On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $24,500 Accounts Receivable 43,000 Allowance for Uncollectible Accounts $2,900 Inventory 43,000 Land 81,100 Accounts Payable 28,700 Notes Payable (6 %, due in 3 years) 43,000 Common Stock 69,000 Retained Earnings 48,000 Totals $191,600 $191,600
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Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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- On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts Debit CreditCash $ 58,700Accounts Receivable 25,000Allowance for Uncollectible Accounts $ 2,200Inventory 36,300Notes Receivable (5%, due in 2 years) 12,000Land 155,000Accounts Payable 14,800Common Stock 220,000Retained Earnings 50,000Totals $ 287,000 $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…On January 1, 2021, the general ledger of Big Bles: Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23, 308 48, e0e Accounts Receivable Allowance for Uncollectible Accounts $ 4, 580 37, eee Inventory Land 72,100 Accounts Payable Notes Payable (6%, duc in 3 years) 28,98e 37,eee 63,0ee 39,8ee Comnon Stock Retained Earnings Totals $172,400 $172, 400 The $37,000 beginning belance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,680 units for $168,89e on account ($185 cach). January 8 Purchase 1,78e units for $187, e0e on account ($110 each). January 12 Purchase 1,88e units for $207, B00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788, eee. The cost of the units sold is deternined using a FIFO perpetual inventory syston. January 22 Receive $753, eee…
- Required Information On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: Accounts Cash Debit Credit Accounts Receivable $ 58,800 25,200 Allowance for Uncollectible Accounts $ 2,300 Inventory 36,480 Notes Receivable (5%, due in 2 years) 13,200 Land 156,000 Accounts Payable Common Stock Retained Earnings 14,900 221,200 51,408 Totals $ 289,680 $ 289,600 During January 2024, the following transactions occur. January 1 Purchase equipment for $19,600. The company estimates a residual value of $1,608 and a six-year service life. January 4 Pay cash on accounts payable, $9,600. January 8 Purchase additional inventory on account, $83,980. January 15 Receive cash on accounts receivable, $22,100. January 19 Pay cash for salaries, $29,900. January 28 Pay cash for January utilities, $16,600. January 30 Firework sales for January total $221,000. All of these sales are on account. The cost of the units sold is $115,500. Information for adjusting entries: a.…Required Information On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit Credit $ 58,800 25,200 Allowance for Uncollectible Accounts $ 2,300 Inventory 36,400 Notes Receivable (5%, due in 2 years) 13,200 156,000 Common Stock 14,900 221,800 51,488 Land Accounts Payable Retained Earnings Totals $ 289,600 $ 289,600 During January 2024, the following transactions occur: January 1 Purchase equipment for $19,600. The company estimates a residual value of $1,608 and a six-year service life. January 4 Pay cash on accounts payable, $9,600. January 8 Purchase additional inventory on account, $83,980. January 15 Receive cash on accounts receivable, $22,100. January 19 Pay cash for salaries, $29,900. January 28 Pay cash for January utilities, $16,500. January 30 Firework sales for January total $221,088. All of these sales are on account. The cost of the units sold is $115,500. Information for adjusting entries: a.…On January 1, 2021, the general ledger of Big Blast Fireworks Includes the following account balances: Accounts Debit Credit Cash $ 23, 300 Accounts Receivable Allowance for Uncollectible Accounts 40, 000 $ 4,500 Inventory 37, 000 72,108 Land Accounts Payable Notes Payable (6%, due in 3 years) 28,900 37,e00 Common Stock 63,000 Retained Earnings 39,e00 Totals $172,480 $172,400 The $37,000 beginning balance of Inventory consists of 370 units, each costing $100. During January 2021. Big Blast Fireworks had the following Inventory transactions: January 3 Purchase 1,680 units for $168,8ee on account ($185 each). January 8 Purchase 1,700 units for $187,0ee on account ($11e each). January 12 Purchase 1,800 units for $207,0ee on account ($115 each). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $788,00e. The cost of the units sold is deternined using a FIF0 perpetual inventory system. January 22 Receive $753,80e from…
- The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (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 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $ 23,300 Accounts Receivable Allowance for Uncollectible Accounts 40,000 $ 4,500 Inventory Land 37,000 72,100 Accounts Payable Notes Payable (6%, due in 3 years) Common Stock 28,900 37,000 63,000 39, 000 Retained Earnings Totals $172,480 $172,400 The $37,000 beginning balance of Inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following Inventory transactions: January 3 Purchase 1,600 units for $168,000 on account ($105 each). January 8 Purchase 1,700 units for $187,000 on account ($110 each). January 12 Purchase 1,800 units for $207,000 on account ($115 each). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5, 200 units on account for $78e, e00. The cost of the units sold is determined using a FIFO perpetual inventory system. January 22 Receive $753,800 from…Required Information On January 1, 2024, the general ledger of TNT Fireworks includes the following account balances: Accounts Cash Accounts Receivable Debit $ 58,800 25,200 Credit Allowance for Uncollectible Accounts $ 2,300 Inventory 36,400 Notes Receivable (5%, due in 2 years) 13,200 Land 156,000 Accounts Payable Common Stock 14,900 221,000 51,400 $ 289,600 $ 289,608 Retained Earnings Totals During January 2024, the following transactions occur. January 1 Purchase equipment for $19,680. The company estimates a residual value of $1,600 and a six-year service life. January 4 Pay cash on accounts payable, $9,600. January 8 Purchase additional inventory on account, $83,980. January 15 Receive cash on accounts receivable, $22,100. January 19 Pay cash for salaries, $29,980. January 28 Pay cash for January utilities, $16,500. January 38 Firework sales for January total $221,008. All of these sales are on account. The cost of the units sold is $115,580. Information for adjusting entries: a.…
- On January 1, 2021, the general ledger of Big Blst Fireworks includes the following account balances: Debit $ 23, 300 Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 48, e00 $ 4, 580 37,e00 72,100 28,900 37,8ee 63,0ne 39,eee Common Stack Retained Earnings Totals $172, 488 $172,480 The $37,000 beginning balance of inventory consists of 370 units, esch costing $100. During Janusry 2021, Big Blest Fireworks had the following inventory transactions: January 3 Purchase 1,688 units for $168,888 on account ($18s each). January 8 Purchase 1,78e units for $187, 800 on account ($118 cach). January 12 Purchase 1,88e units for $287, e00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Debit $ 23, 300 40, e0e Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 4, 5e0 Inventory Land Accounts Payable Notes Payable (6%, due in 3 ycars) 37,e00 72,100 28,98e 37, eee 63, 0ee Common Stock Retained Earnings 39. eee Totals $172,488 $172,488 The $37,000 beginning balance of inventory consists of 370 units, each costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,680 units for $168,888 on account ($18s cach). January 8 Purchase 1,78e units for $187,800 on account ($110 cach). January 12 Purchase 1,88e units for $207, Bee on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $780,8ee. The cost of the units sold is deternined using a FIFD perpetual inventory systen. January 22 Receive $753,eee…