The net income reported on the income statement is $86,560. However, adjusting entries have not been made yet at the end of the month for supplies expense of $5,720 and accrued wages of $8,440. Net income, as corrected, is $
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- At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $74,000; estimated uncollectible = 6%. Accounts 1-30 days past due = $40,000; estimated uncollectible = 30%. Accounts more than 30 days past due = $7,000; estimated uncollectible = 40%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,100 (debit).At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $81,000; estimated uncollectible = 5%. Accounts 1-30 days past due = $27,000; estimated uncollectible = 25%. Accounts more than 30 days past due = $7,000; estimated uncollectible = 50%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $830 (credit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)The ledger of Metlock, Inc. at the end of the current year shows Accounts Receivable $85,700; Credit Sales $845,580; and Sales Returns and Allowances $42,390. (a) If Metlock, Inc. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Metlock, Inc. determines that Matisse’s $883 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,191 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $450 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) enter an account title enter a…
- The ledger of Sheffield Corp. at the end of the current year shows Accounts Receivable $80,300; Credit Sales $769,390; and Sales Returns and Allowances $41,700. If Sheffield Corp. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sheffield Corp. determines that Matisse's $820 balance is (a) uncollectible. If Allowance for Doubtful Accounts has a credit balance of $1,112 in the trial balance, journalize the adjusting entry at December 3L, assuming bad debts are expected to be 11% of accounts receivable. (b) If Allowance for Doubtful Accounts has a debit balance of $450 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c) (Credit account titles are automatically Indented when amount s entered. Do not Indent manually.) No. Account Titles and Explanation Debit Credit (a) VA 3:00Warner Company’s year-end unadjusted trial balance shows accounts receivable of $115,000, allowance for doubtful accounts of $760 (credit), and sales of $440,000. Uncollectibles are estimated to be 1.50% of accounts receivable. Prepare the December 31 year-end adjusting entry for uncollectibles. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $1,100?The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at (a) December 31, assuming Pina Colada determines that L. Dole's $1,000 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at (b) December 31, assuming bad debts are expected to be 11% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry (c) December 31, assuming bad debts are expected to be 8% of accounts receivable.
- BioWare’s year-end unadjusted trial balance shows accounts receivable of $37,000 and sales of $480,000. Uncollectibles are estimated to be 2% of sales.Prepare the December 31 year-end adjusting entry for uncollectibles using the percent of sales method.At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts is $12,900. Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment? You must show your computations.Warner Company’s year-end unadjusted trial balance shows accounts receivable of $103,000, allowance for doubtful accounts of $640 (credit), and sales of $320,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. 2. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $500?
- The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. (a) If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Pina Colada determines that L. Dole’s $1,000 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) enter an account title…Warner Company's year-end unadjusted trial balance shows accounts receivable of $118,000, allowance for doubtful accounts of $790 (credit), and sales of $470,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. 2. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $1,250? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 year-end adjusting entry for uncollectibles. View transaction list Journal entry worksheetWarner Company’s year-end unadjusted trial balance shows accounts receivable of $118,000, allowance for doubtful accounts of $790 (credit), and sales of $470,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles.2. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $1,250?
