Warner Company's year-end unadjusted trial balance shows accounts receivable of $108,000, allowance for doubtful accounts of $690 (credit), and sales of $370,000. Uncollectibles are estimated to be 1% of sales. Prepare the December 31 year-end adjusting entry for uncollectibles. View transaction list Journal entry worksheet < 1 Record the estimate of uncollectibles. Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general Journal Record entry Clear entry
Q: Question 14 The following credit sales are budgeted by Tara Plumlee Co.: January $212,000 February…
A: The anticipated cash inflow (collections) for March would include collections from January,…
Q: provide answer pleaser
A: Step 1: Definition of Income Statement:The income statement shows the performance of the business…
Q: Presented below are selected transactions at Buffalo Company for 2020. Jan. 1 June 30 Dec. 31…
A: The objective of the question is to record the journal entries for the disposal of assets and the…
Q: Goodman, Pinkman, and White formed a partnership on January 1, 2023, and made capital contributions…
A: The objective of the question is to calculate the amount of interest attributed to Pinkman in the…
Q: Part A. Complete the following matrix to calculate Operating Cash Flows for 20X2. Income Statement…
A: Explanations: Answer 1: AdjustmentsDepreciation+100Gain on Sale of Equipment-35Insurance Expense+655…
Q: Bad Debts Expense Allowance for Doubtful Accounts 23,295 23,295 Accounts Receivable 24,205 Allowance…
A: Step 1: Required allowance for bad debts If you use the aging of account receivables method, the 3%…
Q: Vanida received workers' compensation due to an injury on the job. When Vanida files her tax return,…
A: The question is asking about the taxability of workers' compensation income. Workers' compensation…
Q: MacKenzie Company sold $220 of merchandise to a customer who used a Regional Bank credit card.…
A: The Journal entry to record the sales transaction involving Mackenzie Company selling $220 worth of…
Q: A corporation is recognized as a legal person. True False
A: The question is asking whether a corporation is recognized as a legal person. This is a concept in…
Q: Appendix Problem Data from the current year-end Balance Sheet & the current year's Income Statement…
A: The objective of this question is to calculate various financial ratios for ABC, Inc. for the…
Q: Question: John Wilson, the owner of a fast-food restaurant, estimated that he can sell 1,000…
A: Context: John Wilson owns a fast-food restaurant and wants to increase his hamburger sales. He's…
Q: What expense account is often used to record employees' earnings? voluntary…
A: The objective of the question is to identify the correct expense account that is typically used to…
Q: Journalize the entries to record the following: use correct journal format- no grid necessary March…
A: The objective of the question is to record the journal entries for the establishment and…
Q: Burger Queen Limited classified the following food processing plant as a non-current held for sale…
A: DETAILED ANALYSISCorrect Option: C. The depreciation charge on the food processing plant for 2023 is…
Q: None
A: Step 1:current_price = 1200 coupon_rate = 0.12 coupon_per_period = coupon_rate / 2 periods = 5 *…
Q: Consider the following two mutually exclusive projects: Year - 0 (A)-347,000 (B) 49,500 1-A) -…
A: Answer image:
Q: In 2024, internal auditors discovered that Fay, Incorporated, had debited an expense account for the…
A: Correcting the Error in DepreciationStep 1: Calculate the Annual Depreciation Expense:• Cost of the…
Q: 18 Chaz Corporation has taxable income in 2023 of $1,313,150 for purposes of computing the $179…
A: There might be a few typos in your message, so I'll do my best to correct them and help you…
Q: Ami's cumulative earnings before the payroll period ended September 11 were $115,800. The cumulative…
A: Explanation:Ami's cumulative earnings before the payroll period ended September 11 were $115,800.…
Q: Question 18 Not yet answered Marked out of 0.33 Flag question Assume Towery Company uses a process…
A: The objective of the question is to calculate the dollar amount accumulated in the beginning…
Q: Rahul
A: Solution for asset turnover: to get the value of the asset turnover we need to get first the value…
Q: This is a multiple answer question. Duncan Company miscounted its ending inventory during the…
A: The objective of the question is to identify which items on the financial statements will be…
Q: Variable costs are costs that O a) vary in total directly and proportionately with changes in the…
A: a) Variable costs are costs that vary in total directly and proportionately with changes in the…
Q: Give me step by step solution and explanation.vi
A: The objective of this question is to calculate the revenue and spending variances for Via Gelato for…
Q: please provide correct ANSWER
A: The objective of the question is to determine the appropriate accounting treatment for XYZ company…
Q: What is the 1.2 in the second journal entries. "Dr. Application and Allotment – Ordinary Shares…
A: A company issued 1000 shares and $1.40 is each share price:A Shareholder can pay their share price…
Q: Calculate the government-wide financial position ratio, the quick ratio, and the debt per capita…
A: These ratios notably offer the City of Cottonwood management a look into the financial health of the…
Q: highLight strikethrough calculator Scratchpad The following scenario relates to questions 16–20.…
A: The objective of the question is to calculate the inheritance tax payable on Jeffrey's estate if he…
Q: Explain below extratced answer, how did it get the $150000 and $12000 as they are not provided in…
A: 1. Whether provision should be made for landscapingThe need for a provision is dictated by HKAS 37,…
Q: Alpha Corporation, about to be liquidated, has the following amounts for its assets and liabilities:…
A: Step 1: Free Assets and Unsecured liabilities without priority Get the net relizable value of the…
Q: For each of the items indicate whether its amount affects the bank or book side of a bank…
A: Explanation of Bank Reconciliation AdjustmentsThe table you provided outlines the adjustments…
Q: A company has the following historical cost information for the past 4 quarters: Units Costs Q1 1681…
A: Step 1: Perform regression analysis on excel.Step 2: Obtain the summary output in a new tab. Step 3:…
Q: Meman
A: Answer information:Step 1:POWER DRIVE CORPORATION Balance Sheet Stockholders' Equity Section…
Q: A company's two divisions report the information below. Sales Electronics $ 81,000 Sporting Goods…
A: Step 1: Calculation of profit margin.Profit margin percentage = Income / SalesElectronics = $5,670 /…
Q: Ashavin
A: Assets =Liabilities +Stockholder equity aCash[ 6600 × 26]$ 171600 Common stock [ 6600 × 2 ] $…
Q: None
A: Question 1a) Issuance of the bonds by WesternExplanation:The journal entry to record the issuance of…
Q: 5 ! Part 5 of 15 0.4 points eBook Print References Required information [The following information…
A: The objective of the question is to calculate the turnover related to this year's investment…
Q: Provide the missing data in the following table for a distributor of martial arts products: Note:…
A: Formulas:Margin % = Net Operating Income/SalesTurnover = Sales/Average operating assets ROI % = Net…
Q: Leonardo, who is married but files seperately, earns 80,400 of taxable income. He also has $15,400…
A: Leonardo's total taxable income before the additional income: Total taxable income = $80,400 (from…
Q: Required information Problem 15-33 (Algo) (LO 15-2, 15-7) [The following information applies to the…
A: Step 1: Compute the Schedule 1 Maximum loss Butler Osman Ward Capital 120,000…
Q: The following information was available for the year ended December 31, 2022: Dividends per share…
A: The objective of the question is to calculate the price/earnings ratio, the dividend payout ratio,…
Q: EXHI Meals for the Homeless Statement of Functional Expenses for the Year Ending December 31, 2023…
A: The passage explains the importance of analyzing expenses by both function and nature. Here's a…
Q: Pina Colada Corp. began operations on April 1 by issuing 52,700 shares of $5 par value common stock…
A: 1. Issuance of Common StockOn April 10, Pa Cola Corp issued 152,700 shares of common stock, each…
Q: Consider the following two mutually exclusive projects: Year -0 (A)-347,000 (B) 49,500 1 - A) -…
A: Initial Data Interpretation It appears you're providing the cash flows for two projects (A and B)…
Q: Four long, parallel conductors carry equal currents of = 1.00 A. The figure below is an end view of…
A:
Q: Required information [The following information applies to the questions displayed below.]…
A: To find out the margin the company will earn this year if it pursues the investment opportunity and…
Q: Goodman, Pinkman, and White formed a partnership on January 1, 2023, and made capital contributions…
A: The objective of the question is to calculate the amount of interest attributed to Goodman in the…
Q: Witt Corporation received its charter during January of this year. The charter authorized the…
A: DETAILED ANALYSISStockholders' Equity: 1. Preferred Stock Value:• Par Value: $11 per share• Number…
Q: Please provide graph answer
A: The bank reconciliation as of May 31 is presented hereunder:…
Q: Mullis Company sold merchandise on account to a customer for $1,085, terms n/30. The journal entry…
A: Step 1:Given:Sale value of merchandise sold = $1,085Sales made in cash or on account = On…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the end of the current year, the accounts receivable account of Glenns Nursery Supplies has a debit balance of 390,000. Credit sales are 2,800,000. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of 1,760. (a) The percentage of sales method is used and bad debt expense is estimated to be 1% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 30,330 in uncollectible accounts. 2. Allowance for Doubtful Accounts has a debit balance of 1,900. (a) The percentage of sales method is used and bad debt expense is estimated to be of 1% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 29,890 in uncollectible accounts.UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the end of the current year, the accounts receivable account of Parkers Nursery Supplies has a debit balance of 350,000. Credit sales are 2,300,000. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of 1,920. (a) The percentage of sales method is used and bad debt expense is estimated to be 1% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 24,560 in uncollectible accounts. 2. Allowance for Doubtful Accounts has a debit balance of 1,280. (a) The percentage of sales method is used and bad debt expense is estimated to be of 1% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 22,440 in uncollectible accounts.Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: a. Journalize the write-offs under the direct write-off method. b. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded 5,250,000 of credit sales during the year. Based on past history and industry averages, % of credit sales are expected to be uncollectible. c. How much higher (lower) would Casebolt Companys net income have been under the direct write-off method than under the allowance method?
- UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Andersons Greeting Cards was 180,000. Credit sales for the year were 1,950,000. REQUIRED Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of 2,600. (a) The percentage of sales method is used and bad debt expense is estimated to be 1.5% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 30,250 in uncollectible accounts. 2. Allowance for Doubtful Accounts has a debit balance of 1,900. (a) The percentage of sales method is used and bad debt expense is estimated to be 1.0% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 20,500 in uncollectible accounts.UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yangs Gift Shop was 30,000. Credit sales for the year were 355,200. REQUIRED Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of 330. (a) The percentage of sales method is used and bad debt expense is estimated to be 2% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 6,950 in uncollectible accounts. 2. Allowance for Doubtful Accounts has a debit balance of 400. (a) The percentage of sales method is used and bad debt expense is estimated to be 1.5% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 5,685 in uncollectible accounts.Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
- Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF RECEIVABLES Charlies Chevy Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. Based on aging the accounts, it is estimated that 3,935 will not be collected. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of 245. 2. Allowance for Doubtful Accounts has a debit balance of 560.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.
- Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.Millennium Associates records bad debt using the allowance, income statement method. They recorded $299,420 in accounts receivable for the year, and $773,270 in credit sales. The uncollectible percentage is 3.2%. On February 5, Millennium Associates identifies one uncollectible account from Molar Corp in the amount of $1,330. On April 15, Molar Corp unexpectedly pays its account in full. Record journal entries for the following. A. Year-end adjusting entry for 2017 bad debt B. February 5, 2018 identification entry C. Entry for payment on April 15, 2018Allowance Method for Accounting for Bad Debts At the beginning of 2016, EZ Tech Companys Accounts Receivable balance was $140,000, and the balance in Allowance for Doubtful Accounts was $2,350 (Cr.). EZ Techs sales in 2016 were $1,050,000, 80% of which were on credit. Collections on account during the year were $670,000. The company wrote off $4,000 of uncollectible accounts during the year. Required Prepare summary journal entries related to the sale, collections, and write-offs of accounts receivable during 2016. Prepare journal entries to recognize bad debts assuming that (a) bad debts expense is 3% of credit sales and (b) amounts expected to be uncollectible are 6% of the year-end accounts receivable. What is the net realizable value of accounts receivable on December 31, 2016, under each assumption in part (2)? What effect does the recognition of bad debts expense have on the net realizable value? What effect does the write-off of accounts have on the net realizable value?
