Assume that accounts receivable and the allowance for doubtful accounts (AFDA )ending balances were RO400,000 debit and RO5000 credit balances respectively at December 31, and the uncollectible accounts is estimated to be 6% of accounts receivable. The adjusting entry to achieve the correct AFDA adjusted ending balance under percentage of accounts receivables method would be; a. None of the given options b. Dr Bad debt expenses A/C OMR 24000 and Cr Allowance for doubtful accounts A/C OMR 24000 c. Dr Bad debt expenses A/C OMR 19000 and Cr Allowance for doubtful accounts A/C OMR 19000 d. Dr Bad debt expenses A/C OMR 5000 and Cr Allowance for doubtful accounts A/C OMR 5000 Clear my choice

Q: At the end of the current year, Accounts Receivable has a balance of $635,000; Allowance for…

A: a) Current balance of Allowance for doubtful accounts = $5,500 debit Bad debt expense to be recorded…

Q: Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding…

A: Doubtful Debts- Doubtful debts are those debts which a company or entity is improbable to be able to…

Q: at the end of the current year accounts receivable has a balance of 540,000 allowance for doubtful…

A: Net realizable value of accounts receivables is the net receivable amount of accounts receivables…

Q: me unadjusted trial balance at the end of the year includes the following: $ 100,000 1,200 Accounts…

A: Introduction: A bad debt expense is recognized when credit is no longer collectible because a…

Q: Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Q: Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted…

A: Formulas: Bad debts expense = Estimated uncollectible accounts - Beginning credit balance of…

Q: At the end of the current year, Accounts Receivable has a balance of $3,460,000, Allowance for…

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

Q: At the end of the current year. Accounts Receivable has a balance of $4,375,000; Allowance for…

A: a.Detremine the amount of adjusting entry for uncollectible accounts.

Q: Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding…

A: Calculation of required allowance for doubtful accounts Outstanding accounts receivable= $78500…

Q: At the end of the current year, Accounts Receivable has a balance of $194,550; Allowance for…

A:

Q: At the end of the current year, Accounts Receivable has a balance of $590,000; Allowance for…

A: Estimated uncollectible amount = Sales *0.25% = $2660000*0.25% = $6650

Q: Assume that accounts receivable and the allowance for doubtful accounts (AFDA) ending balances were…

A: Uncollectibles=Accounts receivables×5%=OMR 500,000×5%=OMR 25,000

Q: Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of…

A: Uncollectible accounts are those account receivables which will not be collected due to incapacity…

Q: At the end of the current year, Accounts Receivable has a balance of $540,000; Allowance for…

A: Under percentage of sales method, bad debt expenses is recorded as whole amount ignoring the…

Q: Allowance for Doubtful Accounts has a debit balance of $400 at the end of the year (before…

A: Allowance for doubtful accounts has credit balance and is created to write off the bad debt expenses…

Q: Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of…

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

Q: Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding…

A: Adjusting entries are usually recorded in the books to adjust the account balances at the end of the…

Q: The trial balance before adjustment of Cyncrewd Inc. shows the following balances: Accounts…

A: Based on the above we need to calculate the provision fro bad debts. Accounts Receivable =  225000.…

Q: At the end of the current year, Accounts Receivable has a balance of $100,970; Allowance for…

A: If a company has practice of creating allowance for bad debts based on sales, then the existing…

Q: At the end of the current year, Accounts Receivable has a balance of $902,060; Allowance for…

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

Q: At the end of the current year, Accounts Receivable has a balance of $665,000; Allowance for…

A: Bad debt expense is the term which is described as the expense that is recognized when receivable is…

Q: At the end of the current year, Accounts Receivable has a balance of $862,890; Allowance for…

A: Under percent of sales method: Bad debt expense = Sales * Estimated Uncollectible (%)

Q: Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding…

A: Adjusting entries: Adjusting entries are those entries which are recorded to update all the balances…

Q: At the end of the current year, Accounts Receivable has a balance of $940,940; Allowance for…

A: Net realizable value of accounts receivable = Accounts Receivable - Allowance for Doubtful Accounts…

Q: At the end of the current year, Accounts Receivable has a balance of $108,290; Allowance for…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Q: Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of…

A: The amount of the adjusting entry for Uncollectible account as follows:

Q: At the end of the current year, Accounts Receivable has a balance of $470,000; Allowance for…

A: Bad debts expense = Estimated uncollectible accounts + Debit balance of Allowance for Doubtful…

Q: At the end of the current year, Accounts Receivable has a balance of $665,000; Allowance for…

A: Estimated uncollectible amount = Sales *0.25% = $2990000*0.25% = $7475

Q: Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding…

A: Estimated uncollectible amount = Outstanding accounts receivable x % Estimated uncollectible  =…

Q: b.  Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad…

A: (b)   The adjusted balance of Accounts Receivables, Allowance for Doubtful Accounts, and Bad debts…

Q: Allowance for Doubtful Accounts has a debit balance of $439 at the end of the year (before…

A: GIVEN THAT, net credit sales = $928100 bad debts percen tage = 1% Allowance for Doubtful Accounts…

Q: Determine the amount of the adjusting entry for uncollectible accounts. $ b.  Determine the…

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

Q: Analysis of receivables methodAt the end of the current year, Accounts Receivable has a balance…

A: Doubtful accounts are those accounts receivables from whom it is doubtful that whether amount due on…

Q: At the end of the current year, Accounts Receivable has a balance of $565,000, Allowance for…

A: In this numerical has covered the concept of Accounts Receivable.

Q: At the end of the current year, Accounts Receivable has a balance of $926,220 Allowance for Doubtful…

A: Allowance for doubt full debt means a provision which is made for bad debts in future on the basis…

Q: At the end of the current year, Accounts Receivable has a balance of $800,000, Allowance for…

A: Solution a: the amount of the adjusting entry for uncollectible accounts =Required balance in…

Q: The amount of uncollectible accounts at the end of the year is estimated to be $28,500, using the…

A: Introduction: A provision for doubtful accounts is referred to as a "contra asset" because it lowers…

Q: At the end of the current year, Accounts Receivable has a balance of $655,000; Allowance for…

A: Bad debt expense =Sales x 0.25%                              = $2,950,000 x 0.25%…

Q: Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has…

A: Since it lowers the value of an asset—in this case, the accounts receivable—the allowance for…

Q: At the end of the current year, Accounts Receivable has a balance of $750,000; Allowance for…

A: The bad debt expense are the accounts that seems to be uncollectible in future.

Q: At the end of the current year, Accounts Receivable has a balance of $670,000; Allowance for…

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

Q: The amount of uncollectible accounts at the end of the year is estimated to be $28,500, using the…

A: An allowance for dubious accounts is referred to as a "counter asset" since it reduces the quantity…

Q: At the end of the current year, Accounts Receivable has a balance of $400,000; Allowance for…

A: Formula: Amount of the Adjusting entry for uncollectible accounts =  balance of Allowance for…

Q: Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding…

A: Accounts Receivable: It is the money owed to the company by its customers. This happens because of…

Q: Determine the amount of the adjusting entry for bad debt expense. fill in the blank 1 of 2$ b.…

A: Allowance For Doubtful Accounts: It is a provision or reserve created for bad debts in which an…

Q: At the end of the current year, Accounts Receivable has a balance of $835,000; Allowance for…

A:

Q: Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of…

A: Accounts receivable:Accounts receivable is the amount of cash owed to the company by the customer…

Q: a.  Determine the amount of the adjusting entry for uncollectible accounts. $ b.  Determine the…

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

Q: At the end of the current year, Accounts Receivable has a balance of $148,390; Allowance for…

A: I assumed as Percentage of sales method: a. Determine the amount of the adjusting entry for bad debt…

Q: At the end of the current year, Accounts Receivable has a balance of $675,000; Allowance for…

A: Allowance method is referring to record expected bad debts that can be generated from credit revenue…

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.