense fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5Write a journal entry for the following beginning balance: “accounts receivable (net of allowance of 5200) 235,884"
- Answer only please.After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $754,825 and Allowance for Doubtful Accounts has a balance of $18,222. What is the net realizable value of accounts receivable?At December 31, 2022, the trial balance of Concord Corporation contained the following amounts before adjustment. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Debit (b) (c) $189,800 Credit $ 1,570 871,700 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $11,020 of accounts receivable will be uncollectible. Repeat part (a), assuming that instead of a credit balance there is a $1,570 debit balance in Allowance for Doubtful Accounts. During the next month, January 2023, a $2,050 account receivable is written off as uncollectible. Prepare the journal entry to record the write-off. (d) Repeat part (c), assuming that Concord Corporation uses the direct write-off method instead of the allowance method in accounting for uncollectible accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
- An aging-of-accounts-receivable indicates that the amount of uncollectible accounts is $3,910. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $600. The Accounts Receivable balance is $44,620. The amount of the adjusting entry for uncollectible accounts should be for: A) $600. B) $3,310. C) $3,910. D) $4,510.At the end of the current year, Accounts Receivable has a balance of $128,310; Allowance for Doubtful Accounts has a debit balance of $3,095; and sales for the year total $947,000. Bad debt expense is estimated at 1/2 of 1% of sales. a. Determine the amount of the adjusting entry for bad debt expense.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts fill in the blank 3 Bad Debt Expense fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5Use the information in the attachment to prepare journal entries without explanations for the following transactions involving notes payable for Gomez Company, whose fiscal year ends June 30.
- At the end of the current year, Accounts Receivable has a balance of $565,000, Allowance for Doubtful Accounts has a credit balance of $5,000, and sales for the year total $2,540,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $26,000. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5please answer in detailAt 1 July 20X2 the receivables allowance of Q was $18,000. During the year ended 30 June 20X3 debts totalling $14,600 were written off. The receivables allowance required was to be $16,000 as at 30 June 20X3. What amount should appear in Q's statement of profit or loss for receivables expense for the year ended 30 June 20X3
