**Required information***[The following information applies to the questions displayed below.]*At December 31, Hawke Company reports the following results for its calendar year:- **Cash sales:** $2,181,050- **Credit sales:** $3,134,000In addition, its unadjusted trial balance includes the following items:- **Accounts receivable:** $949,602 debit- **Allowance for doubtful accounts:** $10,550 debit**Required:**1. Prepare the adjusting entry to record bad debts under each separate assumption: a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are estimated to be 2% of total sales. c. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible.**Adjusting entries** (all dated December 31). *(Do not round intermediate calculations.)* **Required Information***The following information applies to the questions displayed below.*At December 31, Hawke Company reports the following results for its calendar year:- **Cash sales**: $2,181,050- **Credit sales**: $3,134,000In addition, its unadjusted trial balance includes the following items:- **Accounts receivable**: $949,602 debit- **Allowance for doubtful accounts**: $10,550 debit---3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1c. (*Do not round intermediate calculations.*)---**Diagram Explanation**The diagram at the bottom is a simple table format, labeled "Current assets," with empty fields that likely require the values for Accounts Receivable and the Allowance for Doubtful Accounts to be filled in. The specific values to be entered are not provided in this transcription request.

Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

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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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Required information Skip to question [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 640,000 Credit sales $ 1,600,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 480,000 debit Allowance for doubtful accounts $ 5,800 debit 2. Bad debts are estimated to be 2% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet.
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The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 320,000 Credit sales $ 800,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 432,000 debit Allowance for doubtful accounts $ 4,300 debit 3. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet.
Fernández Company uses the allowance method of accounting for uncollectible accounts. The following summary schedule was prepared from an aging of accounts receivable outstanding on December 31 of the current year. Number of Days Outstanding 0-31 days 31-60 days Over 60 days Amount $500,000 200,000 100,000 The following additional information is available for the current year: Net credit sales for the year Loss allowance: Balance, January 1 Balance before adjustment, December 31 Probability of Collection 0.98 0.90 0.80 A. $752,000 B. $48,000 C. $50,000 D. $748,000 $4,000,000 45,000 (cr.) 2,000 (cr.) B If Fernández bases its estimate of uncollectible accounts on the aging of accounts receivable, Expected Credit Loss for the current year ending December 31 is
Present the journal entry necessary to record each of the following items; assuming King Company uses the Allowance method of accounting for Uncollectible Accounts (Bad Debts). 1. Uncollectible Accounts Expense for the year is estimated to be 6% of Net Sales. Net Sales for the year are $100,000 and the Allowance account has a $600 credit balance 2. A $20,000 note is received from a customer on account. 3. The $800 balance in an individual customer's account is written off as uncollectible. 4. The company received $200 from a customer whose account had been previously written off as uncollectible. 5
Effective the current year, Jeff Company adopted a new accounting method for estimating the allowance for doubtful accounts at the amount indicated by year-end aging of accounts receivable. Allowance for doubtful accounts on January 1, 250,000 Provision for doubtful accounts during the current year (2% of credit sales of P10,000,000) 2,000,000 Accounts written off 205,000 Estimated uncollectible accounts per aging on December 31 220,000 After year-end adjustments, what is the doubtful accounts expense for current year? a. P220,000 b. P205,000 c. P220,000 d. P175,000
At its fiscal year end, under the aging of a company's accounts receivable, the uncollectible accounts are estimated to be $12,000. The unadjusted balance for the Allowance for Doubtful Accounts is $2,000 credit. Assume the company records adjusting entries only at year end. What is the balance in the Allowance for Doubtful Accounts account after adjustment? A. $14,000 B. $12,000 O C. $10,000 D. $2,000
Required information [The following information applies to the questions displayed below] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 340,000 $ 850,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable. Allowance for doubtful accounts Current assets: $765,000 debit $ 6,100 debit 3. An aging analysis estimates that 4% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. $ 0
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Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 280,000 $ 700,000 In addition, its unadjusted trial balance includes the following items. $ 210,000 debit $ 2,500 debit Accounts receivable Allowance for doubtful accounts 2. Bad debts are estimated to be 2% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Current assets: $ 0

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