3. On July 19, 2022, a customer's account balance of $6,700 is written off as uncollectible. Record the write-off. (If no entry is requiredfor a particular transaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet1>Record write off of actual bad debts.Note: Enter debits before credits.DateGeneral JournalDebitCreditJuly 19, 2022 Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of$577,000. Of this amount, $67,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021,is provided below.EstimatedAmountPercentAge GroupNot yet due0-90 days past due91-180 days past dueMore than 180 days past dueReceivable$27,00014,7009,70015,600$67,000Uncollectible4%20%25%70%Total

Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

3. On July 19, 2022, a customer's account balance of $6,700 is written off as uncollectible. Record the write-off. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record write off of actual bad debts. Note: Enter debits before credits. Date General Journal Debit Credit July 19, 2022

3. On July 19, 2022, a customer's account balance of $6,700 is written off as uncollectible. Record the write-off. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record write off of actual bad debts. Note: Enter debits before credits. Date General Journal Debit Credit July 19, 2022

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterB: Bad Debts

Section: Chapter Questions

Problem 3P: Nillsons Nursery uses the direct write-off method for recording bad debts. Required Journalize the...

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Nillsons Nursery uses the direct write-off method for recording bad debts. Required Journalize the following selected entries: 2012 Apr. 10Write off the account of P. A. Seldon as uncollectible, 458. July 27Write off the account of J. M. Weller as uncollectible, 268. Check Figure Total amount debited to Bad Debts Expense 726
Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and the journal entry to record the payment of the note on April 1; and (b) assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1.
Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which uses the allowance method, estimates bad debts at percent of total revenue on account. Required Journalize the following selected entries: 2012 Dec. 12Record services performed on account for E. E. Morton, 245. 31Record the adjusting entry for Bad Debts Expense. 31Record the closing entry for Bad Debts Expense. 2013 Feb. 18Write off the account of E. E. Morton as uncollectible, 245. Check Figure Adjusting entry amount, 1,366.03
The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 2016, balance of 625 consisting of an amount due from Aladdin Co. There were no collections during July. a. Prepare a T account for the accounts receivable customer accounts. b. Post the transactions from the revenue journal to the customer accounts, and determine their ending balances. c. Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts, and determine the ending balances. d. Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable controlling account balance. e. How might a computerized system differ from a revenue journal in recording revenue transactions?
Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises, which had a 480 beginning balance. In addition, there were no collections during the period. a. Set up a T account for Accounts Receivable and T accounts for the four accounts b. needed in the customer ledger. c. Post to the T accounts. d. Determine the balance in the accounts. e. Prepare a listing of the accounts receivable customer balances as of March 31, 2016.
The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Prepare an unadjusted trial balance, listing the accounts in their normal order and inserting the missing figure for cash.
The Colby Group has the following unadjusted trial balance as of August 31, 2019: The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was understated by 6,000. b. A cash receipt of 5,600 was posted as a debit to Cash of 6,500. c. A debit of 11,000 to Accounts Receivable was not posted. d. A return of 150 of defective supplies was erroneously posted as a 1,500 credit to Supplies. e. An insurance policy acquired at a cost of 1,200 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by 20,000. g. A credit of 4,800 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of 7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital. i. The balance of 58,100 in Rent Expense was entered as 51,800 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of 24,150, was omitted from the trial balance. Instructions 1. Prepare a corrected unadjusted trial balance as of August 31, 2019. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.
Instructions: fill in the missing information. 1- The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to ...blank... of ...blank... and a credit entry to allowance for doubtful accounts 2. The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to bad debt expense of 8160 and a credit entry to allowance for doubtful accounts During January 2022, a $51000 account receivable is written off as uncollectible. The journal entry for the write-off would be a debit to ...blank... and a credit to ...blank... of 51000 1. The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to bad debt expense of 8160 and a credit entry to allowance for doubtful accounts During January 2022, a $51000 account receivable is written off as uncollectible. The journal entry for the write-off would be a debit to allowance for doubtful accounts and a credit to…
At January 1, 2018, Winding Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $4,000. During the year, Winding Mountain Flagpoles recorded the following: Requirement 2. Post Winding's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. Enter the beginning balances and the journal entries, and then compute the unadjusted balance of each account.
Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $9,400. On September 9, the customer unexpectedly pays the $9,400 balance. Record the cash collection on September 9. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
During 2018, its first year of operations, Pave Construction provides services on account of $156,000. By the end of 2018, cash collections on these accounts total $108,000. Pave estimates that 20% of the uncollected accounts will be bad debts. Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Days Unpaid Total Accounts Receivable Historical % Uncollectible Not yet due $ 126,600 3 % 1-30 days past due 89,300 13 % 31-60 days past due 53,700 19 % Over 60 days past due 31,900 36 % Required: The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $28,977 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Johnston Supplies, Inc. writes off $3,091 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019