At the end of the year, a company has a balance in Allowance for Uncollectible Accounts...

At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,000 (credit) before any year-end adjustment. The balance of Accounts Receivable is $180,000. The company estimates that 5% of accounts receivable will not be collected over the next year.

Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Expert Solution

Event	General Journal	Debit	Credit
1	Bad debts expense	$ 7,000.00
	Allowance for doubtful accounts		$ 7,000.00
	(To record bad debts expense)

Working

Estimated balance of allowance for uncollectables (180000 x 5%)	$ 9,000.00	Cr
Balance in Allowance for uncollectable account (Cr)	$ 2,000.00	Cr
Total bad debts to be recorded	$ 7,000.00	Cr

ekkarill92 answered 2 years ago

At the end of the year, Mercy Cosmetics' balance of Allowance for Uncollectible Accounts is $600...

At the end of the year, Mercy Cosmetics' balance of Allowance for Uncollectible Accounts is $600 (debit, before adjustment. The balance of Accounts Receivable is $25,000. The company estimates that 12% of accounts will not be collected over the next year. What is the adjustment Mercy Cosmetics would record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

At the end of the year, Mercy Cosmetics balance of Allowance for Uncollectible Accounts is $490

Brief Exercise 5-6 Record the adjusting for uncollectible accounts (L05-5) At the end of the year, Mercy Cosmetics balance of Allowance for Uncollectible Accounts is $490 (credid before adjustment. The balance of Accounts Receivable is $19,500. The company estimates that 10% of accounts will not be collected over the next year. What adjustment would Mercy Cosmetics record for Allowance for Uncollectible Accounts? (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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?

Accounts receivable has a balance of $16,000 and the allowance for uncollectible accounts has a credit...

Accounts receivable has a balance of $16,000 and the allowance for uncollectible accounts has a credit balance of $1,600. What is net accounts receivable before and after a $60 account receivable is written off?

At the end of current period, Heller Corporation's balance for allowance for uncollectible accounts is $120...

At the end of current period, Heller Corporation's balance for allowance for uncollectible accounts is $120 (credit). Heller has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands). Age of Receivables A/R Balance Estimated % uncollectible (Current $12,100 1%) (30-60 days past due 2,640 3%) (61-90 days past due 1,870 6%) (Over 90 days past due 926 10% ) Required: a)Determine the appropriate allowance for uncollectible accounts. b) How will Heller Corporation report its accounts receivable on...

At the end of the year, Breyer Associates had a credit balance in its allowance for uncollectible accounts of $9,000 before adjustment

At the end of the year, Breyer Associates had a credit balance in its allowance for uncollectible accounts of $9,000 before adjustment. The balance in Breyer's gross accounts receivable is $660,000. Breyer's management estimates that 6% of its accounts receivable balance will not be collected. What journal entry should Breyer record to adjust its allowance for uncollectible accounts? (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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...

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...

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...

Question