Prepare the following adjusting entries at August 31 for Nokia (FIN).Interest on notes payable of € 327 is accrued.a.b.Unbilled fees for services performed total € 1,449.Salaries and wages earned by employees of € 657 have not been recorded.d.Bad debt expense for year is € 923.Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and WagesExpense, Salaries and Wages Payable, Allowance for Doubtful Accounts, and Bad Debt Expense. (Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for theamounts.)No. Account Titles and ExplanationDebitCredita.b.C.d.

Adjusting entries are those journal entries which are passed at the end of the period in order to…

Answered: Prepare the following adjusting entries…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterB: Bad Debts

Section: Chapter Questions

Problem 2P: Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which...

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Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which uses the allowance method, estimates bad debts at percent of total revenue on account. Required Journalize the following selected entries: 2012 Dec. 12Record services performed on account for E. E. Morton, 245. 31Record the adjusting entry for Bad Debts Expense. 31Record the closing entry for Bad Debts Expense. 2013 Feb. 18Write off the account of E. E. Morton as uncollectible, 245. Check Figure Adjusting entry amount, 1,366.03
On December 31, the end of the accounting period, Maricall Center has an outstanding Accounts Receivable of Php 72,000 and an Allowance for Impairment Loss balance of Php 600 prior to the year-end adjustments. Bad debts are estimated at 2% of the accounts receivable. How much are the bad debts expense to be charged to the Impairment Loss account? Prepare the adjusting journal entry.
Prepare the necessary adjusting entries for the following independent situations. The accounting period is for the year ended December 31, 20x2. 1. The note amounting to P500,000 was received from a customer on October 1, 20x2 with an interest of 12% per annum. No interest payment has been received. 2. The balance of Accounts Receivable is P1,000,000 and the Allowance for Bad Debts is P8,000. The company's assessment based on the aging of receivables, the allowance for bad debts is estimated to be 1% of Accounts Receivable. 3. The Expense-Insurance of P24,000 shown in the unadjusted trial balance represents premium for one year beginning March 1, 201x2. 4. The Office Supplies in the unadjusted trial balance of P12,000, only P9,500 was used during the year. 5. The vehicle was acquired for P1,500,000 on July 16, 20x2. The estimated useful life is ten years with estimated resale value of P300,000. 6. The Expense-Rent for P90,000 is advance payment for six months beginning September 16,…
The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022: Historical & Uncollectible Number of Days Unpaid Q Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,307 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,201 of uncollectible accounts on August 15, 2022. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. Complete this question by entering your answers in the tabs below. Required A Beginning Balance Ending Balance Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. 2 Required B…
Allowance for Doubtful Accounts has a debit balance of $2,300 at the end of the year (before adjustment). The company prepares an analysis of customers' accounts and estimates the amount of uncollectible accounts to be $31,900. Which of the following adjusting entries is needed for the bad debt expense for the year? Oa. debit Allowance for Doubtful Accounts, $34,200; credit Bad Debt Expense, $34,200 Ob. debit Allowance for Doubtful Accounts, $29,600; credit Bad Debt Expense, $29,600 Oc. debit Bad Debt Expense, $29,600; credit Allowance for Doubtful Accounts, $29,600 Od. debit Bad Debt Expense, $34,200; credit Allowance for Doubtful Accounts, $34,200
On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts as provided in the image Ignore GST.During June, the following transactions occurred:1. Revenue earned on credit, $1,195,000.2. Sales returns, $24,100.3. Accounts receivable collected, $1,400,000.4. Accounts written off as uncollectable, $15,851.Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance for Doubtful Debts account should have a credit balance of $13,500 on the balance sheet as at 30 June. Ignore GST.Required:(a) Prepare general journal entries to record the four transactions and to adjust the Allowance forDoubtful debts account. b) show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30june. (c) On 29 June, Kim Ltd, whose $2,400 account had been written off as uncollectable in June, paid itsaccount in full. Prepare journal entries to record the collection.
At December 31, 2022, the trial balance of Skysong Company contained the following amounts before adjustment. Debit Credit Accounts Receivable $194,000 Allowance for Doubtful Accounts $ 1,200 Sales Revenue 901,000 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $10,900 of accounts receivable will be uncollectible. (b) Repeat part (a), assuming that instead of a credit balance there is a $1,200 debit balance in Allowance for Doubtful Accounts. (c) During the next month, January 2023, a $2,800 account receivable is written off as uncollectible. Prepare the journal entry to record the write-off. (d) Repeat part (c), assuming that Skysong Company uses the direct write-off method instead of the allowance method in accounting for uncollectible accounts receivable. (Credit account titles are automatically indented when amount is entered. Do…
At the end of the current year, Accounts Receivable has a balance of $878,070; Allowance for Doubtful Accounts has a credit balance of $5,365; and sales for the year total $2,014,000. Bad debt expense is estimated at 1/2 of 1% of net sales. a. Determine the amount of the adjusting entry for bad debt expense.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts fill in the blank 3 Bad Debt Expense fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5
The balance of Allowance for Doubtful Accounts before adjustment at the end of the period is P 400 credit. Based on an analysis of Accounts Receivable, it was estimated that 9,000 would become uncollectible. Required: a) Determine the bad debts expense for the year. b) Prepare the adjusting entry to be made of December 31. c) Determine the balance in Allowance for Doubtful Accounts after adjustment.
At the end of the current year, Accounts Receivable has a balance of $940,940; Allowance for Doubtful Accounts has a credit balance of $6,235; and sales for the year total $2,902,000. Bad debt expense is estimated at 1/2 of 1% of net sales. a. Determine the amount of the adjusting entry for bad debt expense.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. c. Determine the net realizable value of accounts receivable.
Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…
At the end of the current year, Accounts Receivable has a balance of $605,000, Allowance for Doubtful Accounts has a debit balance of $5,500, and sales for the year total $2,720,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted BalanceDebit (Credit) Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5

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