(a) Uncollectible accounts: These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts . Allowance Method: It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records. The wrong with the bookkeeper’s entry journal entry for the defaulted account.

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Answer 1

Question

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

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CAN SOMEONE HELP ME FILL OUT THIS CHART ? (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a).Assume the current balance in Allowance for Doubtful Accounts is a $8,500 debit. (c) Of the above accounts, $4,700 is determined to be specifically uncollectible.Prepare the journal entry to write off the uncollectible account. (d) The company collects $4,700 subsequently on a specific account that had previously been determined to be uncollectible in (c).Prepare the journal entries necessary to restore the account and record the cash collection.

The trial balance of the Sterling investigative Services shown next age does not balance. Your review of the general ledger reveals that each account has a normal balance. You also discovered the following errors. a. The totals of the debit sides of Rent Deposit, Accounts Payable, and Representation Expense were each understood to be P1,000. b. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were P25,700 and P69,600, respectively. c. Check payment for P9.400 was properly recorded, and the cash credit properly posted, but the accountant failed to post to the debit side of the taxes payable account. d. The trial balance shows some accounts are not on their proper sides. e. A cash debit posting for P5,000 was posted on the credit side. Credit P27,500 Sterling Investigative Services Trial Balance May 31, 2017 Debit Cash P55,800 Accounts Receivable Rent Deposit 7,000 Equipment 80,000 Accounts payable Taxes Payable…

The following errors were discovered during the financial year ended 28 February 2021.a) A debtor that was owing N$ 600 was erroneously written-off as bad debt;b) Cash receipt of $300 was recorded as bank receipt;c) A payment of N$ 1 500 received from a customer was recorded on supplier;d) Credit sales of N$ 4 300 was recorded to supplier account; Page 18 of 19e) Bank charge of $420 was completely omitted from the records;f) Stationery purchased of $ 580 was debited to advertisement;g) Printing that was purchased by EFT was completely ignored in the books, $630;h) A customer that was owing $1 250 was declared bankrupt and the transaction was notrecorded;i) The owner withdraws a cheque for $900 and deposited in the business;j) Depreciation for motor vehicle was not provided for. Depreciation is at 10% straight lineand no residual value.k) Depreciation for computer equipment was not provided for. Depreciation as at 15%,straight line with N$ 2 000 residual value.REQUIREDPrepare a…

Answer 2

Question

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

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Answer 3

Question

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

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Answer 4

Question

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

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Answer 5

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

Answer 6

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

Answer 7

Chapter 5, Problem 72E

To determine

(a)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The wrong with the bookkeeper’s entry journal entry for the defaulted account.

Answer 8

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

Answer 9

To determine

(b)

Uncollectible accounts:

These are those accounts which reflect that amount of credit sales which is not to be collected i.e. bad debts.

Allowance Method:

It is a method of recognizing the bad debt before its actual occurrence i.e. on estimation basis. In this method, the bad debt is recorded in the books at the time of sale of the goods on making an estimate about the bad debt as per the past records.

The journal entries for the accounting of bad debt and correction.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 5 - When is revenue recognized?Ch. 5 - When is a performance obligation satisfied?Ch. 5 - At what amount should sales revenue be recorded...Ch. 5 - Prob. 4DQ Ch. 5 - Prob. 5DQ Ch. 5 - Prob. 6DQ Ch. 5 - Prob. 7DQ Ch. 5 - Prob. 8DQ Ch. 5 - Prob. 9DQ Ch. 5 - Why is the direct write-off method not GAAP?

Solution Summary: The author explains how Karlin Constructions' bookkeeper wrote off the accounts of receivables wrongly by debiting and crediting the bad debt expense in reverse.

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