amount of net accounts receivable after adjusting entries for 20X5 would be:

Q: The net realizable value of the accounts receivable at December 31 should be

A: An allowance for bad debt is a valuation account used to estimate the amount of a firm's receivables…

Q: Presented below is information for Ayayai Company. 1.   Beginning-of-the-year Accounts Receivable…

A: The answer is as fallows

Q: At the end of January, the unadjusted trial balance of Valuepoint, Inc. included the following…

A: The amortized cost of accounts receivable= Accounts receivable- Allowance for doubtful accounts…

Q: A recent annual report for NPS contained the following data: (dollars in thousands) Previous Year…

A: Accounts Receivable Turnover represents the efficiency of the company to convert its Accounts…

Q: At 30 September, Zebra Mountain had Accounts Receivable of $28,000 and Allowance for Bad Debts of…

A: Allowance for doubtful debt are the account used to record the debtors which are doubtful in nature.…

Q: Accounts receivable (beginning balance)   $162,000 Allowance for doubtful accounts (beginning…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year…

A: Account Receivable Opening balance on January 1 950,000 Add: Credit sales made during the year…

Q: Menge Company has accounts receivable of $108,000 at March 31. Average Age of Receivables Balance,…

A: Journal entries are the entries to be recorded in the accounting books of the business for all the…

Q: Based on the following information:  Sales returns and allowances    (credit sales)…

A: Net credit sales = Credit sales - Sales return and allowances Net credit sales = $2,150,000 -…

Q: Use the following to answer questions 8 – 11 The following information pertains to RC, Inc. for the…

A: Estimated uncollectible accounts = Accounts receivable x % uncollectible accounts Bad debts expense…

Q: Gu Company provided the following from the unadjusted trial balance at year end     Debit Credit…

A: Allowance for doubtful debts are created as a percentage of ending balance of accounts receivable.

Q: A company has the following account balances at the end of the year:• Credit Sales = $400,000•…

A: Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from…

Q: Based on the following information: Credit sales $172,000 Collections on accounts receivable during…

A: Ending accounts receivable = Beginning accounts receivable + credit sales - collection - sales…

Q: The following information is available for Market, Inc. and Supply, Inc. at December 31: Market,…

A: Solution:- a)Calculation of the accounts receivable turnover for each of the companies as follows:-…

Q: Assume the following information for Marin Corp. Accounts receivable (beginning balance)   $136,000…

A: Prepare the entries to record sales and collections,  write-off of uncollectible accounts and the…

Q: Soap Co. has the following information on December 31, 20x1 before any year-end adjustments.…

A: Gross credit sales = Total Sales  - cash Sales  = 2,280,000 - 380,000 = ₱1,900,000 Net credit sales…

Q: The following information pertains to Lightning Inc., at the end of December: Credit Sales $20,000…

A: 7% of receivables not yet due accounts = 7%×$9500=$66517% of receivables less than 30 days past due…

Q: Presented below is information for Ayayai Company. 1.   Beginning-of-the-year Accounts Receivable…

A: Accounts Receivable Turnover = Credit Sales / Average Receivables  Beginning Accounts Receivable…

Q: Total sales at a store are $1,000,000 and 80% of those sales are on credit. Thebeginning and ending…

A: Accounts receivable:   Accounts receivable refers to the amount to be received within a short…

Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year…

A: Allowance Method - Under allowance method company make provision of uncollectible accounts at the…

Q: Use the following information to answer Exercises E9-18 and E9-19. At January 1, 2018, Hilltop…

A: At 01.01.2018, Hilltop had accounts receivable = $28000 Allowance for bad debts = $3000 During the…

Q: Assume the following information for Tamarisk Corp.   Accounts receivable (beginning balance)…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: On Jan. 01, Ronald Co. accounts receivable balance is P50,000. On Jan. 13, the company sold items on…

A: Ending Accounts receivable  = Beginning Accounts receivable + Credit sales - Collection = P50,000 +…

Q: The general ledger account for Accounts Receivable shows a debit balance of $50,000. Allowance for…

A: Under the aging method, first the post adjustment in allowance for doubtful accounts is computed.…

Q: Von Company provided the following data for the current vear in relation to accounts receivable:…

A: Solution- Particulars Amount $ Current Assets-   Account Receivable-   Opening  560000.00…

Q: Rapture Company had the following information for eurrent year relating to accounta receivable:…

A: Ending accounts receivable balance = Beginning accounts receivable balance  + credit sales -…

Q: The following data pertains to the customers' accounts of ABC Corp at June 30, 20X1: Accounts…

A: Sales made by business can be for cash or on credit basis. Under credit basis, accounts receivable…

Q: The entries in a receivables' ledger control account for the first accounting period were: Sales…

A: We have the following information: Sales: $250,000 Bank: $225,000 Returns: $2,500 Irrecoverable…

Q: Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates…

A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…

Q: Excel Inc. has provided the following information relating to its sales for the past year, which…

A: The allowance for uncollectible accounts is created to record estimated bad debt expense for the…

Q: P Corporation reported $3,600 balance in the accounts receivable account on Jan 1. The company made…

A: Accounts receivable refers to the balance amount to the firm for goods and services delivered but…

Q: Lipovetsky Corp. has the following data relating to accounts receivable at the end of the current…

A: The net realizable value for accounts receivable is calculated as gross account receivables minus…

Q: 4.The following data were available for ABC Company at Dec 31, 20X2: Accounts Receivable, beg…

A: 1. Accounts Receivable, beg P15,000 - It is related to the prior period 2. Accounts Receivable, end…

Q: Pachel Corporation reports the following information pertaining to its accounts receivable. Days…

A: Uncollectible Accounts expense: An uncollectible accounts expense is reported on the books when a…

Q: You are given the following figures for sales and receivables: 20X7 20X6 $ $ Receivables at year end…

A: We have the following information: Receivables in the year beginning: $69,472 (Receivables at year…

Q: Orr Company prepared an aging of accounts receivable on December 31, 20XX and determined that the…

A: Net realizable value of the accounts receivable = Ending accounts receivable - Ending Allowance for…

Q: The following information is available for Market, Inc. and Supply, Inc. at December 31:   Accounts…

A: The ratio analysis helps to analyse the financial statements of the business.

Q: Credit sales during the year were $425,000, the Allowance for Uncollectible Accounts had a beginning…

A: Uncollectibles = Credit Sale ×2%=$425,000×2%=$8,500

Q: The following information is available for Fess Company:         Credit sales during 20X1 $ 150,000…

A: Doubtful debts relate to the total amount of account receivable thata company deems to be…

Q: A recent annual report for NPS contained the following data: (dollars in thousands) Previous Year…

A: Here, receivable turnover ratio is calculated by dividing net credit sales with the average account…

Q: Maple Leafs Construction has the following data for the year ended December 31, Year 1: Accounts…

A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…

Q: Required: a) Prepare all necessary entries related to the above transactions affecting the accounts…

A: Accounts receivables: The amount not collected or amount that is due in respect of the credit sales…

Q: Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates…

A: The allowance method is an accounting technique that enables companies to take anticipated losses…

Q: Pachel Corporation reports the following information pertaining to its accounts receivable:…

A: Age of receivables Rate Amount Estimated Bad debts Current 2% 60,000 1,200 1-30 4% 40,000 1,600…

Q: Presented below is information for Sunland Company. 1.   Beginning-of-the-year Accounts Receivable…

A: Journal: Recording of a business transactions in a chronological order.

Q: Doll Company provided the following data for the current year: Allowance for doubtful accounts-…

A: Allowance for doubtful accounts before adjustment  = Allowance for doubtful accounts- January 1 -…

Q: On June 30, Premier Party Planners had a $35,000 balance in AccountsReceivable and a $2,752 credit…

A:

Q: A company has net credit sales of $750,000 for the year and it estimates that uncollectible accounts…

A: Lets start with understanding of bad debt and allowance for doubtful accounts, Bad debt means a debt…

Q: ABC Co. has the following information on December 31, 20x1 before any year-end adjustments. Net…

A: 8. Balance of the allowance for doubtful accounts on January 1, 20x1 = Allowance for doubtful…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is