Question

Determine the amount to be added to Allowance for Doubtful Accounts in each of the following...

Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case.

(a) Credit balance of $380 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $7,370.

Amount added $
Ending balance $

(b) Credit balance of $380 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 3% of credit sales, which totaled $940,000 for the year.

Amount added $
Ending balance

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Allowance for Doubtful Accounts has a credit balance of $1,655 at the end of the year...
Allowance for Doubtful Accounts has a credit balance of $1,655 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $19,807. Which of the following entries records the proper adjustment for bad debt expense?
In 2018, Bramble Company had credit sales of $898000. On January 1, 2018, Allowance for Doubtful...
In 2018, Bramble Company had credit sales of $898000. On January 1, 2018, Allowance for Doubtful Accounts had a credit balance of $22400. During 2018, $36200 of uncollectible accounts receivable were written off. Past experience indicates that the allowance balance should be 12% of the accounts receivable become uncollectible. What should be the required adjustment to the Allowance for Doubtful Accounts at December 31, 2018 if the ending accounts receivable balance was $240000?
The Allowance for Doubtful Account has a $5,500 credit balance prior to adjustment (unadjusted balance). Net...
The Allowance for Doubtful Account has a $5,500 credit balance prior to adjustment (unadjusted balance). Net credit sales during the year are $900,000 and ½ of 3% are estimated to be uncollectible. Accounts Receivable has a balance of $80,000 at the beginning of the year. Determine the net realizable value of the receivables. Show the AFDA account and your calculations, in addition to your answer.
At January 1, 2020, the credit balance of Blue Spruce Corp.’s Allowance for Doubtful Accounts was...
At January 1, 2020, the credit balance of Blue Spruce Corp.’s Allowance for Doubtful Accounts was $411,000. During 2020, the bad debt expense entry was based on a percentage of net credit sales. Net sales for 2020 were $79 million, of which 89% were on account. Based on the information available at the time, the 2020 bad debt expense was estimated to be 0.80% of net credit sales. During 2020, uncollectible receivables amounting to $481,000 were written off against the...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $666,000 and sales for the year total $7,550,000. The allowance account before adjustment has a credit balance of $9,000. Bad debt expense is estimated at 1/2 of 1% of sales. The allowance account before adjustment has a credit balance of $9,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $28,800. The allowance account before...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $718,000 and sales for the year total $8,140,000. The allowance account before adjustment has a debit balance of $9,700. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a debit balance of $9,700. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $31,000. The allowance account before...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,110,000 and sales for the year total $12,590,000. The allowance account before adjustment has a debit balance of $15,000. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a debit balance of $15,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $48,000. The allowance account before...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $2,950,000 and sales for the year total $27,400,000. The allowance account before adjustment has a debit balance of $9,500. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a debit balance of $9,500. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $188,000. The allowance account before...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has...
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,154,000 and sales for the year total $13,090,000. The allowance account before adjustment has a credit balance of $15,600. Bad debt expense is estimated at 1/4 of 1% of sales. The allowance account before adjustment has a credit balance of $15,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $49,900. The allowance account before...
Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year...
Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and an analysis of accounts receivable in the customer ledger indicates doubtful accounts of $15,000. Which of the following entries records the proper provision for doubtful accounts? a.Debit Bad Debt Expense, $500; credit Allowance for Doubtful Accounts, $500 b.Debit Allowance for Doubtful Accounts, $500; credit Bad Debt Expense, $500 c.Debit Allowance for Doubtful Accounts, $15,500; credit Bad Debt Expense, $15,500 d.Debit Bad...