47% ( E Fri 11:39 AM Q !! B Meeting 6.pdf (page 4 of 5) Q Search Task 16 Some MC questions to practice receivables 1. For ABC Company, the aging-of-accounts-receivable table indicates that €7,500 are estimated to be uncollectible. If the Allowance for Doubtful Accounts has a €1,100 credit balance, the adjustment to record bad debts for the period will require a: A) credit to Allowance for Doubtful Accounts for €7,500. B) debit to Bad Debt Expense for €7,500. C) debit to Bad Debt Expense for €6,400. D) debit to Allowance for Doubtful Accounts for €6,400. 2. If a company fails to record an estimated Bad Debt Expense: A) Expenses are understated B) Revenues are understated C) The realizable value of the Accounts Receivables is understated D) Accounts Receivables are understated some shit Green housing2 Microsoft_Offi 6.42.201.aller untitled folder MacBook Air F7 F8 F10 F12 63

47% ( E Fri 11:39 AM Q !! B Meeting 6.pdf (page 4 of 5) Q Search Task 16 Some MC questions to practice receivables 1. For ABC Company, the aging-of-accounts-receivable table indicates that €7,500 are estimated to be uncollectible. If the Allowance for Doubtful Accounts has a €1,100 credit balance, the adjustment to record bad debts for the period will require a: A) credit to Allowance for Doubtful Accounts for €7,500. B) debit to Bad Debt Expense for €7,500. C) debit to Bad Debt Expense for €6,400. D) debit to Allowance for Doubtful Accounts for €6,400. 2. If a company fails to record an estimated Bad Debt Expense: A) Expenses are understated B) Revenues are understated C) The realizable value of the Accounts Receivables is understated D) Accounts Receivables are understated some shit Green housing2 Microsoft_Offi 6.42.201.aller untitled folder MacBook Air F7 F8 F10 F12 63

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Description: What is the correct answer for 1 and 2? 47% ( E Fri 11:39 AM Q!!B Meeting 6.pdf (page 4 of 5)Q SearchTask 16Some MC questions to practice receivables1. For ABC Company, the aging-of-accounts-receivable table indicates that €7,500 areestimated to be u

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 13EB: Fortune Accounting reports $1,455,000 in credit sales for 2018 and $1,678,430 in 2019. It has an...

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Similar questions

Conner Pride reports year-end credit sales in the amount of $567,000 and accounts receivable of $134,000. Conner uses the balance sheet method to report bad debt estimation. The estimation percentage is 4.6%. What is the estimated balance uncollectible using the balance sheet method? A. $26,082 B. $6,164 C. $260,820 D. $61,640
Fortune Accounting reports $1,455,000 in credit sales for 2018 and $1,678,430 in 2019. It has an $825,000 accounts receivable balance at the end of 2018 and $756,000 at the end of 2019. Fortune uses the balance sheet method to record bad debt estimation at 7.5% during 2018. To manage earnings more favorably, Fortune changes bad debt estimation to the income statement method at 5.5% during 2019. A. Determine the bad debt estimation for 2018. B. Determine the bad debt estimation for 2019. C. Describe a benefit to Fortune in 2019 as a result of its earnings management.
UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF SALES Nicoles Neckties has total credit sales for the year of 380,000 and estimates that 2% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated bad debt expense. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of 430. 2. Allowance for Doubtful Accounts has a debit balance of 295.
Doer Company reports year-end credit sales in the amount of $390,000 and accounts receivable of $85,500. Doer uses the income statement method to report bad debt estimation. The estimation percentage is 3.5%. What is the estimated balance uncollectible using the income statement method? A. $13,650 B. $2,992.50 C. $136,500 D. $29,925
UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES Rossins Racers has total credit sales for the year of 280,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated bad debt expense. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has al credit balance of 570. 2. Allowance for Doubtful Accounts has a debit balance of 360.
Balloons Plus computes bad debt based on the allowance method. They determine their current years balance estimation to be a credit of $84,000. The previous period had a credit balance in Allowance for Doubtful Accounts of $26,000. What should be the reported figure in the adjusting entry for the current period? A. $84,000 B. $58,000 C. $26,000 D. $110,000
23. Q Company has the following information on December 31, 20x1 before any year-end adjustments: Net credit sales, P2,000,000 Accounts receivable, December 31, P310,000 Allowance for doubtful accounts (before any year-end adjustments), P17,000 Percentage of credit sales 2% The aging of receivables is as follows: (days outstanding, receivable balances, and % uncollectible, respectively) 0-60 days, P90,000, 2% 61-120 days, P100,000, 3% Over 120 days, P120,000, 15% Q Company uses the percentage of credit sales in determining the bad debts monthly financial statements and aging of receivables for its annual financial statements. Accounts written off during the year amounted to P38,000 and accounts recovered amounted to P9,000. As of December 31, Q determined that P20,000 accounts receivable from a certain customer included in the “61-120 days outstanding group” is 94% collectible and P10,000 account included in the “over 120 days outstanding” group is worthless and needs to be written…
16. Q Company has the following information on December 31, 20x1 before any year-end adjustments: Net credit sales, P2,000,000 Accounts receivable, December 31, P310,000 Allowance for doubtful accounts (before any year-end adjustments), P17,000 Percentage of credit sales 2% The aging of receivables is as follows: (days outstanding, receivable balances, and % uncollectible, respectively) 0-60 days, P90,000, 2% 61-120 days, P100,000, 3% Over 120 days, P120,000, 15% Q Company uses the percentage of credit sales in determining the bad debts monthly financial statements and aging of receivables for its annual financial statements. Accounts written off during the year amounted to P38,000 and accounts recovered amounted to P9,000. As of December 31, Q determined that P20,000 accounts receivable from a certain customer included in the “61-120 days outstanding group” is 94% collectible and P10,000 account included in the “over 120 days outstanding” group is worthless and needs to be written…
16. Q Company has the following information on December 31, 20x1 before any year-end adjustments: Net credit sales, P2,000,000 Accounts receivable, December 31, P310,000 Allowance for doubtful accounts (before any year-end adjustments), P17,000 Percentage of credit sales 2% The aging of receivables is as follows: (days outstanding, receivable balances, and % uncollectible, respectively) 0-60 days, P90,000, 2% 61-120 days, P100,000, 3% Over 120 days, P120,000, 15% Q Company uses the percentage of credit sales in determining the bad debts monthly financial statements and aging of receivables for its annual financial statements. Accounts written off during the year amounted to P38,000 and accounts recovered amounted to P9,000. As of December 31, Q determined that P20,000 accounts receivable from a certain customer included in the “61-120 days outstanding group” is 94% collectible and P10,000 account included in the “over 120 days outstanding” group is worthless and needs to be written…
16. Q Company has the following information on December 31, 20x1 before any year-end adjustments: Net credit sales, P2,000,000 Accounts receivable, December 31, P310,000 Allowance for doubtful accounts (before any year-end adjustments), P17,000 Percentage of credit sales 2% The aging of receivables is as follows: (days outstanding, receivable balances, and % uncollectible, respectively) 0-60 days, P90,000, 2% 61-120 days, P100,000, 3% Over 120 days, P120,000, 15% Q Company uses the percentage of credit sales in determining the bad debts monthly financial statements and aging of receivables for its annual financial statements. Accounts written off during the year amounted to P38,000 and accounts recovered amounted to P9,000. As of December 31, Q determined that P20,000 accounts receivable from a certain customer included in the “61-120 days outstanding group” is 94% collectible and P10,000 account included in the “over 120 days outstanding” group is worthless and needs to be written…
58.The following data pertains to ABC Corp: Credit sales for the period, P3,000 Credit balance of the allowance for bad debts, beg P8,000 Accounts Receivable P1,000,000 ABC estimates that 3% of accounts receivable have been uncollectible. After provision is made for the bad debts expense for the period, the allowance for bad debts at the end of the period would be: 30,000 38,000 82,000 90,000
55. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…