QS 7-7 Percent of accounts receivable method LO P3 Warner Company's year-end unadjusted trial balance shows accounts receivable of $105,000, allowance for doubtful accounts of $660 (credit), and sales of $340,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles.

QS 7-7 Percent of accounts receivable method LO P3 Warner Company's year-end unadjusted trial balance shows accounts receivable of $105,000, allowance for doubtful accounts of $660 (credit), and sales of $340,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles.

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

p.4-2
ok t ht inces QS 9-6 Reporting allowance for doubtful accounts LO P2 On December 31 of Swift Co.'s first year, $70,000 of accounts receivable is not yet collected. Swift estimates that $4,000 of its accounts receivable is uncollectible and records the year-end adjusting entry. (1) Compute the realizable value of accounts receivable reported on Swift's year-end balance sheet. (2) On January 1 of Swift's second year, it writes off a customer's account for $700. Compute the realizable value of accounts receivable on January 1 after the write-off. Realizable value of accounts receivable Before Write-Off After Write-Off
Exercise 7-13 (Algo) Percent of accounts receivable method LO P3 Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $112,500, and it estimates that 5% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,913 credit balance before the adjustment. (b) a $563 debit balance before the adjustment. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 Bad debts expense 7,538 Allowance for doubtful accounts
2
QS 7-7 Percent of accounts receivable method LO P3 Warner Company's year-end unadjusted trial balance shows accounts recelvable of $115,000, allowance for doubtful accounts of $760 (credit), and sales of $440,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. View transaction list View journal entry worksheet General Journal Deblt Credit No Date Dec 31 Bad debts expense 965 1 965 Allowance for doubtful accounts MacBook Air
HOMEWORK 8 - CHAPTER 8 Question 9 of 15 -1 Current Attempt in rrogress Assume the following information for Tamarisk Corp. Accounts receivable (beginning balance) $161,000 Allowance for doubtful accounts (beginning balance) ,11,300 Net credit sales ,942,000 Collections 912,000 Write-offs of accounts receivable 5,200 Collections of accounts previously written off 2,200 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. (a) Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. 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 0 for the amounts.) Account Titles and Explanation Debit Credit
Exercise 7-7 Percent of accounts receivable method LO P3 Mazie Supply Co. uses the percent of accounts recelvable method. On December 31, it has outstanding accounts recelvable of $60,500, and it estimates that 3% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,029 credit balance before the adjustment. (b) a $303 debit balance before the adjustment. View transaction list Journal entry worksheet 1 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,029 credit balance before the adjustment. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) MacBook Air
PE 9-4B Analysis of receivables method OBJ. 4 At the end of the current year, Accounts Receivable has a balance of $4,770,000, Allow- ance for Doubtful Accounts has a debit balance of $17,230, and sales for the year total $63,800,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $380,000. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and (c) the net realizable value of accounts receivable.
%24 %24 %24 Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $605,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,720,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $28,600. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.
%24 %24 Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $735,000; Allowance for Doubtful Accounts has a debit balance of $6,500; and sales for the year total $3,310,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful ACcounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.
Question 12 of 20 View Policies Current Attempt in Progress During its first year of operations, Pharoah Company had credit sales of $3,124,900; $652,500 remained uncollected at year-end. The credit manager estimates that $36,100 of these receivables will become uncollectible. (a) Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 2 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. *** Submit Answer
QS 9-7 (Algo) Reporting allowance for doubtful accounts LO P2 On December 31 of Swift Company’s first year, $51,000 of accounts receivable was not yet collected. Swift estimated that $2,100 of its accounts receivable was uncollectible and recorded the year-end adjusting entry.1. Compute the realizable value of accounts receivable reported on Swift’s year-end balance sheet.2. On January 1 of Swift’s second year, it writes off a customer’s account for $400. Compute the realizable value of accounts receivable on January 1 after the write-off.