Warner Company's year-end unadjusted trial balance shows accounts receivable of $106,000, allowance for doubtful accounts of $670 (credit), and sales of $350,000. Uncollectibles are estimated to be 1% of sales. Prepare the December 31 year-end adjusting entry for uncollectibles. No 1 Date December 31 Answer is complete but not entirely correct. General Journal Bad debts expense Allowance for doubtful accounts ›› Debit 390 x Credit 390 X

Warner Company's year-end unadjusted trial balance shows accounts receivable of $106,000, allowance for doubtful accounts of $670 (credit), and sales of $350,000. Uncollectibles are estimated to be 1% of sales. Prepare the December 31 year-end adjusting entry for uncollectibles. No 1 Date December 31 Answer is complete but not entirely correct. General Journal Bad debts expense Allowance for doubtful accounts ›› Debit 390 x Credit 390 X

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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MKE Goods’ year-end unadjusted trial balance shows accounts receivable of $198,000, allowance for doubtful accounts of $1,200 (credit), and sales of $560,000. Uncollectibles are estimated to be 1.5% 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 $600?
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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.
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $400,000; Allowance for Doubtful Accounts has a debit balance of $3,500; and sales for the year total $1,800,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $15,800. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.
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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.
bled: Assignment 1 i Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $142,500 and sales of $1,115,000. If uncollectible accounts are estimated to be 0.9% of sales, what is the amount of the bad debts expense adjusting entry? Multiple Choice $10,035 $8,990 $11,080
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