At the beginning of 20X3, W7w Tax Prep Company reported Accounts Receivable $11500 and Allowance for Uncollectible Accounts $1000 (debit). During 20X3, before recording the year-end adjusting entries, the Company recorded credit service revenue $27000 and wrote off accounts receivable $200. The following balance was reported on December 31, 20X3, before any adjustment Accounts Receivable $23000. The Company estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due 0-30 days past due Amount Receivable Estimated Percent Uncollectible 18,000 10% 3,000 30% More than 30 days past due Total 2,000 60% 23,000 Required: Please choose the best answer to the following questions based on the above information. On December 31, 20X3, what is the amount of accounts receivable that the Company expects to collect from customers? O $19100 $21800 O $10500 O $23000 What is the amount of bad debt expense that the Company recorded in its December 31,…

Uncollectible Accounts—Percentage of Sales and Percentage of Receivables At the end of the current year, the accounts receivable account of Malik's Lanscaping Service has a debit balance of $390,000. Credit sales are $2,880,000. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: 1.  Allowance for Doubtful Accounts has a credit balance of $1,840. a.  The percentage of sales method is used and bad debt expense is estimated to be 1% of credit sales.

The ledger of Metlock, Inc. at the end of the current year shows Accounts Receivable $85,700; Credit Sales $845,580; and Sales Returns and Allowances $42,390. (a)   If Metlock, Inc. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Metlock, Inc. determines that Matisse’s $883 balance is uncollectible. (b)   If Allowance for Doubtful Accounts has a credit balance of $1,191 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c)   If Allowance for Doubtful Accounts has a debit balance of $450 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) enter an account title enter a…