Question
In: Accounting
The December 31, 2017 balance sheet of Barone Company had Accounts Receivable of $400,000 and a...
The December 31, 2017 balance sheet of Barone Company had Accounts Receivable of $400,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2018, the following transactions occurred: sales on account $1,500,000; sales returns and allowances, $50,000; collections from customers, $1,250,000; accounts written off $36,000; previously written off accounts of $6,000 were collected.
If the company uses the percentage of receivables basis to estimate bad debt expense and determines that uncollectible accounts are expected to be 8% of accounts receivable, what is the adjusting entry at December 31, 2018?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The December 31, 2018 balance sheet of Jenson Company had Accounts Receivable of $450,000 and a...
The December 31, 2018 balance sheet of Jenson Company had
Accounts Receivable of $450,000 and a credit balance in Allowance
for Doubtful Accounts of $33,000. During 2019, the following
transactions occurred:
Sales on account $1,600,000
Sales returns and allowances, $75,000
Collections from customers,
$1,450,000
Accounts written off $35,000
Previously written off accounts of
$6,000 were collected
(a) Journalize the 2019 transactions. Disregard any impact on
inventory.
(b) If Jenson uses the percentage of sales basis to
estimate bad debts expense...
The December 31, 2016, balance sheet of the Kramer Company had Accounts Receivable of $650,000 and...
The December 31, 2016, balance sheet of the Kramer Company had
Accounts Receivable of $650,000 and a credit balance in Allowance
for Doubtful Accounts of $33,000. During 2017, the following
transactions occurred: sales on account $1,550,000; sales returns
and allowances, $100,000; collections from customers, $1,250,000;
accounts written off, $35,000; previously written off accounts of
$8,000 were collected.
Journalize the 2017 transactions. (Credit account
titles are automatically indented when the amount is entered. Do
not indent manually.)
Account Titles and Explanation...
At December 31, 2017, Engel Company had a balance of $770,000 in its Accounts Receivable account...
At December 31, 2017, Engel Company had a balance of $770,000 in
its Accounts Receivable account and an unused balance of $7,000 in
its Allowance for Doubtful Accounts. The company then
analyzed and aged its accounts receivable as follows:
Current $468,000
1-60
days past
due 244,000
61-180
days past
due 38,000
Over
180 days past
due 20,000
-------------
Total accounts
receivable $770,000
========
In the past, the company experienced losses as
follows: 1% of current balances, 5% of balances 1-60
days past due, 15% of balances 61-180...
The December 31, 2021, balance sheet of the Windsor, Inc. had Accounts Receivable of $670,000 and...
The December 31, 2021, balance sheet of the Windsor, Inc. had
Accounts Receivable of $670,000 and a credit balance in Allowance
for Doubtful Accounts of $30,000. During 2022, the following
transactions occurred: sales on account $1,558,000; sales returns
and allowances, $171,000; collections from customers, $1,257,000;
accounts written off, $39,000; previously written off accounts of
$9,000 were collected.
Journalize the 2022 transactions. (Credit account
titles are automatically indented when the amount is entered. Do
not indent manually.)
Account Titles and Explanation...
The December 31, 2021, balance sheet of the Vaughn Manufacturing had Accounts Receivable of $730,000 and...
The December 31, 2021, balance sheet of the Vaughn Manufacturing
had Accounts Receivable of $730,000 and a credit balance in
Allowance for Doubtful Accounts of $34,000. During 2022, the
following transactions occurred: sales on account $1,559,000; sales
returns and allowances, $130,000; collections from customers,
$1,340,000; accounts written off, $38,000; previously written off
accounts of $9,000 were collected.
Journalize the 2022 transactions. (Credit account
titles are automatically indented when the amount is entered. Do
not indent manually.)
Account Titles and Explanation...
The December 31, 2021, balance sheet of the Swifty Corporation had Accounts Receivable of $680,000 and...
The December 31, 2021, balance sheet of the Swifty Corporation
had Accounts Receivable of $680,000 and a credit balance in
Allowance for Doubtful Accounts of $33,000. During 2022, the
following transactions occurred: sales on account $1,554,000; sales
returns and allowances, $166,000; collections from customers,
$1,253,000; accounts written off, $38,000; previously written off
accounts of $9,000 were collected.
Journalize the 2022 transactions. AND If the company uses the
percentage of receivables basis to estimate bad debt expense and
determines that uncollectible...
SMC, Inc. Balance Sheet December 31, 2017 Assets Cash ......................................................................................................... $34,500 Accounts receivable ...................................................................
SMC, Inc. Balance Sheet December 31, 2017
Assets Cash
.........................................................................................................
$34,500
Accounts receivable
................................................................................
25,000
Inventory
..................................................................................................
10,000
Supplies
...................................................................................................
200
Total
assets..............................................................................................
$69,700
Liabilities and Stockholders’ Equity
Liabilities: Accounts payable
.............................................................................
$12,000
Salaries payable
...............................................................................
1,000 Income
taxes payable
......................................................................
3,675
Total
liabilities..........................................................................................
$16,675
Stockholders’ equity: Capital stock (10,000 shares
outstanding).................................... $25,000
Retained earnings
............................................................................
28,025
Total stockholders’ equity
.......................................................................
53,025
Total liabilities and stockholders’
equity................................................ $69,700
SMC, Inc. Income Statement For the Year Ended
December31,2017
Sales revenue
.............................................................................................
DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2017 Assets Cash $ 35,500 Accounts receivable 520,000...
DIMSDALE SPORTS COMPANY
Estimated Balance Sheet
December 31, 2017
Assets
Cash
$
35,500
Accounts receivable
520,000
Inventory
105,000
Total current assets
$
660,500
Equipment
612,000
Less: accumulated depreciation
76,500
Equipment, net
535,500
Total assets
$
1,196,000
Liabilities and Equity
Accounts payable
$
375,000
Bank loan payable
16,000
Taxes payable (due 3/15/2018)
89,000
Total liabilities
$
480,000
Common stock
471,000
Retained earnings
245,000
Total stockholders’ equity
716,000
Total liabilities and equity
$
1,196,000
The company’s single product is purchased for $20...
DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2017 Assets Cash $ 36,000 Accounts receivable 520,000...
DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31,
2017 Assets Cash $ 36,000 Accounts receivable 520,000 Inventory
100,000 Total current assets $ 656,000 Equipment 576,000 Less:
accumulated depreciation 72,000 Equipment, net 504,000 Total assets
$ 1,160,000 Liabilities and Equity Accounts payable $ 370,000 Bank
loan payable 14,000 Taxes payable (due 3/15/2018) 91,000 Total
liabilities $ 475,000 Common stock 474,000 Retained earnings
211,000 Total stockholders’ equity 685,000 Total liabilities and
equity $ 1,160,000 To prepare a master budget for January,
February,...
DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2017 Assets Cash $ 36,000 Accounts receivable 520,000...
DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31,
2017 Assets Cash $ 36,000 Accounts receivable 520,000 Inventory
100,000 Total current assets $ 656,000 Equipment 576,000 Less:
accumulated depreciation 72,000 Equipment, net 504,000 Total assets
$ 1,160,000 Liabilities and Equity Accounts payable $ 370,000 Bank
loan payable 14,000 Taxes payable (due 3/15/2018) 91,000 Total
liabilities $ 475,000 Common stock 474,000 Retained earnings
211,000 Total stockholders’ equity 685,000 Total liabilities and
equity $ 1,160,000 To prepare a master budget for January,
February,...
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