Question

A)Nash's Trading Post, LLC had checks outstanding totaling $24000 on its June bank reconciliation. In July, Nash's Trading Post, LLC issued checks totaling $172700. The July bank statement shows that $116800 in checks cleared the bank in July. A check from one of Nash's Trading Post, LLC's customers in the amount of $1300 was also returned marked "NSF." The amount of outstanding checks on Nash's Trading Post, LLC's July bank reconciliation should be

B) Concord Corporation had checks outstanding totaling $27200 on its May bank reconciliation. In June, Concord Corporation issued checks totaling $170200. The June bank statement shows that $126700 in checks cleared the bank in June. A check from one of Concord Corporation's customers in the amount of $1300 was also returned marked "NSF." The amount of outstanding checks on Concord Corporation's June bank reconciliation should be

C) Ayayai Corp. uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $200000 and credit sales are $2010000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Ayayai Corp. make if the Allowance for Doubtful Accounts has a credit balance of $2000 before adjustment?

D)Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $40000. If the balance of the Allowance for Doubtful Accounts is an $8000 debit before adjustment, what is the balance after adjustment?

E) Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $52000. If the balance of the Allowance for Doubtful Accounts is an $10400 debit before adjustment, what is the amount of bad debt expense for that period?

Answer 1