Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method: Determine the amount to be charged to the uncollectible expense account.Prepare the Allowance for uncollectible account.Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31. Allowance for uncollective AccountsDateParticularsAmountDateParticularsAmount15 MayAccounts Receivable2,9001 JanBalance b/d31,2004 AugAccounts Receivable3,30026 OctAccount Receivable12031 DecBalance c/d116,50031 DecBad Debt91,380Balance c/d116,500Total122,700Total122,700Accounts receivableDateParticularsAmount DateParticularsAmountbut allowance for1 JanTo Balance b/d312,000 15 May2,900uncollectibleby allowance for10 Janto sales Revenue11,000 4 August3,300uncollectible26 OctTo Allowance for uncollectible account12026 Octby cash12031 Decby balance c/d316,800Total122,700Total122,700 Current Assets:Total Receivable316,800Less: Allowance for uncollectible116,500Net Trade receivable200,300

Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method: Determine the amount to be charged to the uncollectible expense account. Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31.

Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method: Determine the amount to be charged to the uncollectible expense account. Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. From page 5-4 of the VLN, when using the percent of receivables method, the math of multiplying accounts receivable by the percent of uncollectible accounts directly calculates: Group of answer choices A. The ending balance of the allowance for uncollectible accounts. B. Bad debt expense C. Net accounts receivable D. The amount to use in the adjusting entry to recognize bad debt expense 2. From page 5-4 of the VLN, what is the appropriate amount to record for bad debt expense when the company records the adjusting entry on 12/31? 3. Using the data from page 5-4 of the VLN, assume that instead of having a $500 credit balance in the Allowance for Uncollectible Accounts (AUA), the company had a $600 credit balance in the account. How would that affect the ending balance in the AUA after the company prepared the adjusting entry and posted it to the AUA? Group of answer choices A. The higher balance before the adjusting entry would cause the ending balance in the AUA to…
1. What amount should be reported as accounts receivable on December 31?a. 1,300,000b. 1,426,000c. 1,280,000d. 1,220,000 2. What amount should be reported as allowance for doubtful accounts on December 31?a. 120,000b. 200,000c. 250,000d. 170,000
What is the amount received by partially secured creditor? A. P40,000B. P60,000C. P70,000D. P65,000
Question Content Area Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class PercentUncollectible Not past due 1% 1-30 days past due 5 31-60 days past due 25 61-90 days past due 35 Over 90 days past due 50 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff IndustriesAging of Receivables Scheduleblank Customer Balance Not PastDue 1-30 DaysPast Due 31-60 DaysPast Due 61-90 DaysPast Due Over 90 DaysPast Due Subtotals 840,000 495,600 184,800 75,600 42,000 42,000 Conover Industries 18,100 18,100 Keystone Company 18,200 18,200 Moxie Creek Inc. 6,600 6,600 Rainbow Company 10,000 10,000 Swanson Company 23,100 23,100 Total receivables 916,000 518,700 194,800 82,200 60,200 60,100 Percentage uncollectible 1% 5% 25% 35% 50% Allowance for Doubtful…
OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
The allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $656 of accounts receivable are uncollectible. Allowance for Doubtful Accounts has a debit balance of $193. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of Oa. $849 Ob. $656 Oc. $193 Od. $463
Problem 4-10 (AICPA Adapted) Rapture Company had the following information for eurrent year relating to accounta receivable: 13000 50000 4.750.000 125.000 Accounts receivable, January 1 Credit eales Collectiona from customers, excluding recovery Accounta written off Collection of accounta written off in prior year. customer credit waa not reestablished Eatimated uncollectible receivables per aging at December 31 25.000 165 000 What is the balance of accounta receivable, before allowane for doubtful accounts, on December 317 a. 1,825,000 b. 1,850,000 c. 1,950,000 d. 1,990,000
Calculate the required Allowance for Doubtful Accounts under the Accounts Receivable Aging Method using the following information: Age Group 0-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due 10,000 $2,650 $3,650 5,000 388 Balance $100,000 $20,000 $10,000 $5,000 $5,000 Probability of Non- collection 1% 2% 5% 10% 25%
How do you adjust this: (Adjusting entry) Allowance for doubtful accounts is ascertained to be 5% of the outstanding accounts receivable, 150000
Presented below is an aging schedule for Windsor, Inc. at December 31, 2021. Number of Days Past Due Not Over 90 Customer Total Yet Due 1-30 31-60 61-90 Aneesh $ 22,500 $10,500 $12,000 Bird 34,000 $34,000 Соpe 57,900 6,000 6,800 $45,100 DeSpears 33,400 $33,400 Others 126,400 95,000 16,800 14,600 $274,200 $135,000 $34,100 $26,600 $45,100 $33,400 Estimated percentage uncollectible 3% 7% 12% 24% 60% Total estimated uncollectibles $ 40,493 $ 4,050 $ 2,387 $ 3,192 $ 10,824 $20,040 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $13,100.
iedugen.wileyplus. Return to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements CALCULATOR PRINTER VERSION ( BACK NEXT Exercise 9-04 a-f (Part Level Submission) At the beginning of the current period, Cheyenne had balances in Accounts Receivable of $286,000 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period, it had net credit sales of $890,000 and collections of $845,500. It wrote off as uncollectible accounts receivable of $6,000. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Omit cost of goods sold entries.) (a - d) Your answer has been saved and sent for grading. See Gradebook for score details. (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of…
be Preview File Edit View V Go mgt120h-a17.pdf Page 3 of 10 DOLAY Tools Window Help risinin D .. .. .. ... ... O V C. For an amount that the company estimates it will not collect. d. Several times during the accounting period. ܐ. . .. . . Search (Cª 5. Under the allowance method for uncollectible accounts, Bad Debts Expense is recorded a. When an individual account is written off. b. When the loss amount is known. Sat Apr 15 3:04 PM 6. A company sells an asset that originally cost $150,000 for $50,000 on December 31, 2016. The accumulated depreciation account had a balance of $60.000 after the current year'e Cost-Volume-Profit Analysis The Effect Of Prepaid Taxes On Assets Debenture Valuation And Liabili... 90 77