The required balance in Blossom's Allowance for Doubtful Accounts is $38100, based on an aging of its accounts receivable. TheAllowance for Doubtful Accounts currently has a debit balance of $4100. Blossom's bad debt expense for the period isO $42200.$4100.O $38100.O $34000.

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Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 10E: Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries...

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Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
Kirchhoff Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8.
Pina Colada Corp. uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $270000 and credit sales are $2710000. Management estimates that 3% of accounts receivable will be uncollectible. What adjusting entry will Pina Colada Corp. make if the Allowance for Doubtful Accounts has a credit balance of $2700 before adjustment?
Blossom Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $310000 and credit sales are $3110000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Blossom Company make if the Allowance for Doubtful Accounts has a credit balance of $3100 before adjustment?
One company has estimated that $3150 of its accounts receiable will be uncollectible. If allownace for doubtful accounts already has a credit balance of $1102, and the percentage of receivables method is used, it sadjustment to recrod for the period will require a debit to what for what amount?
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Pharoah Company uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $440000 and credit sales are $1760000. Management estimates that 6% of accounts receivable will be uncollectible. What adjusting entry will Pharoah Company make if the Allowance for Doubtful Accounts has a credit balance of $4400 before adjustment?
Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $45000. If the balance of the Allowance for Doubtful Accounts is a $5000 credit before adjustment, what is the amount of bad debt expense for that period?
The allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $772 of accounts receivable are uncollectible. Allowance for Doubtful Accounts has a debit balance of $97. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of a.$97 b.$772 c.$869 d.$675
Allowance for Doubtful Accounts has a credit balance of $1,468 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $20,012. Which of the following entries records the proper adjustment for bad debt expense? a.debit Allowance for Doubtful Accounts, $18,544; credit Bad Debt Expense, $18,544 b.debit Bad Debt Expense, $18,544; credit Allowance for Doubtful Accounts, $18,544 c.debit Allowance for Doubtful Accounts, $21,480; credit Bad Debt Expense, $21,480 d.debit Bad Debt Expense, $21,480; credit Allowance for Doubtful Accounts, $21,480
The allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $656 of accounts receivable are uncollectible. Allowance for Doubtful Accounts has a debit balance of $193. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of Oa. $849 Ob. $656 Oc. $193 Od. $463
Gabby Renovation has a total accounts receivable of $600,000. Its analysis indicates that $30,000 of accounts receivable will be uncollectible. The Allowance for Doubtful Accounts has a credit balance of $8,000. What is the adjusting entry to the Allowance for Doubtful Accounts? O a Debit of $30,000 Credit of $22,000 Credit of $30,000

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The required balance in Blossom's Allowance for Doubtful Accounts is $38100, based on an aging of its accounts receivable. The Allowance for Doubtful Accounts currently has a debit balance of $4100. Blossom's bad debt expense for the period is O $42200. $4100. O $38100. O $34000.