Multiple Choice Debit Bad Debts Expense $16,655; credit Allowance for Doubtful Accounts $16,655. Debit Bad Debts Expense $17,490; credit Allowance for Doubtful Accounts $17,490. Debit Bad Debts Expense $14,075; credit Allowance for Doubtful Accounts $14,075. Debit Bad Debts Expense $7,490; credit Allowance for Doubtful Accounts $7,490. O Debit Bad Debts Expense $15,365; credit Allowance for Doubtful Accounts $15,365. The unadjusted trial balance at year-end for a company that uses the percent of receivables method to determine its bad debts expense reports the following selected amounts: Accounts Receivable Allowance for Doubtful Accounts Net Sales $ 439,000 Debit 1,290 Debit 2,140,000 Credit All sales are made on credit. Based on past experience, the company estimates 3.5% of ending accounts receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? Multiple Choice O Debit Bad Debts Expense $16,655; credit Allowance for Doubtful Accounts $16,655. Debit Bad Debts Expense $17,490; credit Allowance for Doubtful Accounts $17,490. Debit Bad Debts Expense $14,075; credit Allowance for Doubtful Accounts $14,075.. O Debit Bad Debts Expense $7,490; credit Allowance for Doubtful Accounts $7,490.

Multiple Choice Debit Bad Debts Expense $16,655; credit Allowance for Doubtful Accounts $16,655. Debit Bad Debts Expense $17,490; credit Allowance for Doubtful Accounts $17,490. Debit Bad Debts Expense $14,075; credit Allowance for Doubtful Accounts $14,075. Debit Bad Debts Expense $7,490; credit Allowance for Doubtful Accounts $7,490. O Debit Bad Debts Expense $15,365; credit Allowance for Doubtful Accounts $15,365. The unadjusted trial balance at year-end for a company that uses the percent of receivables method to determine its bad debts expense reports the following selected amounts: Accounts Receivable Allowance for Doubtful Accounts Net Sales $ 439,000 Debit 1,290 Debit 2,140,000 Credit All sales are made on credit. Based on past experience, the company estimates 3.5% of ending accounts receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? Multiple Choice O Debit Bad Debts Expense $16,655; credit Allowance for Doubtful Accounts $16,655. Debit Bad Debts Expense $17,490; credit Allowance for Doubtful Accounts $17,490. Debit Bad Debts Expense $14,075; credit Allowance for Doubtful Accounts $14,075.. O Debit Bad Debts Expense $7,490; credit Allowance for Doubtful Accounts $7,490.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6PA: Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable....

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Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Under the allowance method, when $600 is authorised to be written off, the journal entry would be Select one: a. Debit Accounts Receivable $600, Credit Allowance for Doubtful Debts $200 b. Debit Bad Debts Expense $600, Credit Accounts Receivable $600 c. Debit Bad Debts Expense $600, Credit Allowance for Doubtful Debts $600 d. Debit Allowance for Doubtful Debts $600, Credit Accounts Receivable $600
Entity G uses the allowance method for uncollectible accounts. Accounts receivable has a balance of $12,000 and the allowance account has a credit balance of $1,300. Entity A writes of an $800 account. What is the net realizable value of accounts receivable after the write off?: a) $11,200 b) none of the above. c) $10,700 d) $9,900
Using the Allowance method supply the journal entries to bring back the written off Account Receivable and the payment for it. Accounts Debit Credit 02/10- Bad Debt Expense $150.00 Allowance for Doubtful Accounts $150.00 Estimate of uncollectibles 02/28- Allowance for Doubtful Accounts $350.00 Accounts Receivables- CFI $350.00 To Write-off CFI Account Direct Write-off Method Accounts Debit Credit 01/12- Bad Debt Expense $450.00 Accounts Receivables- CFI $450.00 To write-off CFI account
The trial balance before adjustment of Grouper Inc. shows the following balances. Dr. Cr. Accounts Receivable $102,600 Allowance for Doubtful Accounts 1,995 Sales Revenue (all on credit) $775,200 Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,905 credit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) ? ? ? allowance for doubtful accounts ? ? (b) ? ? ? ? ? ?
1. Assume Gold had an unadjusted $2,000 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Gold's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. 2. Assume Gold had an unadjusted $1,700 debit balance in Allowance for Bad Debts at December 31, 2018. Journalize Gold's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method.
Net credit sales $831, 400 Account Receivable 222,850 Allowance for Doubtful Account 0. Do the following: Compute bad debt estimation using the income method, where the percentage uncollectible is 5%. Prepare the journal entry for the income statement method bad debt estimation. Compute bad debt estimation using the balance sheet method of percentage of receivables, where the percentage uncollectible is 9%. Prepare the journal entry for the balance sheet method bad debt estimation.
Neville accounts for bad debt using the direct method. Receivables from Draco Industries were determined to be uncollectible on 3/1/20. On 7/1/20, partial payment was received. The following entry is required on 7/1/20 a. Debt to Bad Debt Expense b. Credit to Allowance for Doubtful Accounts c. Debit to Accounts Receivable d. Debit to Allowance for Doubtful Accounts
Dr. Cr. Accounts Receivable $ 165,800 Allowance for Doubtful Accounts $ 3,730 Sales Revenue (all on credit) 840,900 Sales Returns and Allowances 52,650 Prepare the journal entry to record bad debt expense assuming Novak Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $ 1,380 debit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) enter an account title ? ? Allowance for doubtful accounts ? ? (b) enter an account title ? ? enter an account title ? ?
Whispering Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $140,800 Allowance for Doubtful Accounts $2,480 Sales Revenue (all on credit) 816,800 Sales Returns and Allowances 53,910 Prepare the journal entry to record bad debt expense assuming Whispering Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,540 debit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
The trial balance before adjustment of Flint Inc. shows the following balances. Dr. Cr. Accounts Receivable $97,400 Allowance for Doubtful Accounts 3,300 Sales Revenue (all on credit) $643,200 Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,857 credit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Whispering Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $138,100 Allowance for Doubtful Accounts $2,970 Sales Revenue (all on credit) 845,000 Sales Returns and Allowances 53,310 Prepare the journal entry to record bad debt expense assuming Whispering Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,410 debit balance.