The following information is available for possible adjustments:1. The uncollectible accounts were determined to be P375 as of December 31.2. A diagnostic fee paid by a client was taken by Kualitas as withdrawal, P1,250. The income and withdrawal were not recorded PROBLEM IKUALITAS LABORATORYTRIAL BALANCEDECEMBER 31, 2020DEBIT1,25011,50039,1257,500337,500CREDITCashAccounts ReceivableMedical SuppliesPrepaid InsuranceLaboratory EquipmentAccumulated Depreciation-Laboratory EquipmentAccounts PayableUnearned Diagnostic FeesKualitas, CapitalDiagnostic Fes IncomeSalaries and Wages ExpenseRent ExpenseTOTAL75,0003,8755,000137,500275,50072,50027,500496,875496,875

The adjustment entries are passed at the end of the reporting period to record the adjustments like…

The following information is available for possible adjustments: 1. The uncollectible accounts were determined to be P375 as of December 31. 2. A diagnostic fee paid by a client was taken by Kualitas as withdrawal, P1,250. The income and withdrawal were not recorded

The following information is available for possible adjustments: 1. The uncollectible accounts were determined to be P375 as of December 31. 2. A diagnostic fee paid by a client was taken by Kualitas as withdrawal, P1,250. The income and withdrawal were not recorded

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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On December 31, 2017, when its accounts receivable were $252,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,700, Oak Ridge Corp. estimated that $14,100 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Oak Ridge determined that Fei Ya Cheng’s account was uncollectible and wrote off $1,600. On November 12, 2018, Cheng paid the amount previously written off. What is the carrying amount of the receivables on (1) December 31, 2017; (2) May 11, 2018; and (3) November 12, 2018, assuming that the total amount of accounts receivable of $252,000 is unchanged on each of these three dates except for any changes recorded above.
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Jeter Company uses the allowance method to account for uncollectible receivables. On April 2, Jeter Company wrote off a $820 account receivable from customer J. Maters. On May 12, Jeter Company unexpectedly received full payment from Maters on the previously written off account. Jeter Company records an adjusting entry for bad debts expense of $14,100 on May 31. 9. Journalize Jeter Company's write-off of the uncollectible receivable. 10. Journalize Jeter Company's collection of the previously written off receivable. 11. Journalize Jeter Company's adjustment for bad debts expense. 9. Journalize Jeter Company's write-off of the uncollectible receivable. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Apr. 2 Accounts and Explanation Debit Credit
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5. Guernsey Company began operations on January 1, 2021. On December 31, 2021, the entity provided doubtful accounts based on 1% of annual credit sales. On January 1, 2022, the entity changed the method of determining the allowance for doubtful accounts by aging of accounts receivable. Days past invoice date Percent uncollectible 0 - 30 31 90 91 - 180 Over 180 1 5 20 80 In addition, the entity wrote off all accounts receivable that were over 1 year old. The entity provided the following additional information: 0 - 30 31 - 90 91 - 180 Over 180 Credit sales Collections, including recovery Accounts written off Recovery of accounts previously written off Days past invoice date at December 31 2022 2021 3,000,000 2,800,000 2,915,000 2,400,000 27,000 7,000 300,000 80,000 60,000 25,000 None None 250,000 90,000 45,000 15,000 a. What is the allowance for doubtful accounts on December 31, 2021? b. What is the allowance for doubtful accounts on December 31, 2022? c. What amount should be reported…
A company uses the allowance method to account for uncollectible accounts. During the year, the company has actual bad debts of $27,000. Record the write-off of the uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the write-off of the uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 1 4). F12 F7 Fo F3 # 2$ 5 6 7 8 9 { E R Y F G H. K S < M C V alt command option command + lI .. .-
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