QS 7-7 Percent of accounts recelvable method LO P3Warner Company's year-end unadjusted trial balance shows accounts receivable of $105,000, allowance for doubtful accounts of$660 (credit). and sales of $340,000. Uncollectibles are estimated to be 1.50% of accounts receivable.1. Prepare the December 31 year-end adjusting entry for uncollectibles.Answer is complete and correct.NoDateGeneral JournalDebitCreditDec 31Bad debts expense915 OAllowance for doubtful accounts9152. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debitbalance of $600?Amount used in the year-end adjusting entry

If Allowance for doubtful accounts has credit balance then the Bad debt expense that should be…

Warner Company's year-end unadjusted trial balance shows accounts receivable of $105,000, allowance for doubtful accounts of $660 (credit). and sales of $340.000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. V Answer is complete and correct. No Date General Journal Debit Credit Dec 31 Bad debts expense 915 O Allowance for doubtful accounts 915 O 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 $600? Amount used in the year-end adjusting entry

Warner Company's year-end unadjusted trial balance shows accounts receivable of $105,000, allowance for doubtful accounts of $660 (credit). and sales of $340.000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. V Answer is complete and correct. No Date General Journal Debit Credit Dec 31 Bad debts expense 915 O Allowance for doubtful accounts 915 O 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 $600? Amount used in the year-end adjusting entry

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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6 Mario Company's Accounts Receivable balance atDecember 31 was $300,000 and there was a credit balance of $1,400 in the Alowance for Doubtful Accounts, The year's sales were $1,800,000. Mario estimates credit losses for the year at 1.5% of sales. After the appropriate adjusting entry is made for credit losses, what is the net amount of accounts receivable included in the current assets at year- end? A) $300,000 B) $271,600 C) $325,400 D) $277,400
17.The following information is provided: Unadjusted balance in Allowance for Doubtful Accounts $1,100 (debit)Accounts Receivable, December 31 245,500Sales Returns and Allowances 5,500Sales 850,000Sales Discounts 15,000 Required:1. Prepare the adjusting entry if bad debts are estimated to be 1.5% of net sales.2. Compute the amount of the adjusting entry if bad debts are estimated to be 3% of ending accounts receivable.
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Assume that accounts receivable and the allowance for doubtful accounts (AFDA )ending balances were RO400,000 debit and RO5000 credit balances respectively at December 31, and the uncollectible accounts is estimated to be 6% of accounts receivable. The adjusting entry to achieve the correct AFDA adjusted ending balance under percentage of accounts receivables method would be; a. None of the given options b. Dr Bad debt expenses A/C OMR 24000 and Cr Allowance for doubtful accounts A/C OMR 24000 c. Dr Bad debt expenses A/C OMR 19000 and Cr Allowance for doubtful accounts A/C OMR 19000 d. Dr Bad debt expenses A/C OMR 5000 and Cr Allowance for doubtful accounts A/C OMR 5000 Clear my choice
Current Attempt in Progress Wildhorse Company has accounts receivable of $101,200 at March 31, 2022 Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,300 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Transcribed Text (a) 2022 Balance, March 31 $61,600 22,100 8,600 8,900 2021 $75,000 Total estimated uncollectibles 8,000 2,400 1,100 $101.200 $86,500 Estimated Percentage Uncollectible 3% 5% 23% 50% c Determine the total estimated uncollectibles at March 31, 2022.
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! Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 820,000 Age of Accounts Receivable Not yet due Expected Percent Uncollectible 1.30% 328,000 1 to 30 days past due 2.05 65,600 31 to 60 days past due 6.55 32,800 13,120 61 to 90 days past due Over 90 days past due 33.00 69.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations.
Book Hint Ask Print References Mc Graw Hill % 5 At December 31, Folgeys Coffee Company reports the following results for its calendar year. $908,000 308,000 Cash sales Credit sales Its year-end unadjusted trial balance includes the following items. T Accounts receivable Allowance for doubtful accounts Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2) 1 total sales and (3) 6% of year-end accounts receivable. View transaction list Journal entry worksheet prt sc ← ] delete backspace home num lock
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