Need help with this question solution general accounting The following accounts were taken from Eagle Company's unadjusted trialbalance on December 31, 2015:Debit Credit Accounts Receivable $1,500,000 Allowance for DoubtfulAccounts $12,000 Net Credit Sales $4,500,000Eagle estimates that 4% of gross accounts receivable will becomeuncollectible. After adjustment on December 31, 2015, the allowance fordoubtful accounts should have a credit balance of:a. $72,000b. $60,000c. $48,000d. $36,000

Step 1: Definition of Allowance for Doubtful AccountsAllowance for Doubtful Accounts is a contra…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4PA: Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The...

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Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% 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 $10,220, 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 $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
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.
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.
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.
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The following accounts... Please give me answer Accounting question
The following accounts were abstracted from Todd Company's unadjusted trial balance at December 31: Accounts Receivable Allowance for Doubtful Accounts Net Credit Sales Select one: Todd Company estimates that 2% of net credit sales will become uncollectible. After adjustment at December 31, the Bad Debt Expense should have a balance of: a. $26,000 Debit $800,000 b. $60,000 Dic. $70,000 Od. $32,000 e. $86,000 Credit 10,000 $3,000,000
A company has net credit sales of $499000 for the year and it estimates that uncollectible accounts will be 3% of its Account Receivables balance. If Allowance for Doubtful Accounts has a credit balance of $2000 prior to adjustment, its balance after adjustment will be a credit of $16970. $14970. $12970. $14910.
Ray Company’s trial balance at Dec. 31, 2018 included the following accounts: Debit Credit Allowance for D/A 5,000 Sales 7,200,000 Sales return 200,000 Ray estimates its uncollectible accounts receivable at 2% of net sales. For 2018, Ray should report doubtful accounts expense of?
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FDNACCT Co. has the following balances on December 31, 2021 before any adjustments: Accounts Receivable = P920,000 Allowance for Doubtful Accounts = P3,250 Total credit sales = P3,000,000 Provision for doubtful accounts is estimated at 5% of Accounts Receivable. How much should be credited to the Allowance for Doubtful Accounts as adjustment?
A trial balance before adjustments included the following: Debit Credit Sales $1630000 Sales returns and allowance $55400 Accounts receivable 166000 Allowance for doubtful accounts 2470 If the estimate of uncollectible accounts is made by taking 8% of gross account receivables, the amount of the adjustment is $13082. $15750. $10810. $13280.

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