Question
In: Accounting
Warner Company’s year-end unadjusted trial balance shows accounts receivable of $108,000, allowance for doubtful accounts of...
Warner Company’s year-end unadjusted trial balance shows
accounts receivable of $108,000, allowance for doubtful accounts of
$690 (credit), and sales of $370,000. Uncollectibles are estimated
to be 1.50% of accounts receivable.
1. Prepare the December 31 year-end adjusting
entry for uncollectibles.
2. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $750?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
BioWare’s year-end unadjusted trial balance shows accounts receivable of $22,000 and sales of $330,000. Uncollectibles are...
BioWare’s year-end unadjusted trial balance shows accounts
receivable of $22,000 and sales of $330,000. Uncollectibles are
estimated to be 2% of sales.
Prepare the December 31 year-end adjusting entry for uncollectibles
using the percent of sales method.
Record the estimate of uncollectibles.
Date
General Journal
Debit
Credit
Dec 31
On January 1, Wei Company begins the accounting period with a
$46,000 credit balance in Allowance for Doubtful
Accounts.
On February 1, the company determined that $10,000 in customer
accounts was...
Question 2 a.) Allowance for Doubtful Accounts has an unadjusted balance of $500 at the end...
Question 2
a.) Allowance for Doubtful Accounts has an unadjusted balance of
$500 at the end of the year, and uncollectible accounts expense is
estimated at 1% of net sales. If net sales are $900,000, the amount
of the adjustment to record the provision for doubtful accounts
is:
Select one:
$9,500
$500
$8,500
$9,000
b.)Allowance for Doubtful Accounts has an unadjusted balance of
$400 at the end of the year, and uncollectible accounts expense is
estimated at 1% of net...
A company’s year-end balance in accounts receivable is $2,000,000. The allowance for uncollectible accounts had a...
A company’s year-end balance in accounts receivable is $2,000,000. The allowance for uncollectible accounts had a beginning-of-year credit balance of $30,000. An aging of accounts receivable at the end of the year indicates a required allowance of $38,000. If bad debt expense for the year was $40,000 and if credit sales for the year were $8,200,000 and $7,950,000 was collected from credit customers, what was the beginning-of-year balance in accounts receivable?
Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year...
Allowance for Doubtful Accounts has a credit balance of $500 at
the end of the year (before adjustment), and bad debt expense is
estimated at 2% of credit sales. If credit sales are $848,200, the
amount of the adjusting entry to record the estimated uncollectible
accounts receivable
In the normal operation of business, you receive a check from a
customer and deposit it into your checking account. With your bank
statement, you are advised that this check for $775 is...
The allowance for doubtful accounts has a debit balance of $1,000 at the end of the...
The allowance for doubtful accounts has a debit balance of
$1,000 at the end of the year (before adjustment), and
uncollectible accounts expense is estimated at $10,000. If accounts
receivable are $700,000, the amount of the adjusting entry to
record the allowance for doubtful accounts using the aging of
receivables method is:
Donovan Carrier Corp has an Accounts Receivable Balance of $1,065,000 and an Allowance for Doubtful Accounts...
Donovan Carrier Corp has an Accounts Receivable Balance of
$1,065,000 and an Allowance for Doubtful Accounts of $99,500 as of
12/31/18. In 2019, Donovan has credit sales of $2,900,000 and
collections on account of $3,020,000. They write-off $103,000 in
uncollectible accounts in 2019. Their financial manager estimates
14% of their accounts receivable will be uncollectible as of
12/31/19.
REQUIRED : Provide the journal entry for Donovan for the account
write-offs for 2019.
REQUIRED : Provide the adjusting journal entry for...
Donovan Carrier Corp has an Accounts Receivable Balance of $1,065,000 and an Allowance for Doubtful Accounts...
Donovan Carrier Corp has an Accounts Receivable Balance of
$1,065,000 and an Allowance for Doubtful Accounts of $99,500 as of
12/31/18. In 2019, Donovan has credit sales of $2,900,000 and
collections on account of $3,020,000. They write-off $103,000 in
uncollectible accounts in 2019. Their financial manager estimates
14% of their accounts receivable will be uncollectible as of
12/31/19.
REQUIRED : Provide the journal entry for Donovan for the
account write-offs for 2019.
REQUIRED : Provide the adjusting journal entry for...
At the end of the current year, Accounts Receivable has a balance of $969,540 Allowance for...
At the end of the current year, Accounts Receivable has a
balance of $969,540 Allowance for Doubtful Accounts has a credit
balance of $5,287 and sales for the year total $2,224,000. Bad debt
expense is estimated at ½ of 1% of sales.
a. Determine the amount of the adjusting entry
for bad debt expense.
$
b. Determine the adjusted balances of Accounts
Receivable, Allowance for Doubtful Accounts, and Bad Debt
Expense.
Adjusted Balance
Accounts Receivable
$
Allowance for Doubtful Accounts...
At the end of the current year, Accounts Receivable has a balance of $98,880; Allowance for...
At the end of the current year, Accounts Receivable has a
balance of $98,880; Allowance for Doubtful Accounts has a debit
balance of $3,556; and sales for the year total $1,108,000. Bad
debt expense is estimated at 1/2 of 1% of sales.
a. Determine the amount of the adjusting entry for bad debt
expense.
$
b. Determine the adjusted balances of Accounts Receivable,
Allowance for Doubtful Accounts, and Bad Debt Expense.
Adjusted Balance
Accounts Receivable$
Allowance for Doubtful Accounts
Bad...
At the end of the current year, Accounts Receivable has a balance of $803,120; Allowance for...
At the end of the current year, Accounts Receivable has a
balance of $803,120; Allowance for Doubtful Accounts has a credit
balance of $5,189; and sales for the year total $2,213,000. Bad
debt expense is estimated at 1/2 of 1% of net sales.
a. Determine the amount of the adjusting entry
for bad debt expense.
$
b. Determine the adjusted balances of Accounts
Receivable, Allowance for Doubtful Accounts, and Bad Debt
Expense.
Adjusted Balance
Accounts Receivable
$
Allowance for Doubtful...
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