Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,0009. Uncollectible account expense for 2018 is $1,615. What is the adjusted balance in theAllowance account at year-end for 2018?a. $650b. $2,515c. $1,615d. $900

Question

Jackson Company had the following information in 2018:
Accounts receivable 12/31/18...................................................................
Allowance for uncollectible-accounts credit balance
12/31/18 (before adjustment) ...................................................................
Credit service revenue during 2018 ..........................................................
Cash service revenue during 2018 ............................................................
Collections from customers on account during 2018................................
$ 8,000
900
39,000
20,000
40,000
9. Uncollectible account expense for 2018 is $1,615. What is the adjusted balance in the
Allowance account at year-end for 2018?
a. $650
b. $2,515
c. $1,615
d. $900

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Williamson Distributors separates its accounts receivable into three age groups for purposes of esti...

A: Total estimated uncollectible accounts = Accounts receivable x % estimated uncollectible

Q: Which of the following is not related to ethical requirements of auditors?a. Due care.b. Independenc...

A: As per the ethical requirement of an auditor it is imperative that the auditor's exercises due care,...

Q: For each of the following independent situations, prepare journal entries to record the initial tran...

A: a. Hockey Helpers paid $4,000 cash on September 30 to rent an arena for the months of October and No...

Q: A bond is issued at a price of 103 and retired early at aprice of 97. Which of the following is true...

A: Bond Bonds are basically a debt instrument which consist of a promise to pay back the money with int...

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Unearned Revenue of$5,000 and ...

A: Adjusting entries: Adjusting entries are also known as adjusting journal entries, they are recorded ...

Q: Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR),...

A: Accrued expenses are those expenses which are due for the period but not paid in the same financial ...

Q: In 2013, Macy’s reported cost of goods sold of $16.5 billion, ending inventory for 2013 of$5.3 billi...

A: cost of shrinkage = ending inventory for 2013 had there been no shrinkage - actual ending inventory ...

Q: hich of the following is usually not part of an internal audit department’s audit charter?a. A commi...

A: Answer:   Option c

Q: Which of the following items is most likely a short-term liability?a. Deferred income taxesb. Financ...

A: Short term liability means liabilities which are to paid in within next year or within the time of o...

Q: Impact of Sarbanes–Oxley Act. Your long-time client, Central Office Supply, has beenrapidly expandin...

A: AS 2201:   AS 2201 of PCAOB standards deals with a situation in which audit of internal controls an...

Q: LeBron’s Bookstores has two divisions: books and electronics. The electronics division had another g...

A: Income statement:   Income statement is a financial statement that shows the net income or net loss ...

Q: What alternative procedures should be applied to accounts that do not return confirmations?

A: Confirmation of accounts receivable:  When the auditor has examined the documents of the clients the...

Q: Porter Corporation owns all 30,000 shares of the common stock of Street, Inc. Porter has 60,000 shar...

A: Calculation of Basic EPS:

Q: When recording depreciation, which of the followingstatements is true?a. Total assets increase and s...

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic transaction...

Q: Under IFRS, share dividends declared after the statement of financial position date but before the e...

A: Answer:   Option c

Q: On January 1, 2021, Beaver Tours financed the purchase of a new building by borrowing $600,000 from ...

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

Q: Sanyu Sony started a new business and completed these transactions during December.Dec. 1 Sanyu Sony...

A: Cash flow statement: A cash flow statement is a financial statement that summarizes the amount of c...

Q: Which of the following is NOT a task performed in the audit planning phase? a. reviewing an organiza...

A: In audit planning phase, some tasks are performed: Reviewing an organization’s policies and practic...

Q: In August, Joplin Designs sold $510,000 of merchandise; all sales were in cash.The cost of sales for...

A: Record the journal entries for the monthly sales, cost of sales:

Q: Match definitions with vocabulary terms) Use theseterms to complete the statements that follow. You ...

A: A Firewall is an electronic barrier that prevents unauthorised access to an organization’s computer ...

Q: Required 1. Prepare an income statement and a statement of owner’s equity for the year and a classif...

A: Hey, since there are multiple questions posted, we will answer first question. If you want any speci...

Q: As of December 31, 2019, Armani Company’s financial records show the following items and amounts.Cas...

A: Net Income = Revenues - expenses

Q: The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provide...

A: Income statement: The financial statement which reports revenues and expenses from business operatio...

Q: Helen is a single taxpayer with interest income in 2019 of $8750 is she required to file a tax retur...

A: Given: Helen, a single taxpayer, earns an interest income of $ 8750.

Q: List the following steps of the accounting cycle in their proper order. a. Posting the journal entri...

A: Given: The steps of the accounting cycle are given. To arrange it in the correct order.

Q: Jules and Johnson are partners, each with $40,000 in their partnership capital accounts. Kwon is adm...

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed ...

Q: Explain why cash outflows during the period for purchasesand salaries are not specifically reported ...

A: Cash flow statements are the statements that determine the inflow and outflow of cash from three maj...

Q: The inventory costing method selected by a company canaffecta. The balance sheet.b. The income state...

A: A merchandising organization can set up a precise income statement, statement of retained earnings, ...

Q: Dwight’s Trophy Shop is considering the following accounting changes:a. Increase the allowance for u...

A: Click to see the answer

Q: Tullahoma Company purchased equipment for $27,500. It depreciated the equipment over a fiveyear life...

A: Double declining balance method:

Q: Capri Company began the current period with a $20,000 credit balance in the K. Capri, Capital accoun...

A: 1. Calculate the balance of the Income Summary account (net income): Hence, the balance of income s...

Q: The following expenditures were incurred in connection with a new machine acquired by a metals manuf...

A:   Cost of assets: Cost of an asset determines the original value of the asset. It involves a monetar...

Q: Boilermaker House Painting Company incurs the following transactions for September.1. Paint houses i...

A: Given transactions are: Boilermaker House Painting Company incurs the following transactions for Sep...

Q: Discuss the major principle that describes recording expenses.

A: Click to see the answer

Q: Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller)...

A: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that maintains...

Q: Trevorson Electronics is a small company privately owned by Jon Trevorson, an electrician whoinstall...

A: Direct write-off method of account receivables: A method for recognizing bad debts expense arising f...

Q: Kasey Hartman is the controller for Wholemart Company, which has numerous long-term investments in d...

A: The securities that are termed as held-to-maturity are purchased with an aim to keep them till their...

Q: Which course is most like financial accounting?a. College algebra.b. Foreign language.c. Molecular b...

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting a...

Q: A primary objective of analytical procedures used in the final review stage of an audit is toa. Iden...

A: A primary objective of analytical procedures used in the final review stage of an audit is to Assist...

Q: (Learning Objective 2: Calculate purchases by analyzing inventory account activity)On Willow Grove D...

A: Given information is: On Willow Grove Department Stores’ most recent balance sheet, the balance of i...

Q: Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.0...

A: Issue of shares: When the company is established then issue of the shares. Shares may be issued at p...

Q: Jagdeep sold his Indian restaurant “Maya no Dhaba” to Jasleen for the amount of $450,000. On top of ...

A: $50,000 received from jasleen  for not opening a new Indian restaurant in the radius of 10 kms for t...

Q: Jackson Moving & Storage Co. paid $120,000 for 25% of the common stock ofMcDonough Co. at the be...

A: Given information is: Jackson Moving & Storage Co. paid $120,000 for 25% of the common stock of ...