Prairie Company uses the allowance method to account for its uncollectible accounts. On February 20, 022 the company becomes aware that it will not be able to collect a specific customer account of 3,500. The Journal entry the company should make on February 20, 2022 to write off the specific ccount receivable includes a credit to: Multiple Choice Sales Revenue Allowance for Uncollectible Accounts Accounts Receivable Bad Debt Expense

Prairie Company uses the allowance method to account for its uncollectible accounts. On February 20, 022 the company becomes aware that it will not be able to collect a specific customer account of 3,500. The Journal entry the company should make on February 20, 2022 to write off the specific ccount receivable includes a credit to: Multiple Choice Sales Revenue Allowance for Uncollectible Accounts Accounts Receivable Bad Debt Expense

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 5C: Receivables Issues Magrath Company has an operating cycle of less than one year and provides credit...

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Grandview, Incorporated uses the allowance method. At December 31, 2021, the company's balance sheet reports Accounts Receivable, Net in the amount of $17,000. On January 2, 2022, Grandview writes off a $1,500 customer account balance when it becomes clear that the customer will never pay. What is the amount of Accounts Receivable, Net after the write- off? Multiple Choice $15,500 $1,500 $18,500 $17,000
At the end of 2022, Cullumber Co. has accounts receivable of $717,900 and an allowance for doubtful accounts of $63,900. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,900. (a) Your Answer Correct Answer Your answer is correct. Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) Account Titles and Explanation Allowance for Doubtful Accounts Accounts Receivable eTextbook and Media eTextbook List of Accounts Cash realizable value Debit Before Write-Off 6900 What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Credit After Write-Off 6900 Assistance Used Attempts: 1 of 1 used
On December 31, 2020, Extreme Fitness has adjusted balances of $960,000 in Accounts Receivable and $87,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $26,000. Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020?
At the end of 2022, Cullumber Co. has accounts receivable of $717,900 and an allowance for doubtful accounts of $63,900. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,900. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation e Textbook and Media Debit Credit
Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Delta Watches completed the following selected transactions during 2018 Requirements Open T-accounts for Allowance for Bad Debts and Bad Debts Expense, assuming he accounts begin with a zero balance. Record the transactions in the general joint (omit explanations), and post to the two T-accounts. Assume the December 31, 2019, balance of Accounts Receivable is $136,000. Show how net accounts receivable would be reported on the balance sheet at that date.
A company uses the allowance method to account for uncollectible accounts. During the year, the company has actual bad debts of $27,000. Record the write-off of the uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the write-off of the uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 1 4). F12 F7 Fo F3 # 2$ 5 6 7 8 9 { E R Y F G H. K S < M C V alt command option command + lI .. .-
Using the following accounts, complete all journal entries: Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Credit Card Expense Sales Discount Sales Revenue For the year 2019, Bristax Corporation recorded $1,385,660 in credit sales and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. PLEASE NOTE: You must enter the account names exactly as written in the table above and all whole dollar amounts using "$" with commas as needed and rounded to two decimal places (i.e. $12,345.67). Record the year-end adjusting entry for 2019 bad debt using the income statement method. DR CR Record the year-end adjusting entry for 2019 bad debt using the balance sheet method. DR CR Assume there was a previous credit balance in Allowance for Doubtful Accounts of $37,430, record the year-end adjusting entry for bad debt using the income…
Grandview, Incorporated uses the allowance method. At December 31, 2021, the company's balance sheet reports Accounts Receivable, Net in the amount of $27, 200. On January 2, 2022, Grandview writes off a $ 2,400 customer account balance when it becomes clear that the customer will never pay. What is the amount of Accounts Receivable, Net after the write-off? a $27, 200 b $2,400 c $29, 600 d $24, 800
Bennett Company uses the allowance method to account for uncollectible accounts. Prepare the appropriate journal entries to record the following transactions during 2010. You may omit journal entry explanations. June 20 The account of Ken Watts for $1,000 was deemed to be uncollectible and is written off as a bad debt. Received a check for $1,000 from Ken Watts, whose account had previously been written off as uncollectible. Oct. 14 Dec. 31 Use the following information for year-end adjusting entries: The balance of Accounts Receivable and Allowance for Doubtful Accounts at year end are $131,000 and $2,900, respectively. It is estimated that bad debts will be 4% of accounts receivable.
The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500
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