K. Brant D. Eaton S Klein C. Sheen Total % uncollectible Account No. 1 2 3 4 5 6 7 $800 Debit 500 300 5 550 At the beginning of the period, ABC had balances in Accounts Receivable of $100,000 and in Allowance for Doubtful Accounts of $56 (credit). Prepare a journal entry to record the above estimate using the following Chart of Account. Chart of Account 200 200 2,050 500 2% Description Cash Sales Revenue $600 $200 Bad Debt Expense Sales Return and Allowance Sales Discount Enter the Account No. and amount for the entry. 150 Accounts Receivable Credit 4 600 350 200 400 5% 10% 25% 50% 200 Allowance for Doubtful Accounts 400 Amount $ 269

K. Brant D. Eaton S Klein C. Sheen Total % uncollectible Account No. 1 2 3 4 5 6 7 $800 Debit 500 300 5 550 At the beginning of the period, ABC had balances in Accounts Receivable of $100,000 and in Allowance for Doubtful Accounts of $56 (credit). Prepare a journal entry to record the above estimate using the following Chart of Account. Chart of Account 200 200 2,050 500 2% Description Cash Sales Revenue $600 $200 Bad Debt Expense Sales Return and Allowance Sales Discount Enter the Account No. and amount for the entry. 150 Accounts Receivable Credit 4 600 350 200 400 5% 10% 25% 50% 200 Allowance for Doubtful Accounts 400 Amount $ 269

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000
45. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
36. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
Assume that accounts receivable and the allowance for doubtful accounts (AFDA) ending balances were OMR500,000 debit and OMR5000 credit balances respectively at December 31, and the uncollectible accounts are estimated to be 5% of accounts receivable. Find out the ending balance of ADFA from the above given information . a . None of the given options b . OMR 30000 C. OMR 25000 d . OMR 20000
33. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
55. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
The following accounts receivable information pertains to Marshall Inc. Past-DueCategory AccountsReceivable Total PercentageUncollectible 0–30 days $94,550 8% 31–90 days 35,230 16% Over 90 days 27,170 37% Determine the estimated uncollectible bad debt from Marshall Inc. using the balance sheet aging of receivables method. Round final answer to two decimal places. $fill in the blank 0abd6e0cbf90fa3_1 Record the year-end adjusting journal entry for bad debt. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31 fill in the blank fill in the blank fill in the blank fill in the blank
Requlred Informatlon [The following information applies to the questions displayed below.] The Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $678,00e 1 to 30 $110, eee 3% 31 to 60 61 to 90 Over 90 Accounts receivable Percent uncollectible $38, e00 9% $50, 0ee 12% $416,000 $56,000 7% 4% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5.600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2.100 debit. Complete this question by entering your answers in the tabs below. Reg A Reg B and C Complete the below table to calculate the estimated balance of Allowance for…
L01, 2 E6-2A. Credit Losses Based on Accounts Receivable Aging Hunter, Inc., analyzed its accounts receiv- able balances at December 31, and arrived at the aged balances listed below, along with the per- centage that is estimated to be uncollectible: MBC Probability of Noncollection Age Group Balance $ 90,000 0-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due 20,000 11,000 6,000 10 4,000 25 $131,000 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $520 on December 31, before any adjustments. а. Determine the amount of the adjustment for estimated credit losses on December 31. Determine the financial statement effect of a write off of the Rose Company's account on April 10 of the following year in the amount of $425. b.
The allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $656 of accounts receivable are uncollectible. Allowance for Doubtful Accounts has a debit balance of $193. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of Oa. $849 Ob. $656 Oc. $193 Od. $463
The following summarizes the aging of accounts receivable for Orange Incorporated as of July 31, Year 1: Number of Days Unpaid Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Total Accounts Receivable 11.130 $ 175,982 89,200 53,600 31,800 Historical % Uncollectible 17,424 margin of error +/-3 www. 29 12% 18% The unadjusted balance of the Allowance for Doubtful Accounts of Orange Incorporated is a credit balance in the amount of $17.578 on July 31, Year 1. What is the amount of the adjusting entry to be recorded on July 31 Year 17 35%
Tantrum Company provided the following information in relation to accounts receivable at year-end: Days outstanding estimated amount %uncollectible www M 1% 1,200,000 900,000 0-60 61-120 2% 1,000,000 3,100,000\ During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was Over 120 6% P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?