Homework Help Question & Answers

Question 3. Calcuate your answer to the question. (10 points) 5) The following information is from the 2017 records...


Question 3. Calcuate your answer to the question. (10 points) 5) The following information is from the 2017 records of Albert
Question 3. Calcuate your answer to the question. (10 points) 5) The following information is from the 2017 records of Albert Book Shop: Accounts receivable, December 31, 2017 Allowance for Bad Debts, December 31, 2017 prior to adjustment Net credit sales for 2017 Accounts written off as uncollectible during 2017 Cash sales during 2017 $47,000 (debit) 1,900 (debit) 180,000 17,000 28,000 Bad debts expense is estimated by the aging-of-receivables method. Management estimates that $5.500 of accounts receivable will be uncollectible. Calculate the amount of bad debts expense for 2017?
0 0
Report
Answer #1

Solution:

Bad debts expense for 2017 = Required balance in allowance account + Debit balance of allowance for bad debts

= $5,500 + $1,900 = $7,400

Know the answer?
Add Answer to:
Question 3. Calcuate your answer to the question. (10 points) 5) The following information is from the 2017 records...
Your Answer: Your Name: What's your source?
Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • The following information is from the 2019 records of Albert Book Shop: Accounts receivable, December 31, 2019 $48,000...

    The following information is from the 2019 records of Albert Book Shop: Accounts receivable, December 31, 2019 $48,000 (debit) Allowance for Bad Debts, December 31, 2019 prior to adjustment 1,900 (debit) Net credit sales for 2019 180,000 Accounts already written off as uncollectible during 2019 15,000 Cash sales during 2019 28,500 Bad debts expense is estimated by the percentage-of-receivables method. Management estimates that 8% of accounts receivable will be uncollectible. Calculate the amount of bad debts expense for 2019. A)...

  • Question 1. The following information is from the 2017 records of Robin Antique Shop: (10 points) $44,000 (debit) A...

    Question 1. The following information is from the 2017 records of Robin Antique Shop: (10 points) $44,000 (debit) Accounts receivable, December 31, 2017 Allowance for Bad Debts, December 31, 2017 prior to adjustment Net credit sales for 2017 Accounts written off as uncollectible during 2017 Cash sales during 2017 1.100 (debit) 176,000 11,000 27,000 Bad debts expense is estimated by the percent-of-sales method. Management estimates that 5% of net credit sales will be uncollectible. The ending balance of the Allowance...

  • (5 Points) The following information is from the 2017 records of Armand Music Shop: Accounts receivable,...

    (5 Points) The following information is from the 2017 records of Armand Music Shop: Accounts receivable, December 31,12017 $42,000 (debit) Allowance for Bad Debts, December 31, 2017 prior to adjustment Net credit sales for 2017 Accounts written off as uncollectible during 1400 (debit) 180,000 2017 14,000 Cash sales during 2017 25,000 Bad debts expense is estimated by the percent-of-sales method. Management estimates that 5% of net credit sales will be uncollectible. Calculate the amount of bad debts expense for 2017...

  • This Question: 1 pt 8 of 25 (6 complete) This Test: 25 pts possi The following...

    This Question: 1 pt 8 of 25 (6 complete) This Test: 25 pts possi The following information is from the 2019 records of Fast Lane Racing Gear Accounts receivable, December 31, 2019 Allowance for Bad Debts, December 31, 2019 prior to adjustment Net credit sales for 2019 Accounts written off as uncollectible during 2019 Cash sales during 2019 $45,000 (debit) 1,700 (debit) 178,000 16,000 28,000 Bad debts expense is estimated by the aging- of-receivables method. Management estimates that $7,000 of...

  • Citywide Real Estate reported the following information for 2017: (Click the icon to view the information.)...

    Citywide Real Estate reported the following information for 2017: (Click the icon to view the information.) 1. If uncollectible accounts are determined by the percent-of-sales method to be 2 percent of net credit sales, what is the bad debt expense for 2017? 2. If uncollectible accounts are determined by the aging of receivables to be $4,000, what is the amount of net accounts receivable after adjusting entries for 2017? 1. If uncollectible accounts are determined by the percent-of-sales method to...

  • Question 4 StorageTek Corporation gathered the following information from its accounting records for the year ended...

    Question 4 StorageTek Corporation gathered the following information from its accounting records for the year ended December 31, 2016, prior to adjustment: Net credit sales for the year = $1,150,000 Accounts Receivable (Dec 31, 2016) - $93,000 Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2016) = $6,000 debit balance Storage Tek Corporation uses the allowance method of accounting for bad debts and estimates bad debts at 3% of net credit sales. 1. Prepare the adjusting entry on December...

  • The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside...

    The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside earned revenue of $460,000 on account and collected $321,000 on account. Lakeside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2.300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense...

  • Problem 4 (24 pts) Chambers Products had sales of $15,000,000 for 2017. On December 31, 2017,...

    Problem 4 (24 pts) Chambers Products had sales of $15,000,000 for 2017. On December 31, 2017, the balance in Accounts Receivable was $3,500,000. An aging analysis of the accounts receivable indicated that $154,000 in accounts are expected to be uncollectible. Prepare the adjusting entry to record estimated bad debts expense using the percentage of receivables basis under each of the following independent assumptions: Allowance for Doubtful Accounts has a credit balance of $4,500 before adjustment. Allowance for Doubtful Accounts has...

  • The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim...

    The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...

  • The Accounts Receivable balance for Southside, Inc. at December 31, 2017, was $29,000. During 2018, Southside...

    The Accounts Receivable balance for Southside, Inc. at December 31, 2017, was $29,000. During 2018, Southside earned revenue of $460,000 on account and collected $330,000 on account. Southside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements. Requirement 1. Assume Southside had an unadjusted $2,400 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Southside's December 31, 2018, adjustment to record bad debts expense...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.