The following accounts were taken from Crane Inc's trial balance at December 31, 2017. Net credit sales Debit Credit $744,000 Allowance for doubtful accounts $12,910 Accounts receivable $288,700 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2017.
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- Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
- Millennium Associates records bad debt using the allowance, income statement method. They recorded $299,420 in accounts receivable for the year, and $773,270 in credit sales. The uncollectible percentage is 3.2%. On February 5, Millennium Associates identifies one uncollectible account from Molar Corp in the amount of $1,330. On April 15, Molar Corp unexpectedly pays its account in full. Record journal entries for the following. A. Year-end adjusting entry for 2017 bad debt B. February 5, 2018 identification entry C. Entry for payment on April 15, 2018Allowance Method for Accounting for Bad Debts At the beginning of 2016, EZ Tech Companys Accounts Receivable balance was $140,000, and the balance in Allowance for Doubtful Accounts was $2,350 (Cr.). EZ Techs sales in 2016 were $1,050,000, 80% of which were on credit. Collections on account during the year were $670,000. The company wrote off $4,000 of uncollectible accounts during the year. Required Prepare summary journal entries related to the sale, collections, and write-offs of accounts receivable during 2016. Prepare journal entries to recognize bad debts assuming that (a) bad debts expense is 3% of credit sales and (b) amounts expected to be uncollectible are 6% of the year-end accounts receivable. What is the net realizable value of accounts receivable on December 31, 2016, under each assumption in part (2)? What effect does the recognition of bad debts expense have on the net realizable value? What effect does the write-off of accounts have on the net realizable value?Castle Company provides estimates for its uncollectible accounts. The allowance for uncollectible accounts had acredit balance of $17,280 at the beginning of 2018 and a $22,410 credit balance at the end of 2018 (after adjusting entries). If the direct write-off method had been used to account for uncollectible accounts (bad debt expenseequals actual write-offs), the income statement for 2018 would have included bad debt expense of $17,100 andrevenue of $2,200 from the collection of previously written off bad debts.Required:Determine bad debt expense for 2018 according to the allowance method.
- Novak Corp. has accounts receivable of $90,300 at March 31, 2017. Credit terms are 2/10, n/30. At March 31, 2017, there is a $2,284 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 estimates of bad debts are as shown below. Balance, March 31 Estimated PercentageUncollectible Age of Accounts 2017 2016 Current $61,700 $74,140 2 % 1–30 days past due 12,600 8,520 5 31–90 days past due 9,200 2,260 28 Over 90 days past due 6,800 1,160 49 $90,300 $86,080 Determine the total estimated uncollectibles. The total estimated uncollectibles $Enter a dollar amount Prepare the adjusting entry at March 31, 2017, to record bad debt expense. (Credit account…Company sells products to its cusotmers on credit basis, adjusting entry for bad debt expense is recorded at Dec 31. The 2017 bs disclosed: Current assets: receivables, net of allowance for uncollectible accounts of $50,000 $532,000. During 2018, credit sales were $1,850,000, cash collections from customers were $1,930,000, and $59,000 in accounts receivable were written off. In addition, $5,000 was collected from a customer whose account was written off in 2017. An again of accounts receivable at Dec 31, 2018 reveals the following: Age group % of year end receivables in group % uncollible 0-60 days 65% 4% 61-90 days 15% 10% 91-120 days 15% 30% Over 120 days 5% 50% #1. Prepare summary journal entries to account for the…Hogenson Company estimates bad debt expense at 0.60% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $481,000 and $1,480 respectively on December 31, 2018. During 2019, Hogenson Company's credit sales and collections were $325,000 and $316,000, respectively, and $1,870 in accounts receivable were written off. Determine the company’s net realizable value of accounts receivable on December 31, 2019. A. $488,440.B. $484,700.C. $486,570. D. $469,020.
- On December 31, 2018, Ava Company had an ending balance of $8063 in its accounts receivable account and an unadjusted (current) balance in its allowance for doubtful accounts account of $188.Ava estimates uncollectible accounts expense to be 6% of receivables. .Based on this information, the amount of uncollectible accounts expense shown on the 2018 income statement is...Provide Correct1.The 2017 year-end balances of Accounts Receivable and Allowance for Doubtful Accounts are $1,000,000 and $100,000, respectively. Complete the net realizable value (net accounts receivable) presentation at 12/31/2017. Do not use decimals. account receivable ? less: allowance for doubtful accounts? net reallizable value? 2.Prepare the journal entry to record 2018 total sales: $3,000,000, of which $2,200,000 are on account. Do not use decimals. [Note: enter cash sales in the first line.] 3.Compute the net realizable value (net accounts receivable) presentation after the journal entry to record 2018 sales. Do not use decimals. 4.Prepare the journal entry to record $2,700,000 of accounts receivable collected in 2018. Do not use decimals. 5.Compute the net realizable value (net accounts receivable) presentation after the two journal entries to record 2018 sales and 2018 collections. Do not use decimals. 6.Prepare the journal entry to record $25,000 of write-offs in 2018. Do not use…
