Allowance for Doubtful Accounts has a debit balance of $830 before adjustment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Allowance for Doubtful Accounts Accounts Receivable Debit 830 Credit 830
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- The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500When Sunland Holdings Ltd. received its bank statement for the month of October, it showed that the company had a cash balance of $19,426 as at October 31. Sunland's general ledger showed a cash balance of $20,400 at that date. A comparison of the bank statement and the accounting records revealed the following information: 1. 2. 3. 4. 5. 6. Bank service and credit card charges for the month were $7. A cheque, in the amount of $570, from one of Sunland's customers that had been deposited during the last week of October was returned with the bank statement as "NSF." Cheque #3421, which was a payment for utilities expenses, had been correctly written for $870 but had been incorrectly recorded in the general ledger as $780. Sunland had written and mailed out cheques with a value of $2,570 that had not yet cleared the bank account. During the month, the bank collected a $2,700 note receivable plus the outstanding interest of $243 on behalf of Sunland. The interest had already been accrued.…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…
- A edugen.wileyplus.com W WileyPLUS Bb Return to Blackboard US US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Commun Help | System Announcements Problem 9-01A a-d (Video) At December 31, 2019, Ayayai Co. reported the following information on its balance sheet. Accounts receivable $965,100 Less: Allowance for doubtful accounts 79,700 During 2020, the company had the following transactions related to receivables. 1. Sales on account $3,692,700 2. Sales returns and allowances 49,600 3. Collections of accounts receivable 2,817,800 4. Write-offs of accounts receivable deemed uncollectible 89,600 5. Recovery of bad debts previously written off as uncollectible 27,350 Your answer is correct. Aceur me thatne neh diecouınte w ers Prepare the journal entries to record onch of tho0o fuo trnnanotionoIf a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $ Ending balance in Allowance for Doubtful Accounts $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer
- Assume the following information for Larkspur Corp. Accounts receivable (beginning balance) $139,000 Allowance for doubtful accounts (beginning balance) 11,480 Net credit sales 950,000 Collections 915,000 Write-offs of accounts receivable 5,500 Collections of accounts previously written off 2,200 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable.ADJUSTING ENTRIES. PROBLEM ON THE PROVISION FOR UNCOLLECTIBLE ACCOUNTS Thank youu soo mucchh!Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $390 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $7,010. Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $390 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 3% of credit sales, which totaled $841,000 for the year. Amount added fill in the blank Ending balance
- Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2. 3. Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 4. 1. 2. 3. 4. No. Account Titles and Explanation (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) To obtain additional cash, Waterway factors without recourse $24,300 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. To obtain a 1-year loan of $58,900, Waterway pledges $67,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. Cash Dr. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. Based on an aging analysis, an allowance of $5,577…Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $460 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $7,040. Amount added Ending balance b. Credit balance of $460 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 3% of credit sales, which totaled $1,009,000 for the year. Amount added Ending balanceOne company has estimated that $3150 of its accounts receiable will be uncollectible. If allownace for doubtful accounts already has a credit balance of $1102, and the percentage of receivables method is used, it sadjustment to recrod for the period will require a debit to what for what amount?