Do not give image format Past experience indicates that 17% of total accounts receivable will eventually be uncollectible for Concord Rental Company. Selectedgeneral ledger account balances at December 31, 2023, and December 31, 2024, appear below:Accounts ReceivableAllowance for Doubtful Accounts (credit)(a)Aug. 10Sep. 12Oct. 102023$88,00014,960Nov. 152024Record the following events in 2024: (If no entry is required, select "No Entry" for the account titles and enter O for the amounts, Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entriesRecord journal entries in the order presented in the problem)$110,000?Determined that the account of Henry Hum for $2.800 is uncollectible.Determined that the account of Mark Pippy for $4,400 is uncollectible.Received a cheque for $2.016 as payment on account from Henry Hum, whose account had previously beenwritten off as uncollectible. He indicated the remainder of his account would be paid in NovemberReceived a cheque for $784 from Henry Hum as payment on his account.DebitCredit

The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Past experience indicates that 17% of total accounts receivable will eventually be uncollectible for Concord Rental Company Selected general ledger account balances at December 31, 2023, and December 31, 2024, appear below: Accounts Receivable Allowance for Doubtful Accounts (credit) 2023 2024 $88,000 $110,000 14,960 7

Past experience indicates that 17% of total accounts receivable will eventually be uncollectible for Concord Rental Company Selected general ledger account balances at December 31, 2023, and December 31, 2024, appear below: Accounts Receivable Allowance for Doubtful Accounts (credit) 2023 2024 $88,000 $110,000 14,960 7

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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36. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
45. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
21. Brotherhood Company had the following information relating to its accounts receivable: Accounts receivable, 12/31/21 Credit sales for 2022 Collections from customers for 2022, excluding recovery Accounts written off 9/30/22 Collection of accounts written off in prior year (customer credit was not reestablished) Estimated uncollectible receivable per aging of receivable at 12/31/22 1,300,000 5,400,000 4,750,000 125,000 25,000 165,000 On December 31, 2022, the amortized cost of accounts receivable is 1,825,000 1,800,000 O 1,635,000 O 1,660,000
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6) Brotherhood Company had the following information relating to its accounts receivable: Accounts receivable, 12/31/21 1,300,000 Credit sales for 2022 5,400,000 4,750,000 125,000 Collections from customers for 2022, excluding recovery Accounts written off 9/30/22 Collection of accounts written off in prior year (customer credit was not reestablished) Estimated uncollectible receivable per aging of receivable at 12/31/22 25,000 165,000 On December 31, 2022, the amortized cost of accounts receivable is a. 1,825,000 b. 1,800,000 c. 1,635,000 d. 1,660,000
Current Attempt in Progress Bridgeport Limited had net sales in 2023 of $2.2 milion. At December 31, 2C23, before adjusting entnes, the balances in selected accounts were as follows: Accounts Receivable $231,300 debit: Allowance for Expected Credit Losses $3.000 detit. Assuming Bridgeport has examined the aging of the accounts receivable and has determined the Alowance for Expected Credit Losses should have a balance of $25,900, prepare the December 31, 2023 journal entry to record the adjustment toAllowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry s required, select "To Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit eTextbook and Media
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Assume that accounts receivable and the allowance for doubtful accounts (AFDA) ending balances were OMR500,000 debit and OMR5000 credit balances respectively at December 31, and the uncollectible accounts are estimated to be 5% of accounts receivable. Find out the ending balance of ADFA from the above given information . a . None of the given options b . OMR 30000 C. OMR 25000 d . OMR 20000
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5. AA Company prepared an aging of its accounts receivable at December 31, 2022 and determined that the net realizable value of the receivables was P350,000. Additional information is available as follows: Allowance for uncollectible accounts at 1/1/22 – credit balance,P34,000 Accounts written off as uncollectible during 2022, P23,000 Accounts receivable at 12/31/22, P375,000 Uncollectible accounts recovered during 2022, P5,000 Total provisions made during 2022, P12,000 Statement 1: The amount of bad debts expense in 2022 is P9,000. Statement 2: The ending balance of the allowance for uncollectible accounts is P25,000. Group of answer choices Only statement 1 is true Both statements are true Only statement 2 is true Both statements are false
The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022: Total Accounts Receivable $ 127,700 Historical % Uncollectible 90,400 54,800 33,000 Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,307 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,201 of uncollectible accounts on August 15, 2022. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. 2 Complete this question by entering your answers in the tabs below. Number of Days Unpaid Required A The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated…