At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $780. During the year, previously written off accounts of $119 are reinstated and accounts totaling $744 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be Oa. $780 © b. $744 O c. $119 Od. $155

At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $780. During the year, previously written off accounts of $119 are reinstated and accounts totaling $744 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be Oa. $780 © b. $744 O c. $119 Od. $155

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $764. During the year, previously written off accounts of $140 are reinstated and accounts totaling $736 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be a.$736 b.$764 c.$168 d.$140
At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $774. During the year, $346 of previously written off accounts were reinstated and accounts totaling $845 are written off as uncollectible. The end of the year balance in the Allowance for Doubtful Accounts should be the one listed below. Select the correct answer. $275 $346 $774 $845
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
The allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $772 of accounts receivable are uncollectible. Allowance for Doubtful Accounts has a debit balance of $97. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of a.$97 b.$772 c.$869 d.$675
Allowance for Doubtful Accounts has a credit balance of $670 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $16,220. Based on this estimate, which of the following adjusting entries should be made? Select the correct answer. debit Allowance for Doubtful Accounts, $670; credit Bad Debt Expense, $670 debit Bad Debt Expense, $670; credit Allowance for Doubtful Accounts, $670 debit Bad Debt Expense, $15,550; credit Allowance for Doubtful Accounts, $15,550 debit Allowance for Doubtful Accounts, $16,890; credit Bad Debt Expense, $16,890
At its fiscal year end, under the aging of a company's accounts receivable, the uncollectible accounts are estimated to be $12,000. The unadjusted balance for the Allowance for Doubtful Accounts is $2,000 credit. Assume the company records adjusting entries only at year end. What is the balance in the Allowance for Doubtful Accounts account after adjustment? A. $14,000 B. $12,000 O C. $10,000 D. $2,000
Current Attempt in Progress On December 31, 2021, the Allowance for Doubtful Accounts has an unadjusted debit balance of $1,020. Lawn Corporation estimates that 10% of its total accounts receivable balance of $94,700 will become uncollectible and records the necessary adjustment to the Allowance for Doubtful Accounts. On May 11, 2022, Lawn Corporation determined a J. Reno's account was uncollectible and wrote off $1,570. On June 12, 2022, Reno paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To reverse write-off of account receivable) (To record recovery of uncollectible amount)
Before the year-end adjustment the Allowance for Doubtful Accounts has a debit balance of $5,000. Using the aging of receivables method, the desired balance of the Allowance for Doubtful Accounts is estimated as $35,000. a) What is the uncollectible accounts expense for the period? b) What is the journal entry required? c) What is the balance of the Allowance for Doubtful Accounts after adjustment? d) If the accounts receivable balance is $325,000, what is the net realizable value of the receivables after adjustment?
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $664,657 and Allowance for Doubtful Accounts has a balance of $21,609. What is the net realizable value of the accounts receivable? a.$21,609 b.$664,657 c.$643,048 d.$686,266
Allowance for Doubtful Accounts has a credit balance of $667 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $17,457. Based on this estimate, which of the following adjusting entries should be made? Select the correct answer. debit Bad Debt Expense, $16,790; credit Allowance for Doubtful Accounts, $16,790 debit Allowance for Doubtful Accounts, $667; credit Bad Debt Expense, $667 debit Allowance for Doubtful Accounts, $18,124; credit Bad Debt Expense, $18,124 debit Bad Debt Expense, $667; credit Allowance for Doubtful Accounts, $667
b. Prepare the year-end adjusting entry to record the bad debts using the aged uncollectible accounts receivable in (a). Assume the current balance in Allowance for Doubtful Accounts is a Y8,000 debit
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