Prepare the adjusting entry at march 31,2018, to record bad debts expenses.
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A: Bad DebtsBad debts expense, also known as doubtful accounts expense or uncollectible accounts…
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- Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $54,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 6%; Whispering's incremental borrowing rate is 8%. Whispering is unaware of the rate being used by the lessor. At the end of the lease, Whispering has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Whispering uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables.3The following list of accounts and their balances appear on the books of MJ Thai Spa as of December 31, 2018: Direction: a. Prepare the adjusting entries b. Close the nominal accounts c. Record the 30% tax liability (Please don't get the previous answer here on bertleby)
- Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…(b) Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2025, using the straight-line method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 1,225.) Date Dec. 31, 2025 Account Titles and Explanation Debit CreditThe Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500
- On January 1, 2021, Cullumber Corp. borrows $9,000 by signing a 3-year, 3% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. Calculate the annual principal payment. Annual principal payment $ eTextbook and Media List of Accounts Question Part Score Prepare an instalment payment schedule for the note. Period Cash payment Interest Expense Reduction of Principal Principal Bal Jan. 1, 2021 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 eTextbook and Media List of Accounts Question Part Score Prepare journal entries to record the note and the first instalment payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 (Torecord issuance of note.) Dec. 31, 2021NoneAssume that the business has received notification on 15 April 2020 that a debtor owing $1,850 has declared bankruptcy. On 22 August 2020 the debtor unexpectedly remits full payment for the previously written-off account. Prepare the general journal entry to re-establish this debt and record payment under each of the following methods: (i) The direct write-off method (ii) The allowance method
- What account is used to write off bad debts using the: allowance method: direct write-off method:Please help me. Thankyou.FOR YOU AND THE CLASS: What is the journal entry to record Bad debts expense under the allowance method. In other words ....what account would be debited and what account would be credited? Reply