At the end of the current year, $24,100 of fees have been earned but have not been billed to clients. Required: A. Journalize the adjusting entry to record the accrued fees on December 31. Refer to the Chart of Accounts for exact wording of account titles. B. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Yes/No
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Required: | |
A. | Journalize the |
B. | If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Yes/No |
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- CAN SOMEONE HELP ME FILL OUT THIS CHART ? (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a).Assume the current balance in Allowance for Doubtful Accounts is a $8,500 debit. (c) Of the above accounts, $4,700 is determined to be specifically uncollectible.Prepare the journal entry to write off the uncollectible account. (d) The company collects $4,700 subsequently on a specific account that had previously been determined to be uncollectible in (c).Prepare the journal entries necessary to restore the account and record the cash collection.Instructions At the end of the current year, $21,200 of fees have been earned but have not been billed to clients. Required: A. Journalize the adjusting entry to record the accrued fees on December 31. Refer to the Chart of Accounts for exact wording of account titles. B. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?At the end of the current year, $24,550 of fees have been earned but have not been billed to clients. Required: A. Journalize the adjusting entry to record the accrued fees on December 31. Refer to the Chart of Accounts for exact wording of account titles. B. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?
- Assume that the accountant of Diamond Furniture on March 1, 2018, authorizes a write-off of the RO 1000 balance owed by Mr Abdul Salam. But on July 1, Mr Abdul Salam pays the RO 1000 amount that Diamond Furniture had written off on March 1. From the following given options, identify which of the following two journal entries can be pass in the books of Diamond Furniture for the recovery of uncollectable accounts receivables under allowance method ? i)Dr Accounts receivables A/C OMR 1000 and Cr Allowance for bad debt A/C OMR1000 ii) Dr Allowance for bad debt A/C OMR1000 and Cr Accounts receivables A/C OMR1000 iii) Dr Cash A/C OMR 1000 and Cr Accounts receivables A/C OMR 1000 iv) Dr Accounts receivables A/C OMR 1000 and Cr Cash A/C OMR 1000 a. ii) & iii) b. i) & iv) c. i) & iii) d. i) & ii)Assume that the accountant of Diamond Furniture on March 1, 2018, authorizes a write-off of the RO 1000 balance owed by Mr Abdul Salam. But on July 1, Mr Abdul Salam pays the RO 1000 amount that Diamond Furniture had written off on March 1. From the following given options , identify which of the following two journal entries can be pass in the books of Diamond Furniture for the recovery of uncollectable accounts receivables under allowance method ? i ) Dr Accounts receivables A / C OMR 1000 and Cr Allowance for bad debt A / C OMR1000 ii ) Dr Allowance for bad debt A / C OMR1000 and Cr Accounts receivables A / C OMR1000 iii ) Dr Cash A / C OMR 1000 and Cr Accounts receivables A/C OMR 1000 iv) Dr Accounts receivables A/C OMR 1000 and Cr Cash A/C OMR 1000 a. i ) & iv ) b . i ) & iii ) O c . ii ) & iii ) D. i) & ii)Assume that the accountant of Diamond Furniture on March 1, 2018, authorizes a write off of the RO 1000 balance owed by Mr Abdul Salam. But on July 1, Mr Abdul Salam pays the RO 1000 amount that Diamond Furniture had written off on March 1. From the following given options, identify which of the following two journal entries can be pass in the books of Diamond Furniture for the recovery of uncollectable accounts receivables under allowance method ? Dr. Accounts receivables A/C OMR 1000 and Cr Allowance for bad debt A/C OMR1000 i) Dr Allowance for bad debt A/C OMR1000 and Cr Accounts receivables A/C OMR1000 i) Dr Cash A/C OMR 1000 and Cr Accounts Receivables A/C OMR 1000 iv) Dr Accounts receivables A/C OMR 1000 and Cr Cash A/C OMR 1000
- 1. Prepare the entry to record the write-off ofuncollectible accounts during 2019. 2. Prepare the entries to record the recovery ofthe uncollectible account during 2019 3. Prepare the entry to record bad debt expense(BDE) at the end of 2019. Ending balance ofAFDA was Rp18,200 (Cr.) 4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.Cero company collected an account receivable from a customer whose account has been written off in the previous year. The net effect of the entry made by CeroAt the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $752. During the year, previously written off accounts of $141 are reinstated and accounts totaling $710 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be a.$183 b.$710 c.$141 d.$752
- At the end of the year, a company's balance of Allowance for Uncollectible Accounts is $2,800 (debit) before adjustment. The company estimates future uncollectible accounts to be $14,000. What is the adjustment would the company record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journalAfter the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $743,691 and Allowance for Doubtful Accounts has a balance of $20,139. What is the net realizable value of the accounts receivable? Select the correct answer. $723,552 $20,139 $763,830 $743,691At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $1,100 (debit) before adjustment. The company estimates future uncollectible accounts to be $5,500. What is the adjustment Dahir would record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)