Question

Journalize the following: 1. adjustments needed for the AFDA using the balance sheet approach. 2. write...

Journalize the following:

1. adjustments needed for the AFDA using the balance sheet approach.
2. write off of an account receivable for $500

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!
Answer 1
Calculate uncollectible amount for the period. This is new AFDA for the period.
Then deduct credit balance in unadjusted AFDA. This is the bad debt expense for the period.
Journal entry Debit $ Credit $
Bad Debt expense
Allowance for doubtful account
Answer 2
Write off of an account receivable for $500 Debit $ Credit $
Allowance for doubtful account          500.00
Accounts receivable     500.00
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Using the Balance Sheet Equation, account for the following transactions: Image Supply: Image Supply sells $500,000...
Using the Balance Sheet Equation, account for the following transactions: Image Supply: Image Supply sells $500,000 worth of services on account to various customers Image collects $300,000 from customers on account Image writes-off Customer D because they are unable to collect the accounts receivable; Customer D owes $1,000 (Image uses the Direct Write-Off Method) PART B: Strand Corp uses the Allowance Method Using the Balance Sheet Equation, account for the following transactions: 1) At 12/31/17, the balance in Strand Corps...
Part A. Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting...
Part A. Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,440 from Ian Kearns and wrote off the remainder owed of $3,810 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of Ian Kearns and received $3,810 cash in full payment. Dec. 20-Reinstate Dec. 20-Collection Options: Accounts Receivable-Ian Kearns Allowance for Doubtful Accounts Bad Debt Expense...
Using the Balance Sheet Equation, account for the following transactions: Part A) (6 pts) A) X...
Using the Balance Sheet Equation, account for the following transactions: Part A) (6 pts) A) X Corp sells $400,000 worth of services on account to various customers B) X Corp collects $250,000 from customers on account C) X Corp writes-off Customer D because they are unable to collect the accounts receivable; Customer D owes $2,000 (X Corp uses the Direct Write-Off Method) Part B) (4 pts) State at least 2 reasons FOR and 2 reasons AGAINST selling on account
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible...
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,450 from William Pruitt and wrote off the remainder owed of $2,330 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Feedback Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. Dec. 20: Reinstated the account of William Pruitt and...
1. prepare adjusted trial balance including income statement and balance sheet sections 2. journailize adjustments H-J...
1. prepare adjusted trial balance including income statement and balance sheet sections 2. journailize adjustments H-J 3. prepare financial statements. please help me it is due tomorrow. Journalize and post the following June transactions. Include full details in JE explanation. Transaction Ref: Yr: 2018 External Entries included in Trial Balance A 1-Jun Dan Evans invests (contributes) $20,000 cash and $2,000 of supplies in business: Evans Consulting. B 2-Jun Evans pays seven month's rent in advance totaling $8,500 Ck # 101...
The balance sheet of Starsky Company at December 31, 2019, includes the following. Accounts receivable $...
The balance sheet of Starsky Company at December 31, 2019, includes the following. Accounts receivable $ 182,100 Less: Allowance for doubtful accounts 17,300 $ 164,800 Transactions in 2020 include the following: Accounts receivable of $78,000 were collected Accounts receivable of $60,000 were collected, in which 2% sales discounts were granted. A $5,300 customer account that was written off the books as worthless in 2019 was reinstated. The $5,300 was received from the customer. Customer accounts of $17,500 were written off...
A company reported the following items for 2013: Accounts receivable balance, Jan 1, 2013                           &nbs
A company reported the following items for 2013: Accounts receivable balance, Jan 1, 2013                                          $80,000 Allowance for uncollectible accounts balance, Jan. 1, 2013 12,000 Total credit sales during 2013    400,000 Total cash collections on accounts receivable during 2013    360,000 Account written off during 2013                                                          15,000 The account balances shown above are normal balances. Experience indicates that 4% of the gross accounts receivable balance at the end of each year ultimately will be uncollectible OR 1.5% of credit sales....
Rainbow Company uses the balance sheet approach to estimate uncollectible accounts. By aging the customers' accounts,...
Rainbow Company uses the balance sheet approach to estimate uncollectible accounts. By aging the customers' accounts, it was estimated that $7,325 of the company's month-end accounts receivable would prove to be uncollectible. Calculate the amount that should be debited to the Uncollectible Accounts Expense account in the month-end adjusting entry under each of the following independent assumptions: A) Under the following independent assumptions, calculate the amount needed as the debit to the Uncollectible Accounts Expense account. Before making any adjustment,...
A trial balance before adjustments included the following:　Debit 　　　　　Credit Sales 　　　　　　　　　　　　　 　 $850,000 Sales returns and allowance 　　　　　...
A trial balance before adjustments included the following:　Debit 　　　　　Credit Sales 　　　　　　　　　　　　　 　 $850,000 Sales returns and allowance 　　　　　 $28,000 Accounts receivable　　　　　　　　 　86,000 Allowance for doubtful accounts 　　　　　 1,520 (A) If the estimate of uncollectibles is made by taking 10% of Gross Account Receivables, the amount of the adjustment (bad debt expense) is ? (B) The amount of the adjustment (bad debt expense) is? If the Allowance for doubtful accounts has balance of debit $1,820 ? (C) Please use the result of (A) to...
At December 31, 2012, SPK Inc reported the following information on its balance sheet: Accounts Receivable...
At December 31, 2012, SPK Inc reported the following information on its balance sheet: Accounts Receivable 900,000 Allowance for Doubtful Accounts 54,000 (credit) During 2013, the company had the following transactions related to receivables: Sales on Account 3,000,000 Collections on Account 2,850,000 Write-offs of uncollectible accounts 60,000 Recovery of previously written off accounts 12,000 A) Assume that bad debts are estimated to be 5% of year end receivables, determine the Net Realizable Value (after adjustments) of Accounts Receivable. B) If...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT