Concept: Net Accounts Receivable: Aging of Receivables Method8m
Problem: A company has gross accounts receivable totaling $150,000. The company uses the aging-of-receivables method to estimate the allowance for doubtful accounts. The company estimates that the amount of uncollectible receivables will be $3,600. Currently, the allowance for doubtful accounts has a debit balance of $800. What is the journal entry to record this year’s bad debt expense?4m
The unadjusted debit balance of the Allowance for Doubtful Accounts account is $350. Uncollectible accounts are estimated to be $15,800, based on an analysis of a schedule of aging of accounts receivable. After recording the appropriate journal entry for the bad debts expense, what will be the balance of the Bad Debt Expense account?
The unadjusted credit balance of the Allowance for Doubtful Accounts account is $650. Uncollectible accounts are estimated to be $15,600, based on an analysis of a schedule of aging of accounts receivable. After recording the appropriate journal entry for the bad debts expense, what will be the adjusted balance of the Allowance for Doubtful Accounts?
Upon completing an aging analysis of accounts receivable, the accountant for Rosco Works estimated that $5,000 of the current $98,000 of accounts receivable would be uncollectible. The allowance for doubtful accounts had a $400 debit balance at year-end prior to adjustment. The amount of bad debt expense that should be included in Rosco's income statement for the year is
The accounts receivable balance for Pentil Inc. at year-end is $100,000. Before calculating and recording this year's bad debt expense, the Allowance for Doubtful accounts has a credit balance of $500. Credit sales for the year are $1,500,000. Historically, 1% of credit sales have not been collected. An aging of accounts receivable has resulted in an estimate that $16,000 of the year-end accounts receivable balance is uncollectible. Using the aging of accounts receivable method, the adjusted balance in the allowance for doubtful accounts at year-end will be:
When using the percentage of receivables method to record bad debts, $10,000 are estimated uncollectible. If the balance of the Allowance for Doubtful Accounts is $2,000 debit before adjustment, what is the balance after adjustment?
J Company ended last year with balances in Accounts Receivable and Allowance for Doubtful Accounts of $46,000 and $1,800, respectively. During the year, J Company wrote off $3,000 of Uncollectible Accounts. After aging its receivables, J Company estimates that the ending Allowance for Doubtful Accounts balance should be $3,200. What will J Company report as Uncollectible Accounts Expense on its income statement?