At the end of the year, a company has the following accounts receivable and estimates of uncollectibleaccounts: Accounts not yet due = $72,000; estimated uncollectible = 7%. Accounts 1 to 30 days past due= $32,000; estimated uncollectible = 20%. Accounts more than 30 days past due = $8,000; estimateduncollectible = 50%. Required: Record the year-end adjusting entry for uncollectible accounts, assuming thecurrent balance of the Allowance for Uncollectible Accounts is $1,400 (debit). (If no entry is required for aparticular transaction/event, select "No Journal Entry Required" in the first account field.)

Step 1: Uncollectibles are estimated based on a percentage of accounts receivable method using the…

Answered: At the end of the year, a company has…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1CP

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A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
At the end of the year a company has the following accounts receivable and estimates of uncollectible accounts: 1 Accounts not yet due = $72,000; estimated uncollectible = 3%. 2. Accounts 1-30 days past due $37,000; estimated uncollectible = 20%. 3. Accounts more than 30 days past due = $8,000; estimated uncollectible = 45%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1100 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the bad debt expense. Note: Enter debits before credits. Event General Journal Debit Credit 1 Bad Debt Expense Allowance for Uncollectible Accounts Record entry Clear entry View general journal
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $81,000; estimated uncollectible = 5%. Accounts 1-30 days past due = $27,000; estimated uncollectible = 25%. Accounts more than 30 days past due = $7,000; estimated uncollectible = 50%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $830 (credit). (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, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $74,000; estimated uncollectible = 6%. Accounts 1-30 days past due = $40,000; estimated uncollectible = 30%. Accounts more than 30 days past due = $7,000; estimated uncollectible = 40%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,100 (debit).
Company I had the following balances at the end of the year: Accounts receivable: $50,000 Allowance for doubtful accounts: $2,000 (credit balance) The company estimates that 2% of accounts receivable will be uncollectible. Record the journal entry to adjust the allowance for doubtful accounts.
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $220 (credit) before any year-end adjustment. The balance of Accounts Receivable is $15,900. The company estimates that 14% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 30 F3 888 F7 F9 F10 # 2$ % & 3 4 6 7 8 9. E R Y P { F K L < ? C V alt command option + || .. .. | H
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $220 (credit) before any year-end adjustment. The balance of ACcounts Receivable is $15,900. The company estimates that 14% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 吕0 F3 888 4 F5 F6 F7 FB # 2$ & * 4 5 7 9 E R Y U P S F G J K C V alt mand command option *3
At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $15,000. By the end of the year, write-offs of bad debts total $17,000. Determine the financial statement effects of the write-offs of $17,000 and compute the ending balance of Allowance for Uncollectible Accounts. Complete this question by entering your answers in the tabs below. Financial Ending Statem... Balance Determine the financial statement effects of the write-offs of $17,000. Note: Amounts to be deducted should be indicated by a minus sign. Balance Sheet Assets Accounts Receivable Allowance for Uncollectible Accounts $ 17,000 $ (17,000) Liabilities Stockholders' Equity Common Stock Retained Earnings Income Statement Expenses 11 Net Income

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