Entity A has total accounts receivable of ₱640,000 on December 31, 20x1.₱70,000 is doubtful of collection. What is the adjusting entry to take up the uncollectible accounts expense on December 31, 20x1?

Q: On January 1, Year 2, the Accounts Receivable balance was $32,900 and the balance in the Allowance…

A: Accounts receivable balance = $32,900 Allowance for doubtful accounts = $4,100 Write-off amount =…

Q: DI-TWO Corporation had the following accounts and their balances on December 31 before any…

A: Estimated uncollectible accounts receivable = accounts receivable balance x 4% = P5,000,000 x 4% =…

Q: Seed Enterprise gathered the following information from its accounting records for the year ended…

A: The net account receivables is calculated as gross account receivables minus allowance for…

Q: At the end of the current year, Accounts Receivable has a balance of $2,150,000; 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 $790,000; Allowance for…

A: Given: The ending balance of Allowance for Doubtful Accounts is estimated at $28,700 credit. There…

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

A: Adjusting entry amount for uncollectible accounts = $41,400+9,000 = $50,400

Q: At the beginning of current year, had a credit balance of P260,000 in the allowance for…

A: Following is the answer to the given question

Q: Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its…

A: Allowances for uncollectible accounts means provision which we need to make becuase there will be…

Q: Tantrum Company provided the following information in relation to accounts receivable at year-end:…

A: Calculation of Estimated Uncollectibles   Days Outstanding Estimated amount Uncollectible…

Q: The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as…

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: At December 31 of the current year, Account Receivable has a balance of $900,000, the Allowence for…

A: Aging of receivables method is used to estimate the amount of receivables which is expected to be…

Q: Hope Company’s total assets were $7,375. Hope collected on $617 of account receivable that had…

A: Total assets after the collection will be =  total assets before collection + account receivable…

Q: 10. DODY Company uses the statement of financial position approach in estimating uncollectible…

A: A Balance sheet depicts the financial standing of any entity at a specified date. Thus, it is also…

Q: r Company’s year-end unadjusted trial balance shows accounts receivable of $118,000, allowance for…

A: Working Allowance for doubtful accounts 1)   Required Ending Balance  ($118,000*1.5%) $ 1,770…

Q: Before the adjusting entries are made at the end, Star Company's Accounts Receivable balance is…

A: Bad debt expense = Estimated uncollectible + Debit balance in Allowance for Doubtful Accounts

Q: On December 31, 2021, Chel Company had an unadjusted credit balance of P10,000 in its allowance for…

A: Allowance for uncollectible accounts is considered as a contra asset account. It is prepared against…

Q: 1. What amount was reported as allowance for doubtful accounts on December 31 before adjustment? a.…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a…

A: Allowances for the doubtful debts means the amounts of those debts for which company makes an…

Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a…

A:

Q: (MODIFIED) Seed Enterprise gathered the following information from its accounting records for the…

A: Seed Enterprise is following the allowance method for recording the uncollectible account expense.…

Q: At the end of the current year, Accounts Receivable has a balance of $765,000, Allowance for…

A: Formula: Net realizable value = Accounts receivable - Allowance for doubtful accounts

Q: The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000;…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Hunter, Inc. analyzed its accounts receivable balances at December 31, and arrived at the aged…

A: Age Group Balance % Considered Uncollectible Amount Uncollectible 0-30 days  $      90,000 1%  $…

Q: At the end of the current year, Accounts Receivable has a balance of $890,000; Allowance for…

A: Under Aging method,  Amount of the adjusting entry = Estimated balance of allowance + Unadjusted…

Q: Accounts Receivable balance on December 31, 2009 amounted to P1,500,000. Of this amount, P7,500 are…

A: Accounts receivables = P1,500,000 Allowance for doubtful accounts = P7,500

Q: At its fiscal year end, under the aging of a company's accounts receivable, the uncollectible…

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

Q: Ruiz Company's Accounts Receivable balance at December 31 was $150,000 and there was a balance of…

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 $195,120; Allowance for…

A: Answer 1) Adjusting Entry for bad debts expense Account Titles and Explanation Debit Credit…

Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a…

A: Formulas: Net realizable value = Accounts receivables - Allowance doubtful accounts

Q: At the beginning of current year, Relentless Company reported the following balances: Accounts…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Omega Company prepared an aging of accounts receivable on December 31, 2018 and determined that the…

A: Ending Allowance for uncollectible accounts balance = Ending accounts receivable - ending net…

Q: At the end of the current year, Accounts Receivable has a balance of $425,000, Allowance for…

A: Formula: Amount of Uncollectible Accounts = Sales x bad debts expense percentage. Net realizable…

Q: Ruiz Company's Accounts Receivable balance at December 31 was $150,000 and there was a balance of…

A: Estimated credit losses = sales x 1.5% = $900,000 x 1.5% = $13,500

Q: At its fiscal year end, under the aging of a company's accounts receivable, the uncollectible…

A: Bad debt expense = $10,000 to keep the allowance at the estimated uncollectible of $12,000.

Q: Antonov Company provided the following accounts abstracted from the unadjusted trial balance on…

A: The allowance for doubtful account is created to record the bad debt expense for the period.

Q: Entity A has total accounts receivable of ₱640,000 on December 31, 20x1. Of that amount, ₱70,000 is…

A: The account receivable that are estimated to be uncollectible during the period are said to be…

Q: Maxwell Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged…

A: Adjustment amount = Estimated Uncollectible Accounts - Credit Balance in Allowance

Q: Candle Stix estimates that 2% of the $100,000 balance in accounts receivable is uncollectible. Prior…

A: Estimated uncollectible amount = Accounts receivable x 2% = $100,000 x 2% = $2,000

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

A:

Q: The following accounts were abstracted from Univ Co.'s unadjusted trial balance at December 31,…

A: Under Balance Sheet approach of allowance for doubtful accounts (i.e., where allowance for doubtful…

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

A: Note: In this question, bad debts are calculated monthly as well as annually. Firstly we should…

Q: 2 At December 31, the company had account balances in Accounts Receivable of $50,000 and in…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Tantrum Company provided the following information in relation to accounts receivable at year-end:…

A: Doubtful accounts: Doubtful accounts means accounts receivable that might become uncollectible or…

Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a…

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

Q: Tara Company provided the following information pertaining to accounts receivable at year-end: Days…

A: Allowance for uncollectible account: It can be defined as a contra asset account that is maintained…

Q: 2 At December 31, the company had account balances in Accounts Receivable of $50,000 and in…

A: Bad debts expense = Estimated uncollectible accounts - Beginning credit balance in Allowance for…

Q: At the end of the current year, Accounts Receivable has a balance of $425,000, Allowance for…

A: Formula: Estimated bad debts expense = Sales x Bad debts Percentage on sales

Q: A company uses the percent of receivables method to estimate doubtful accounts. At the end of the…

A: Estimated uncollectible amounts = Accounts receivable x 6% = 280,000*6% = 16,800

Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a…

A: Note: Net realizable value of the accounts receivable is calculated after deducting the amount of…

Q: FDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable…

A: Estimated uncollectible accounts = accounts receivable x uncollectible % Doubtful accounts expense…