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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- The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.At the end of the year a company has the following accounts receivable and estimates of uncollectible accounts: 1 Accounts not yet due = $72,000; estimated uncollectible = 3%. 2. Accounts 1-30 days past due $37,000; estimated uncollectible = 20%. 3. Accounts more than 30 days past due = $8,000; estimated uncollectible = 45%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1100 (debit). (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 Record the bad debt expense. Note: Enter debits before credits. Event General Journal Debit Credit 1 Bad Debt Expense Allowance for Uncollectible Accounts Record entry Clear entry View general journal
- 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.)Warner 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?
- At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions:a. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at ¾ of 1% of sales.b. The allowance account before adjustment has a debit balance of $68,250. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $575,000.c. The allowance account before adjustment has a credit balance of $45,000. Bad debt expense is estimated at ½ of 1% of sales.d. The allowance account before adjustment has a credit balance of $45,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $450,000.At the end of the current year, the accounts receivable account has a debit balance of $1,835,000 and sales for the year total $25,690,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions: The allowance account before adjustment has a debit balance of $12,500. Bad debt expense is estimated at ; of 1% of sales. The allowance account before adjustment has a debit balance of $12,500. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $162,000. The allowance account before adjustment has a credit balance of $26,810. Bad debt expense is estimated at ; of 1% of sales. The allowance account before adjustment has a credit balance of $26,810. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $171,200.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…
- 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?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 current year, the accounts receivable account has a balance of $903,000 and sales for the year total $10,240,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following independent assumptions: a. The allowance account before adjustment has a negative balance of $(12,200). Bad debt expense is estimated at 3/4 of 1% of sales. b. The allowance account before adjustment has a negative balance of $(12,200). An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $39,000. c. The allowance account before adjustment has a positive balance of $4,700. Bad debt expense is estimated at 1/2 of 1% of sales. d. The allowance account before adjustment has a positive balance of $4,700. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $39,000.
