Question 42Based on the following adjusted trial balance of Lyndon Company on December 31, 200C, the end of the accountingperiodP 67,07570,000176,500CashNote RecervableAccounts ReceivableAllowance for Bad DebtsMerchandise Inventory, Jan. 1Furmiture & Fixtures5,40060,90034,100Accumulated Depreciation - Furm. & Fixt.Office EquipmentAccumulated Depreciation - Office EapmsNote PayableAccounts PayableLeonard CaptalLeonard Drawing3,10015,5001,50020,00094,750265,0009,500Sales572,875Sales ReturnsSales Discount11,0006,400390,7505,415PurchasesFreight inParchase ReturnsPurchase discountSalaries ExpenseRent ExpenseInsurance expenseOffice supplies expense3,6306,88599 55024,0005,2502,200Rental Income5,000Additional informanion: Merchandise Inventory, December 31, P 76,000 How much is the ending Owner's Equity?P 341,125P314,425P 344,425P 341,425Od

The owner's equity comprises of investment, retained earnings, net income, losses or withdrawal…

Question 42 Based on the following adjusted trial balance of Lyndon Company on December 31, 200C, the end of the accounting period P 67,075 70,000 176,500 Cash Note Recervable Accounts Receivable Allowance for Bad Debes Merchandise Iaventory, Jan. 1 Furmiture & Fixtures Accumulated Depreciation - Fum. & Fixt. Office Equipmet Accumulated Depreciation - Office Eapmt Note Payable 5,400 60900 34,100 3,100 15,500 1,500 20,000 94,750 265,000 Accounts Payable Leonard Captal Leonard Drawing Sales Sales Returns Sales Discout Purchases Freight in Purchase Retums Purchase discount 9,500 572,875 11,000 6,400 390,750 5,415 3,630 6,885 Salaries Expense Reat Expense Inwrnce expense Office supplies expene Rental Income 99 S50 24,000 5,250 2.200 5,000 Addimional informanion: Merchandise Iaventory, December 31, P 76,000

Question 42 Based on the following adjusted trial balance of Lyndon Company on December 31, 200C, the end of the accounting period P 67,075 70,000 176,500 Cash Note Recervable Accounts Receivable Allowance for Bad Debes Merchandise Iaventory, Jan. 1 Furmiture & Fixtures Accumulated Depreciation - Fum. & Fixt. Office Equipmet Accumulated Depreciation - Office Eapmt Note Payable 5,400 60900 34,100 3,100 15,500 1,500 20,000 94,750 265,000 Accounts Payable Leonard Captal Leonard Drawing Sales Sales Returns Sales Discout Purchases Freight in Purchase Retums Purchase discount 9,500 572,875 11,000 6,400 390,750 5,415 3,630 6,885 Salaries Expense Reat Expense Inwrnce expense Office supplies expene Rental Income 99 S50 24,000 5,250 2.200 5,000 Addimional informanion: Merchandise Iaventory, December 31, P 76,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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View Policies Current Attempt in Progress Voight Company's account balances at December 31 for Accounts Receivable and Allowance for Doubtful Accounts were $1,400,000 and $70,000 (Cr.), respectively. An aging of accounts receivable indicated that $128,000 are expected to become uncollectible. The amount of the adjusting entry for bad debts at December 31 is O $198,000. O $128,000. O $58,000. O $70,000. eTextbook and Media Save for Later Attempts: 0 of 2 used Submit Answer 回可

Requlred Informatlon [The following information applies to the questions displayed below.] The Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $678,00e 1 to 30 $110, eee 3% 31 to 60 61 to 90 Over 90 Accounts receivable Percent uncollectible $38, e00 9% $50, 0ee 12% $416,000 $56,000 7% 4% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5.600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2.100 debit. Complete this question by entering your answers in the tabs below. Reg A Reg B and C Complete the below table to calculate the estimated balance of Allowance for…
Question 6On 30 June, the end of its financial year, Aarav Ltd completed an age analysis of itsaccounts receivable and determined that an allowance for doubtful debts of $12 320was needed in order to report accounts receivable at their estimated collectableamount in the Balance Sheet.Required(a) Prepare the general journal entry to record bad debts expense assuming that theAllowance for Doubtful Debts account currently has a $1940 credit balance(narration not required).(b) Prepare an entry to write off an account receivable from V. Vijay for $781(narration not required). (c) From the following information, determine the amount of cash received fromcustomers during 2019-20:Accounts receivable (30-Jun-2019) $81 000Accounts receivable (30-Jun-2020) $76 000Sales (Credit) $350 000 (d) From the following information, determine the amount of purchases for the year:Beginning inventory $ 60 000Ending inventory 90 000Cost of sales 130 000 (e) If wages expense for the year is $480 000, wages…
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Hide or show questions Progress:51/69 items Calculator Allowance for Doubtful Accounts has a debit balance of $2,300 at the end of the year (before adjustment). The company prepares an analysis of customers' accounts and estimates the amount of uncollectible accounts to be $31,900. Which of the following adjusting entries is needed to record the Bad Debt Expense for the year? a.debit Allowance for Doubtful Accounts, $29,600; credit Bad Debt Expense, $29,600 b.debit Allowance for Doubtful Accounts, $34,200; credit Bad Debt Expense, $34,200 c.debit Bad Debt Expense, $29,600; credit Allowance for Doubtful Accounts, $29,600 d.debit Bad Debt Expense, $34,200; credit Allowance for Doubtful Accounts, $34,200
HOW MUCH IS TEH NET INCOME a. 53, 925b. 63, 975c. 48, 925d. 58, 925
Required information Exercise 7-21B Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7) [The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 59,200 Accounts Receivable 26,000 Allowance for Uncollectible Accounts $ 2,700 Inventory Notes Receivable (5%, due in 2 years) 36,800 18,000 Land 160,000 Accounts Payable 15,300 Common Stock 225,000 57,000 $ 300,000 Retained Earnings Totals $ 300,000 During January Year 1, the following transactions occur: January 1 Purchase equipment for $20,000. The company estimates a residual value of $2,000 and a four-year service life. 4 Pay cash on accounts payable, $10,000. 8 Purchase additional inventory on account, $87,900. January January January 15 Receive cash on accounts receivable, $22,500. January 19 Pay cash for salaries, $30,300. January 28 Pay cash for January utilities, $17,000.…
Adjusting Journal Entry: using accounts listed 12/31 - Estimated Allowance for Doubtful Accounts is computed to be 1% of current year sales. (Hint: the amount of the adjustment should be computed starting from the unadjusted balance in Allowance for Doubtful Accounts)
Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $570,000 1 to 30 $90,000 Over 90 $30,000 10% 31 to 60 61 to 90 Accounts receivable $396,000 $36,000 $18,000 7% 1% 2 % 5% Percent uncollectible a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,000 debit. Complete this question by entering your answers in the tabs below.
11 The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022 Total Accounts Receivable $ 126,800 89,500 53,900 32,100 Number of Days Unpaid Not yet due 1 to 30 days past due 31 to 60 days past duel 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 $29,037 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,111 of uncollectible accounts on August 15, 2022. Prepare the required adjusting en 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 Complete this question by entering your answers in the tabs below. Historical Uncollectible View transaction list Required A Required B Required C The unadjusted balance of the Allowance for Doubtful…
Question 14 Santagos Industries gathered the following information from its accounting records for the year ended December 31, 2019, prior to adjustment: Net credit sales for the year $730,000 Accounts receivable balance, Dec. 31, 2019 145,000 Allowance for doubtful accounts balance, Dec. 31, 2019 1,850 Cr. Santagos uses the allowance method of accounting for uncollectible accounts and estimates bad-debt expense at 1.5% of net credit sales. Required: a) Prepare the adjusting entry to record bad-debt expense on December 31, 2019. b) Determine the balance in allowance for doubtful accounts after the adjusting entry is prepared. c) Show how the receivables would be reported on the December 31, 2019, balance sheet for Santagos Industries.
bled: Assignment 1 i Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $142,500 and sales of $1,115,000. If uncollectible accounts are estimated to be 0.9% of sales, what is the amount of the bad debts expense adjusting entry? Multiple Choice $10,035 $8,990 $11,080