Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment Accounts Recelvable = $124,000; Allowance for Uncollectible Accounts = $2,100 (debit. On December 31, 2021, Southwest estimates uncollectible accounts to be 20% of accounts recelvable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry Is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet 1 > Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021

Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment Accounts Recelvable = $124,000; Allowance for Uncollectible Accounts = $2,100 (debit. On December 31, 2021, Southwest estimates uncollectible accounts to be 20% of accounts recelvable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry Is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet 1 > Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021

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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At December 31, Gill Co. reported accounts receivable of $236,000 and an allowance for uncollectible accounts of $1,450 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Multiple Choice $1,450 $4.980 $3,270. $4,720
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Coronet Suppliers uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $80,500, 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 Account has: (a) a $1,369 credit balance before the adjustment. (b) a $403 debit balance before the adjustment. View transaction list Journal entry worksheet 1 2 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,369 credit balance before the adjustment. ansaction (a) te: Enter debits before credits. General Journal Debit Credit
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Hi,I am having a terrible time trying to understand when the balance in the allowance for doubtful account is involved in the final answer, and when it is not. Will you please explain why the answers are what they are in the attachment?
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Before any adjustments, Snow Company had an end of the year accounts receivable balance of $225,000 and the allowance for uncollectible accounts had a $800 credit balance. An analysis of accounts receivable determines that the allowance for uncollectible accounts should be 4% of accounts receivable. The adjusting entry would include a credit to Allowance for Uncollectible Accounts of: O A. $8,000. O B. $9,800. OC. $9,000. $8,200. OD.
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CAN SOMEONE HELP ME FIGURE OUT THE TOTAL ESTIMATED UNCOLLECTIBIES AND THE BAD DEBIT EXPENSE ? Skysong Company has accounts receivable of $112,400 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is a $1,500 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is shown below.
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