The adjusted trial balance before adjustment of Bramble Inc. shows the following balancesAccounts ReceivableAllowance for Doubtful AccountsSales Revenue (all on credit)Dr.$95.4001855No. Account Titles and Explanation(4)eTextbock and MediaList of AccountsCrGive the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of grossaccounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtfuf Accounts has a $1.805 credit balance of noentry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when theamount is entered. Do not indent manually List of debit entries before credit entries$720,800DebitCreditAttempts 0 of 3used Subm

Bad debt expense is the amount of credit sales that are no longer collectible from customer during…

The adjusted trial balance before adjustment of Bramble Inc. shows the following balances Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Dr. $95.400 1855 No. Account Titles and Explanation (4) eTextbook and Media List of Accounts Cr Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and to) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1.805 credit balance (no entry is required, select "No Entry for the account tities and enter for the amounts Credit account titles are automatically indented when the amount is entered. Do not indent manually List of debit entries before credit entries) $720,800 Debit Credit Attempts 0of 3 used SubmAnwer

The adjusted trial balance before adjustment of Bramble Inc. shows the following balances Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Dr. $95.400 1855 No. Account Titles and Explanation (4) eTextbook and Media List of Accounts Cr Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and to) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1.805 credit balance (no entry is required, select "No Entry for the account tities and enter for the amounts Credit account titles are automatically indented when the amount is entered. Do not indent manually List of debit entries before credit entries) $720,800 Debit Credit Attempts 0of 3 used SubmAnwer

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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Allowance for Doubtful Accounts has a credit balance of $670 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $16,220. Based on this estimate, which of the following adjusting entries should be made? Select the correct answer. debit Allowance for Doubtful Accounts, $670; credit Bad Debt Expense, $670 debit Bad Debt Expense, $670; credit Allowance for Doubtful Accounts, $670 debit Bad Debt Expense, $15,550; credit Allowance for Doubtful Accounts, $15,550 debit Allowance for Doubtful Accounts, $16,890; credit Bad Debt Expense, $16,890
Allowance for Doubtful Accounts has a credit balance of $667 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $17,457. Based on this estimate, which of the following adjusting entries should be made? Select the correct answer. debit Bad Debt Expense, $16,790; credit Allowance for Doubtful Accounts, $16,790 debit Allowance for Doubtful Accounts, $667; credit Bad Debt Expense, $667 debit Allowance for Doubtful Accounts, $18,124; credit Bad Debt Expense, $18,124 debit Bad Debt Expense, $667; credit Allowance for Doubtful Accounts, $667
On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts as below. Ignore GST. Accounts receivable 1/6 balance 849,555 Allowance for doubtful debts 1/6 balance 12,100 During June, the following transactions occurred: Revenue earned on credit, $1,195,000. Sales returns, $24,100. Accounts receivable collected, $1,400,000. Accounts written off as uncollectible, $15,851. Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance for Doubtful Debts account should have a credit balance of $13,500 on the balance sheet as at 30 June. Ignore GST. Required: (a) Prepare general journal entries to record the four transactions and to adjust the Allowance for Doubtful Debts account. (b) Showhowaccountsreceivableandtheallowancefordoubtfuldebtswouldappearonthebalance sheet at 30 June. (c) On 29 June, Kim Ltd, whose $2,400 account had been written off as uncollectable in June,…
The trial balance before adjustment of saturn corp shows the following balances. Dr. P97,400 3,300 Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a P1,857 credit balance. P643,200
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
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. (a) Credit balance of $300 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $8,920. Amount added: $ Ending balance: $_________ (b) Credit balance of $300 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 3% of credit sales, which totaled $1,012,000 for the year. Amount added: $ Ending balance: $_________
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $410 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $7,690. Amount added Ending balance b. Credit balance of $410 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 1% of credit sales, which totaled $1,032,000 for the year. Amount added Ending balance LA ?
The trial balance before adjustment of Ehrlich Company reports the following balances: Dr. Cr. Accounts receivable $420,000 Allowance for doubtful accounts (debit balance) $ 5,000 Sales (all on credit) 2,000,000 Sales returns and allowances 70,000 Instructions – show all calculations a. Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable. b. Prepare the entry for the estimated bad debts assuming that the company estimates bad debts based on the percentage of sales method, using 2% of net sales.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) On December 31, a company has outstanding accounts receivable of $69,000, and it estimates that 3% of its receivables will be uncollectible. Prepare the adjusting journal entry at year-end to record bad debts expense if the Allowance for Doubtful Accounts has a: $1,173 credit balance before the adjustment. $345 debit balance before the adjustment.
Your answer is partially correct. Try again. Concord Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $153,000 Allowance for Doubtful Accounts $3,030 Sales Revenue (all on credit) 834,500 Sales Returns and Allowances 50,540 Prepare the journal entry to record bad debt expense assuming Concord Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $1,540 debit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount i
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The following account balances are those of Music Land Supply Company as of December 31, the end of the fiscal year, before adjustments. Accounts Receivable $ 43,600 Allowance for Doubtful Accounts 180 cr. Credit Sales 470,000 Required: Prepare the necessary adjusting entry to record Bad Debt Expense in each of the following independent cases. a. Uncollectible accounts are estimated at 1.5% of credit sales. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 Dec. 31 Bad Debt Expense fill in the blank 56a9ce08f033003_2 fill in the blank 56a9ce08f033003_3 1 2 Allowance for Doubtful Accounts fill in the blank 56a9ce08f033003_5 fill in the blank 56a9ce08f033003_6 2 b. An aging of the accounts receivable indicates that $6,850 will not be collected. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT…