At year-end, a trial balance showed total credits exceeding total debits by $5,750. This difference could have been caused by: Multiple Choice An error in the general journal where a $5,750 increase in Accounts Receivable was recorded as an increase in Cash. A net income of $5,750. The balance of $57,500 in Accounts Payable being entered in the trial balance as $5,750. The balance of $6,460 in the Office Equipment account being entered on the trial balance as a debit of $710. An error in the general journal where a $5,750 increase in Accounts Payable was recorded as a decrease in Accounts Payable.

At year-end, a trial balance showed total credits exceeding total debits by $5,750. This difference could have been caused by: Multiple Choice An error in the general journal where a $5,750 increase in Accounts Receivable was recorded as an increase in Cash. A net income of $5,750. The balance of $57,500 in Accounts Payable being entered in the trial balance as $5,750. The balance of $6,460 in the Office Equipment account being entered on the trial balance as a debit of $710. An error in the general journal where a $5,750 increase in Accounts Payable was recorded as a decrease in Accounts Payable.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6PB: Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable....

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Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
At year-end, a trial balance showed total credits exceeding total debits by $6,200. This difference could have been caused by: O Multiple Choice An error in the general journal where a $6,200 increase in Accounts Receivable was recorded as an increase in Cash. A net income of $6,200. The balance of $62,000 in Accounts Payable being mistakenly entered in the trial balance as $6,200. The balance of $7,000 in the Office Equipment account being mistakenly entered on the trial balance as a debit of $800. An error in the general journal where a $6,200 increase in Accounts Payable was mistakenly recorded as a decrease in Accounts Payable.
At year-end a trial balance prepared shows total credits exceed total debits by $855. This discrepancy could have been caused by a. An error in the general journal where an increase of $855 in accounts payable was recorded as a decrease of $855 in accounts payable. b. The ledger balance of accounts receivable was wrongly entered in the trial balance as 95 instead of $950. c. The ledger balance for accounts payable of $8,550 entered in the trial balance as $855. d. $855 increase in accounts receivable was recorded as a $855 increase in cash in general journal.
At year-end, a trial balance showed total credits exceeding total debits by $6,050. This difference could have been caused by: Multiple Choice An error in the general journal where a $6,050 increase in Accounts Receivable was recorded an increase in Cash. A net income of $6,050. The belance of $60,500 in Accounts Payable being entered in the trial balance as $6,050. The balance of $6,820 in the Office Equipment account being entered on the trial balance as a debi: of $770. An error in the general journal where a $6,050 increase in Accounts Payable was recorded as a decrease in Accounts Payable.
A trial balance prepared at year-end shows total credits exceed total debits by $765. This discrepancy could have been caused by a. An error in the general journal where a $765 increase in Accounts Payable was recorded as a $765 decrease in Accounts Payable. b. The ledger balance for Accounts Payable of $7,650 being entered in the trial balance as $765. c. A general journal error where a $765 increase in Accounts Receivable was recorded as a $765 increase in Cash. d. The ledger balance of $850 in Accounts Receivable was entered in the trial balance as $85. e. An error in recording a $765 increase in Cash as a credit.
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $610,084 and Allowance for Doubtful Accounts has a balance of $20,670. What is the net realizable value of the accounts receivable? Select the correct answer. $20,670 $610,084 $630,754 $589,414
Information related to accounts receivable is given: Mobile Technology Ltd. reported an unadjusted balance of accounts receivable of $1,285,000 at 31 December 20X3, along with a credit balance in the allowance for doubtful accounts of $83,100 and an allowance for sales discounts of $6,000. At year-end, the company determined that an allowance of $12,500 for sales discounts was needed. It also decided that $53,400 of accounts receivable were uncollectible and should be written off. Of the remaining receivables, it was determined that 40% were current, and of the remaining net current balance, an allowance for doubtful accounts of 3% of the net balance was needed. The remaining 60% of outstanding accounts receivable were past due and an allowance for doubtful accounts of 10% of the outstanding balance was needed. Required: For each case above, show how net accounts receivable would be reported on the statement of financial position, and calculate bad debt expense for the year. (Round…
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $622,324 and Allowance for Doubtful Accounts has a balance of $20,510. What is the net realizable value of the accounts receivable? a.$601,814 b.$642,834 c.$20,510 d.$622,324
At the end of the current year, Accounts Receivable has a balance of $192,670; Allowance for Doubtful Accounts has a debit balance of $3,676; and credit sales for the year total $1,137,000. Bad debt expense is estimated at 1/2 of 1% of credit 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 Debt Expense c. Determine the net realizable value of accounts receivable.
At the end of the current year, Accounts Receivable has a balance of $947,700; Allowance for Doubtful Accounts has a credit balance of $7,201; and credit sales for the year total $3,040,000. Bad debt expense is estimated at 1/2 of 1% of credit 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. Accounts Receivable Allowance for Doubtful Accounts Adjusted Balance Bad Debt Expense c. Determine the net realizable value of accounts receivable. $
At the end of the current year, Accounts Receivable has a balance of $515,000; Allowance for Doubtful Accounts has a credit balance of $4,500; and sales for the year total $2,320,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted BalanceDebit (Credit) Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ C. Determine the net realizable value of accounts receivable. Thank you so much in advance.
The year-end balance in accounts receivable is $300,000, the Allowance for Uncollectible Accounts had a beginning of year balance of $2,500 credit, accounts written off during the year were $2,200. An aging of accounts receivable determined that $6,000 of receivables will be uncollectible. What is the net realizable value of accounts receivable at year end? $298,700 $294,000 $293,700 $294,300