The accounts payable account has a beginning balance of $12,000 and we purchased $50,000 of inventory on credit during the month. The ending balance was $10,000. How much did we pay our creditors during the month? Group of answer choices a)$50,000 b)$52,000 c)$60,000 d)$62,000 e)None of the above

The accounts payable account has a beginning balance of $12,000 and we purchased $50,000 of inventory on credit during the month. The ending balance was $10,000. How much did we pay our creditors during the month? Group of answer choices a)$50,000 b)$52,000 c)$60,000 d)$62,000 e)None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Brown Co made a credit sale to Cody Co for $200,000 on July 19x9. It is known that at the end of…

A: Allowance for doubtful account The purpose of creating allowance for doubtful debt account to set…

Q: McKensie Company’s Accounts Receivable balance at December 31 was $100,000, and there was a negative…

A: Adjusted balance of allowance for uncollectibles accounts = $100,000*3% Adjusted balance of…

Q: Pujols Lumber Yard has a current accounts receivable balance of $265,038. Credit sales for the year…

A: Days sales in receivables are to be computed by taking account receivables s numerator and credit…

Q: Required: 1. Compute the following turnover ratios. 2. By dividing 365 by your ratios from…

A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…

Q: Pet care has accounts receivable of $70,000 at year end. The company estimates uncollectible…

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.

Q: The beginning balance in the Allowance for Uncollectible Accounts account is a $3,500 credit. After…

A: Allowance for doubtful debts is also known as a contra asset account i.e used to decrease the value…

Q: The beginning balance in the Allowance for Uncollectible Accounts account is a $3,500 credit. After…

A: UNDER CALCULATION OF UNCOLLECTIBLE ACCOUNT EXPENSE THE COMPANY CONSIDER ANY EXISTING BALANCE IN THE…

Q: The IM Broke Co., has the following collection pattern for its accounts receivable: 40% in the month…

A: Entities often prepare for its expected collections from total sales made, where it can able to get…

Q: At the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $241,000, and the…

A: As per the given information: Beginning accounts receivable balance - $241,000 Balance in allowance…

Q: Thomas conducts all sales on account. They began the year with A/R of $100,000 and a credit balance…

A: Under allowance method of recording uncollectible receivables, bad debt expense is debited and…

Q: Hopefully this is the last one, can you show me this one too? 3. The data presented below are for…

A: Accounts Receivable are those customer accounts to whom business has made credit sales and amount…

Q: Assume the following information for Marin Corp. Accounts receivable (beginning balance) $136,000…

A: Prepare the entries to record sales and collections, write-off of uncollectible accounts and the…

Q: Blossom Technology's operating cycle is 71 days. Its inventory was $111,000 at the end of last year,…

A: The operating cycle shows the time taken to convert its inventory into cash.So, operating cycle is…

Q: Help help me with calculation. During a recent year, the Wine Depot had sales of account of…

A: Allowance for uncollectible account means company set aside a certain portion of account receivables…

Q: Using the following information and a 360-day year, what is your estimate of the firm's current…

A: To estimate the firm's current receivables period, we use the information provided to calculate the…

Q: The following data were gathered from the records of Sevillo Bolivar Enterprises: Inventories:…

Q: Want the Correct

A: Step 1: Definition of Allowance for Doubtful Accounts: The allowance for doubtful accounts shows a…

Q: prepare these entries for Sarah's plant services. prepare general journal entries for the needed…

A: At the year end, certain accounting adjustments are required to close the books. For example, bad…

Q: During Burns Company's first year of operations, credit sales totaled $180,000 and collections on…

A: The bad debt expense is a ledger used to record write-offs made by the organization due to…

Q: The ledger of Reid Company at the end of the current year shows Accounts Receivable $120,000 and…

A: Bad debt expense :— It is the amount of receivables that is no longer collectible from customers…

Q: Solve this one

A: Step 1: Step 2: Step 3: Step 4:

Q: Theon Company has $4,000,000 of sales and $200,000 of accounts receivable for the year. The company…

A: Given, Sales = $4,000,000 2% of its sales will become uncollectible

Q: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of…

A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…

Q: Turkeyen Inc. had opening receivables of $5,000. With the hire of a new credit controller their…

A: Accounts receivables refer to the outstanding amounts owed to a business by its customers or clients…

Q: At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $301,000 and…

A: Bad debt expenditure is recorded as an operational cost or as a deduction from revenue to reflect…

Q: On December 31, 2024, a company had balances in Accounts Receivable and Allowance During 2025, the…

A: The allowance for uncollectible account is created to record estimated bad debt expense for the…

Q: Steve Company estimates uncollectible accounts receivable using percentage of receivable method.…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: At the end of the year, the company reported: lotal sales of $425,000 of whi $125,000 were cash…

A: The allowance for doubtful accounts has normal credit balance and it is created to record the…

Q: Chik's Chickens has accounts receivable of $5,533. Sales for the year were $9,000. What is its…

A: Average collection period = Accounts receivable * 365 / Net sales

Q: Get Answer please provide Solutions

A: So, the journal entry to adjust the Allowance for Uncollectible Accounts would be:Debit: Bad Debt…

Q: Maple Co. provides for bad debts expense at the rate of 5.33% of ending Accounts Receivable. On Jan…

A: Under the Allowance method of recording uncollectibles, an entity estimates the percentage of…

Q: uncollectible The Allowance for Bad Debts account has a credit balance percent-of-receivables method…

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.…

Q: On September 1, Jenspert Supply had an inventory of 15 backpacks at a cost of P250 each. The company…

A: Journal: Recording of a business transactions in a chronological order.

Q: What is the finance charge for this month?

A: Finance Charge: The finance charge represents the cost of borrowing or the cost of credit. Hence,…

Q: At December 31, Gill Co. reported accounts receivable of $294,000 and an allowance for uncollectible…

A: Required Allowance for Uncollectible Accounts = Accounts Receivable x % of Uncollectible…

Q: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of…

A: Bad debt expense is an expense which is created as a percentage on uncollectible accounts…

Q: The beginning balance in the Allowance for Uncollectible Accounts account is a $3,500 credit. After…

A: Allowance for doubtful debts is also known as a contra asset account i.e used to decrease the value…

Q: Answer

A: Question: 1Explanation of the Allowance Method:The allowance method is an accounting technique used…

Q: Credit sales during the year were $425,000, the Allowance for Uncollectible Accounts had a beginning…

A: Uncollectibles = Credit Sale ×2%=$425,000×2%=$8,500

Q: The company estimates future uncollectible accounts. The company determines $16,000 of accounts…

A: Adjsutments are those journal entries which are made at the end of the accounting period in order to…

Question

Group of answer choices

a)$50,000

b)$52,000

c)$60,000

d)$62,000

e)None of the above

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Formula

VIEW

Answer)

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Marie's Clothing Store had an accounts receivable balance of $410,000 at the beginning of the year and a year-end balance of $610,000. Net credit sales for the year totaled $3,000,000. The average collection period of the receivables was: (Round any intermediary calculations to two decimal places and your final answer to the nearest day) OA 74 days OB. 50 days OC. 12 days OD. 62 days
AB Co made a credit sale to DE Co for $200,000 on July 19x9. It is known that at the end of 19x9 there was an outstanding receivable of $47,000. Managementestimates that $25,000 will be uncollectible.In July 19x9 the collections department stated that a receivable of $5,000 was written off frombookkeeping because it is impossible to receive payment from DE Co. Unexpectedly monthOctober 19x9 DE Co pays its outstanding debt. Requested:Prepare the adjusting entries and the journals needed to record the above transactions properlythe backup method as well as the direct deletion method!
prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18,000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450
At December 31, Gill Co. reported accounts receivable of $281,000 and an allowance for uncollectible accounts of $1,600 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Multiple Choice $8,340. $1,600. $8,430. $6,830.
Chik’s Chickens has average accounts receivable of $5,533. Sales for the year were $9,000. What is its average collection period? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.) Average collection period days
i need the answer quickly
At the end of the first year of operations, mayberry advertising had accounts receivable of $21100. Management of the company estimates that 8% of the accounts will not be collected What adjutment would mayberry advertising record to established allowance for uncollectible accounts Do the journal entry worksheet
i need the answer quickly
On April 1, ABC has an Accounts Receivable balance of $190,000. During the month, credit sales total $210,000. As a result of collections efforts, the aging of Accounts Receivable is as follows for April 30: Current $100,000 (1% is estimated to be uncollectible) 0-30 Days Past Due $50,000 (5% is estimated to be uncollectible) 31-60 Days Past Due $ 20,000 (10% is estimated to be uncollectible) 31-90 Days Past Due $10,000 (20% is estimated to be uncollectible) > 90 Days Past Due $20,000 (50% is estimated to be uncollectible) Balance in Allowance for Doubtful Accounts (prior to any April 30 entry) $5,000 Credit If ABC is using the % of sales method of estimating its bad debts, what is the journal entry made at the end of the month if the estimated % of sales that are uncollectible is 4% ?
Provide Solutions
10) The company recorded cash sales for an additional 12) 20 pairs of shoes for $65 each on the 24th of the month. 11) On the last day of the month, the company estimated sales returns for their sales. They estimate that 2% of sales will be returned. (Hint: use total sales from above) Prepare the appropriate journal entries for each transaction under a perpetual inventory system.