Accounts Receivable-A. Hopkins3,000Bad debts expense3,000Cash3,000Accounts Receivable-A. Hopkins3,000CashAccounts Receivable-A. HopkinsAccounts Receivable-A. HopkinsAllowance for Doubtful Accounts3,0003,0003,0003,000OAllowance for Doubtful AccountsAccounts Receivable-A. Hopkins3,0003,000Allowance for Doubtful AccountsBad debts expense3,0003,000 Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $3,000uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is:Multiple ChoiceAccounts Receivable-A. Hopkins3,000Bad debts expense3,000Cash3,000Accounts Receivable-A. Hopkins3,000OCashAccounts Receivable-A. Hopkins.Accounts Receivable-A. HopkinsAllowance for Doubtful Accounts3,0003,0003,0003,000Allowance for Doubtful AccountsAccounts Receivable-A. Hopkins3,0003,000

If the doubtful accounts are subsequently found to be worthless, the accounts are written off as…

Answered: Accounts Receivable-A. Hopkins 3,000…

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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Entity A’s accounts receivable has a balance of ₱10,000. If the related allowance for bad debts account has a balance of ₱4,000, the carrying amount of accounts receivable in Entity A’s financial statements is * b. ₱6,000. d. 0. c. ₱4,000. a. ₱14,000.
1. Assume Gold had an unadjusted $2,000 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Gold's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. 2. Assume Gold had an unadjusted $1,700 debit balance in Allowance for Bad Debts at December 31, 2018. Journalize Gold's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method.
Problem 1On December 31, 2020, the “Receivables” account of MG Company shows a debit balance of P2,000,000. Theallowance for doubtful accounts shows a credit balance of P50,000. The subsidiary ledger shows the followingdetails:Trade accounts receivable P775,000Trade notes receivable 100,000Installment receivable, due 1-2 years 300,000Customer’s account reporting credit balancesarising from sales returns (30,000)Advance payments for purchase of merchandise 150,000Customer’s account reporting credit balancesarising from advance payments (20,000)Advances to subsidiary 400,000Claim from insurance company 15,000Subscription receivable, due in 60 days 300,000Accrued interest receivable 10,000REQUIRED:1. Compound entry to reclassify the receivable account:2. The amount to be presented as “Trade and other receivables” under current assets_____________ Problem 2At the end of the year before making any adjustments, the trial balance of Kate Company include the followingitems among…
Choose the correct letter of answer Entity A has accounts receivable of ₱500,000 and a related allowance for bad debts of ₱120,000. How much is the carrying amount of the accounts receivable?A. 620,000B.500,000C. 480,000D. 380,000 If deposit for lease contract was recorded as Rent Expense,A. expense is understated.B.asset is not affected.C.profit is overstated.D. owner’s equity is understated. Inventory, beg. ₱50,000; Net purchases, ₱120,000; Cost of goods sold, ₱80,000. How much is the Inventory, end.?A. 90,000B. 120,000C. 70,000D. 80,000
he following unadjusted balances of Beta Company are presented at August 31, 2023: Dr. Cr. Accounts receivable $100 000 Sales returns and allowances 40 000 Allowance for doubtful accounts 2 500 Credit Sales $750 000 Required: (a) Prepare the journal entry for estimated bad debts assuming that doubtful accounts are estimated to be 6% of gross accounts receivable. Dr. Answer 1 Question 3 $Answer 2 Question 3 Cr. Answer 3 Question 3 $Answer 4 Question 3 (b) Prepare the journal entry for estimated bad debts assuming that doubtful accounts are estimated to be 1% of net sales Dr. Answer 5 Question 3 $Answer 6 Question 3 Cr. Answer 7 Question 3 $Answer 8 Question 3
eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
1. Prepare a trial balance based on the balances of these ledger accounts. Dr Cash A/C Cr Date Particulars Amount Date Particulars Amount 01-Sep To Capital Stock $7,050 02-Sep By Prepaid Rent $3,600 04-Sep To Unearned Fees $3,500 03-Sep By Prepaid Insurance $1,500 06-Sep To Accounts Receivables $800 10-Sep By Advertisement expense $120 17-Sep To Accounts Receivables $2,100 12-Sep By Accounts Payable $800 24-Sep To Fees Earned $1,850 13-Sep By Salary Expenses $400 25-Sep To Accounts Receivables $1,300 18-Sep By Supplies $750 30-Sep To Accounts Receivables $1,050 27-Sep By Salary expense $400…
1. What amount should be reported as accounts receivable on December 31?a. 1,300,000b. 1,426,000c. 1,280,000d. 1,220,000 2. What amount should be reported as allowance for doubtful accounts on December 31?a. 120,000b. 200,000c. 250,000d. 170,000
What is the journal entry to record the amount of returns inward? Select one: A. Debit Returns inwards MYR 3,000Credit Accounts receivable MYR 3,000 B. Debit Bad debts MYR 1,000Credit Returns inwards MYR 1,000 C. Debit Accounts receivable MYR 3,000Credit Returns inwards MYR 3,000 D. Debit Returns inwards MYR 3,000Credit Bad debts MYR 3,000
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…

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