Want the Answer please without AI Question: 56Gideon Company uses the allowance method of accounting foruncollectable accounts.On May 3, the Gideon Company wrote off the $2,000 uncollectableaccount of its customer, A. Hopkins.On July 10, Gideon received a check for the full amount of $2,000from Hopkins.On July 10, what are the entry or entries Gideon makes to recordthe recovery of the bad debt?Question: 57An aging of a company's accounts receivable indicates that $3,000 areestimated to be uncollectible. If Allowance for Doubtful Accounts hasan $800 debit balance, the adjustment to record bad debts for the period willrequire a

56)DateAccountDrCr Accounts Receivable—A. Hopkins2000 Allowance for Doubtful Accounts 2000 (To…

Answered: Question: 56 Gideon Company uses the…

College Accounting (Book Only): A Career Approach

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ChapterB: Bad Debts

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Nillsons Nursery uses the direct write-off method for recording bad debts. Required Journalize the following selected entries: 2012 Apr. 10Write off the account of P. A. Seldon as uncollectible, 458. July 27Write off the account of J. M. Weller as uncollectible, 268. Check Figure Total amount debited to Bad Debts Expense 726
Olena Mirrors records bad debt using the allowance, income statement method. They recorded $343,160 in accounts receivable for the year and $577,930 in credit sales. The uncollectible percentage is 4.4%. On May 10, Olena Mirrors identifies one uncollectible account from Elsa Sweeney in the amount of $2,870. On August 12, Elsa Sweeney unexpectedly pays $1,441 toward her account. Record journal entries for the following. A. Year-end adjusting entry for 2017 bad debt B. May 10, 2018 identification entry C. Entry for payment on August 12, 2018
Allowance Method versus Direct Write-Off Method On March 10, May, Inc., declared a $2,500 account receivable from Anders Company as uncollectible and wrote off the account. On November 18, May received a $800 payment on the account from Anders. Assume that May uses the allowance method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account. Assume that May uses the direct write-off method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account. Assume that the payment from Anders arrives on the following February 5, rather than on November 18 of the current year. (1) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the allowance method. (2) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the direct write-off method. a. General…
4 Assume that the accountant of Diamond Furniture on March 1, 2018, authorizes a write-off of the RO 1000 balance owed by Mr Abdul Salam. But on July 1, Mr Abdul Salam pays the RO 1000 amount that Diamond Furniture had written off on March 1. From the following given options, identify which of the following two journal entries can be pass in the books of Diamond Furniture for the recovery of uncollectable accounts receivables under allowance method ? i)Dr Accounts receivables A/C OMR 1000 and Cr Allowance for bad debt A/C OMR1000 ii) Dr Allowance for bad debt A/C OMR1000 and Cr Accounts receivables A/C OMR1000 iii) Dr Cash A/C OMR 1000 and Cr Accounts receivables A/C OMR 1000 iv) Dr Accounts receivables A/C OMR 1000 and Cr Cash A/C OMR 1000 a. i) & iv) b. i) & iii) c. i) & ii) d. ii) & iii) Clear my choice
Nillson's Nursery uses the direct write-off method for recording bad debts. Required: Journalize the following selected entries: 2012 Apr. 10 Write off the account P.A. Seldon as uncollectible, $458. July. 27 Write off the account of J.M. Weller as uncollectible, $268.
Bennett Company uses the allowance method to account for uncollectible accounts. Prepare the appropriate journal entries to record the following transactions during 2010. You may omit journal entry explanations. June 20 The account of Ken Watts for $1,000 was deemed to be uncollectible and is written off as a bad debt. Received a check for $1,000 from Ken Watts, whose account had previously been written off as uncollectible. Oct. 14 Dec. 31 Use the following information for year-end adjusting entries: The balance of Accounts Receivable and Allowance for Doubtful Accounts at year end are $131,000 and $2,900, respectively. It is estimated that bad debts will be 4% of accounts receivable.
Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet 1 Record the write-off an account. Note: Enter debits before credits. Date October 01 General Journal Debit Credit
Banning Company uses the alowance method to account for uncolectible receivables. At the beginning of the year. Allowance for Bad Debts had a credit balance of $1,400 During the year Banning wrote off uncollectible recevabies of $2.300. Barning recorded Bad Debts Expense of $2,700 What is Barning's year-end balance in Alowance for Bad Debts? OA $1,800 OB $400 OC $4,100 OD $5,000 Time Remaining: 01:17:13 Next
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
The allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $772 of accounts receivable are uncollectible. Allowance for Doubtful Accounts has a debit balance of $97. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of a.$97 b.$772 c.$869 d.$675
K uncollectible receivables. At the beginning of the year, Buddy Company uses the allowance method to account Allowance for Bad Debts had a credit balance of $1,400. During the year Buddy wrote off uncollectible receivables of $2,000. Buddy recorded Bad Debts Expense of $2,900. What is Buddy's year-end balance in Allowance for Bad Debts? OA. $900 OB. $4,900 OC. $2,300 OD. $4,300
S Allowance Method Jada uses the allowance method. The balance of the Allowance for Doubtful Accounts at December 1 was $950. The following transactions occurred: Dec 12 Jada determines that it cannot collect $1,500 of its accounts receivable from Lilo Company 27 Lilo unexpectedly pays $200 on its account. Jada records its recovery of this bad debt. Instructions: (1) Prepare journal entries for the above transactions under the applicable method. (2) Post the transactions above and determine the ending balance in Allowance for Doubtful Accounts. (3) Assuming bad debts are expected to be 5% of accounts receivable, prepare the adjusting journal entry at December 31. (1) Prepare journal entries for the above transactions under the applicable method. Dec 12 Select VALUE Select Dec 27 Select Select VALUE VALUE VALUE Dec 27 Select VALUE Select VALUE

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