Prepare a Journal Entries for Accounts Receivables.
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- Balance of trade receivables is R87300 Debtors were oftered a 5% settement discount. Only 94% of debtors setteled their balances and the remainder of debtors book was sold to a dept agency at 65% discount. Diaw up the trade receivables caccount and close of balances. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.2021 Dec 31 Recorded Bad Debt Expense of $15,500 2022 Apr 1 Wrote off J.Salazar account of $3500 as uncollectible 2022 June 4 Wrote off T.Savvy account of $4000 as uncollectible 2022 August 10 Recovered $1500 from T. Savvy Required Journalize the transactions using the income statement approach to estimate bad debts. Journalize how Sloan Company would record the T Savvy bad debt situation if the direct write-off method had been used. Assume the bad debt was recovered on August 10, 2023.Al Hajar Co. provides you the following account balances for the year ended on 31 December 2019. Sales Revenue OMR 100,000 Cr. Accounts Receivable OMR 25,000 Dr. Allowance for Doubtful accounts OMR 1000 Cr. Scenario 1 Bad debts are estimated based on the aging schedule given below Aging class Receivable Balance (OMR) Estimate % of uncollectible 0–30 days 15,000 10 31–60 days 5,000 15 61–90 days 3,500 20 Over 90 days 1,500 25 Actual bad debt - OMR 1,100 and amount recovered - OMR 800. Scenario 2 Estimated amount of bad debts - 12% of receivables, Actual bad debt - OMR 1,500 and amount recovered later on - OMR 900. Scenario 3 Estimated amount of bad debts - 3.5% of Sales, Actual bad debt - OMR 1,300 and amount recovered - OMR 1000. Required: For each scenario given above; a)Estimate the uncollectible amounts. b)Pass adjusting entry to record the estimated uncollectible. c)Pass all the journal entries for actual write off and recovery…
- 14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TLChoose the correct letter of answer Entity A has accounts receivable of ₱500,000 and a related allowance for bad debts of ₱120,000. How much is the carrying amount of the accounts receivable?A. 620,000B.500,000C. 480,000D. 380,000 If deposit for lease contract was recorded as Rent Expense,A. expense is understated.B.asset is not affected.C.profit is overstated.D. owner’s equity is understated. Inventory, beg. ₱50,000; Net purchases, ₱120,000; Cost of goods sold, ₱80,000. How much is the Inventory, end.?A. 90,000B. 120,000C. 70,000D. 80,000he following unadjusted balances of Beta Company are presented at August 31, 2023: Dr. Cr. Accounts receivable $100 000 Sales returns and allowances 40 000 Allowance for doubtful accounts 2 500 Credit Sales $750 000 Required: (a) Prepare the journal entry for estimated bad debts assuming that doubtful accounts are estimated to be 6% of gross accounts receivable. Dr. Answer 1 Question 3 $Answer 2 Question 3 Cr. Answer 3 Question 3 $Answer 4 Question 3 (b) Prepare the journal entry for estimated bad debts assuming that doubtful accounts are estimated to be 1% of net sales Dr. Answer 5 Question 3 $Answer 6 Question 3 Cr. Answer 7 Question 3 $Answer 8 Question 3
- Alco Co uses the % of A/R allowance method $300,000 Ending A/R Balance Management estimates 4% uncollectible, AFDA has credit balance $3,000 before adjustment 1-What is the adjusting entry for Bad Debt Expense? What is impact to A=L+SE If FAIL to do adjusting entry, what is the impact on the acct. equation? 2-JE for $5,000 needs to be written off for customers who are unable to pay. What is impact to A=L+SE If FAIL to do adjusting entry, what is the impact on the acct. equation? 3-What is the Net Realizable Value of A/R before and after the write off?sheridan company uses the percentage of receiveables method for recording bas debt expense. the axcounts receiveable balance is 608000 and credit sales are 2620000z. management estimates 4% of accounts receiveable will be un collectible. what adjusting entry will sheidan comany make to record bad bedt expense if the allowance for doubtful accounts has 5500 balance3. The following balances have been taken from the unadjusted trial balance of a tradingorganization for the year ended Dec. 31, 2020:Sales (All on credit) Rs. 650,000Sales Return and Allowance (All from credit sales) 20,000Sales Discount 10,000Accounts Receivable 430,000Allowance for bad debt (Cr.) 2000Required:Record and close bad debt expense for the year ended Dec. 31, 2020 under each of the followingassumptions separately:a. Allowance for bad debt was estimated @ 10% of accounts receivable.b. Bad debt expense was estimated @ 1.5% of net credit sales.
- 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 blankLMN company provided information of their financial records on December 31, 2026 A/R, Jan 2026-2,500,000 Collections of A/R net of 10% discount-5,400,000 Allowance of bad debts expense, Jan 2026- 37,500 Inventory, Jan 1-2,880,000 Inventory, Dec 31-2,640,000 A/P, Jan 1 -1,000,000 A/P, Dec 31-1,500,000 Cash Sales-1,700,000 Purchases-4,800,000 Gross Profit on Sales-2,160,000 The management used the percentage of A/R method in estimating bad debts. If the same technique is used for the current rent, how much is the bad debts expense for the year assuming the company wrote off 15,000 A/R during the year and recovered 3,450. The allowance for bad debts expense as of the year ended 2026 is?Blossom Company unadjusted trial balance includes the following balances (assume normal balances): • Accounts Receivable $1130000 • Allowances for Doubtful Accounts $21400 Bad debts are estimated to be 5% of outstanding receivables. What amount of bad debt expense will the company record? $56500 $35100 $33822 $57678
