The amount of uncollectible accounts at the end of the year is estimated to be $30,000,...
The amount of uncollectible accounts at the end of the year is estimated to be $30,000, using the aging of accounts receivable method. The balance in the Allowance of Doubtful Accounts account is an $10,000 credit before adjustment. What is the adjusted balance of the Allowance for Doubtful Accounts at the end of the year?
Homework Answers
Adjusted balance for Allowance for Doubtful Accounts= $30000.
The balance in the allowance for doubtful account is equal to estimate of uncollectables using aging method.
The credit balance already in allowance account ($10000 credit ) plus bad debts expense for the current year ($20000) will make the ending balance allowance account to be $30000.
| Estimated balance of allowance for uncollectables | $ 30,000.00 |
| Balance in Allowance for uncollectable account (Cr) | $ 10,000.00 |
| Total bad debts to be recorded | $ 20,000.00 |
Adjustment will be as follows
| General Journal | Debit | Credit |
| Bad debts expense | $ 20,000.00 | |
| Allowance for doubtful accounts | $ 20,000.00 | |
| (To record bad debts expense) | ||
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The amount of uncollectible accounts at the end of the year is
estimated to be $30,000,...
The amount of uncollectible accounts at the end of the year is estimated to be $29,000,...
The amount of uncollectible accounts at the end of the year is estimated to be $29,000, using the aging of accounts receivable method. The balance in the Allowance of Doubtful Accounts account is an $9,600 credit before adjustment. What is the adjusted balance of the Allowance for Doubtful Accounts at the end of the year? $19,400. $9,600. $29,000. $38,600.
The amount of uncollectible accounts at the end of the year is estimated to be $25,000,...
The amount of uncollectible accounts at the end of the year is estimated to be $25,000, using the aging of accounts receivable method. The balance in the Allowance for Doubtful Accounts account is an $8,000 credit before adjustment. What should the account balance in the Allowance for Doubtful Accounts be after adjustment?
Example Exercise 9-4 Analysis of Receivable Method At the end of the current year, Accounts Receivable...
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A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percen...
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A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percent Uncollectible 2% Days Outstanding 1-30 days 31-60 days 61 - 90 days Over 90 days Accounts Receivable $62,000 $42,000 $25,000 $7,000 5% 11% 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1,000. Under the aging-of-receivables method, the Uncollectible - Account Expense at year-end is: O A. $10,730 OB. 58.730 OC. 59,730 OD. $1,240
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: 토D Days Outstanding 1-30 days 31 - 60 days 61 - 90 days Over 90 days Accounts Receivable 564,000 $43,000 $21,000 $8,000 Est. Percent Uncollectible 2% 15% 10% 50% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1,100. Under the aging-of-receivables method, the Uncollectible - Account Expense at year-end is: O A. $8,430. B. $10,630. O C. $1,280. O D. $9,530.
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