(a)Record the following events in 2008. Aug. Determined that the account of Henry Hum for $2,500 is uncollectible. Determined that the account of Mark Pippy for $4,000 is uncollectible. Received a cheque for $1,800 as payment on account from Henry Hum, whose 10 Sept. 12 Oct. 10 account had previously been written off as uncollectible. He indicated the remainder of his account would be paid in November. Nov. 15 Received a cheque for $700 from Henry Hum as payment on his account. (b)Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2008. (c)What is the balance of Allowance for Doubtful Accounts at December 31, 2008?
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- Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% 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 debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% 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 debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% 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 $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
- Doer Company reports year-end credit sales in the amount of $390,000 and accounts receivable of $85,500. Doer uses the income statement method to report bad debt estimation. The estimation percentage is 3.5%. What is the estimated balance uncollectible using the income statement method? A. $13,650 B. $2,992.50 C. $136,500 D. $29,925Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared the following data for sales and losses from uncollectible accounts: Required: 1. Calculate the average percentage of losses from uncollectible accounts for 2015 through 2018. 2. Assume that the credit sales for 2019 are $1,260,000 and that the weighted average percentage calculated in Requirement 1 is used as an estimate of loses from uncollectible accounts for 2019 credit sales. Determine the bad debt expense for 2019 using the percentage of credit sales method. 3. CONCEPTUAL CONNECTION Do you believe this estimate of bad debt expense is reasonable? 4. CONCEPTUAL CONNECTION How would you estimate 2019 bad debt expense if losses from uncollectible accounts for 2018 were What other action would management consider?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.
- Conner Pride reports year-end credit sales in the amount of $567,000 and accounts receivable of $134,000. Conner uses the balance sheet method to report bad debt estimation. The estimation percentage is 4.6%. What is the estimated balance uncollectible using the balance sheet method? A. $26,082 B. $6,164 C. $260,820 D. $61,640Clovis Enterprises reports $845,500 in credit sales for 2018 and $933,000 in 2019. It has a $758,000 accounts receivable balance at the end of 2018 and $841,000 at the end of 2019. Clovis uses the income statement method to record bad debt estimation at 4% during 2018. To manage earnings more favorably, Clovis changes bad debt estimation to the balance sheet method at 5% during 2019. A. Determine the bad debt estimation for 2018. B. Determine the bad debt estimation for 2019. C. Describe a benefit to Clovis Enterprises in 2019 as a result of its earnings management.You have the following information about Al Salah Trading Company for the year 2015 1. Allowance for Doubtful Accounts 44000 credit 2. Sales during the year 3000000 60% of which are on credit and the remaining in cash 3. Cash receipts amounted during the year 600000 4. decided write-off 10000 5. Recovery 5000 6. In 31/12/2015 estimates that 2% of its Accounts Receivable will prove to be uncollectible R/ prepare the entry for transaction and posting account receivables
- The following information concerns Complex, Inc.: Accounts receivable, 12/31/X7 $56,000 Credit sales during X7 $189,000 Allowance for doubtful accounts, 12/31/X7 $1,500 credit Bad debt expense is determined using the percentage of sales method. The company believes that 4% of sales will never be collected. What would be the balance in allowance for doubtful accounts after the adjusting entry? Select one: O a. $9,060 O b. $7,560 O c. $1,500 O d. $6,060 Oe. $2,240Bartell Co has provided you with the following information for the year ended December 31, 2016 • Net credit sales are $248,000 for the year . Based on historical data, management expects that 2.0% of credit sales will be uncollectible. . Based on historical data, management expects that 5.0% of outstanding receivables will be uncollectible. • Allowance for Doubtful Accounts (XA) has a credit balance of $600 at January 1, 2016. • Accounts Receivable (A) has a debit balance of $66,000 at December 31, 2016. Bartell Co wrote off $2,000 of Accounts Receivable as uncollectible. Estimate Bad Debt Expense for 2016 using the percentage of credit sales method. Round your answer to the nearest dollar: $ Estimate Bad Debt Expense for 2016 using the aging of receivables method Round your answer to the nearest dollar: $133. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…