(a) Uncollectible accounts: These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts . Allowance Method: It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records. The wrong with the bookkeeper’s entry journal entry for the defaulted account.

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Answer 1

Question

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

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Please solve all the MCQ with detailed answer for both correct and incorrect answers

CAN SOMEONE HELP ME FILL OUT THIS CHART ? (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a).Assume the current balance in Allowance for Doubtful Accounts is a $8,500 debit. (c) Of the above accounts, $4,700 is determined to be specifically uncollectible.Prepare the journal entry to write off the uncollectible account. (d) The company collects $4,700 subsequently on a specific account that had previously been determined to be uncollectible in (c).Prepare the journal entries necessary to restore the account and record the cash collection.

Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.

Answer 2

Question

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

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Answer 3

Question

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

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Answer 4

Question

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

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Answer 5

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

Answer 6

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

Answer 7

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

Answer 8

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

Answer 9

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 5 - When is revenue recognized?Ch. 5 - When is a performance obligation satisfied?Ch. 5 - At what amount should sales revenue be recorded...Ch. 5 - Prob. 4DQ Ch. 5 - Prob. 5DQ Ch. 5 - Prob. 6DQ Ch. 5 - Prob. 7DQ Ch. 5 - Prob. 8DQ Ch. 5 - Prob. 9DQ Ch. 5 - Why is the direct write-off method not GAAP?

Solution Summary: The author explains how Karlin Constructions' bookkeeper wrote off the accounts of receivables wrongly by debiting and crediting the bad debt expense in reverse.

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