User Account

All Pages

Determine the amount of the adjusting entry

Assignment Help Accounting Basics
Reference no: EM133125970

Question - At the end of the current year, the accounts receivable account has a balance of $1,177,000 and sales for the year total $13,340,000.

Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following independent assumptions:

a. The allowance account before adjustment has a negative balance of $(15,900). Bad debt expense is estimated at 1/4 of 1% of sales.

b. The allowance account before adjustment has a negative balance of $(15,900). An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $50,900.

c. The allowance account before adjustment has a positive balance of $5,000. Bad debt expense is estimated at 1/2 of 1% of sales.

d. The allowance account before adjustment has a positive balance of $5,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $41,500.

Reference no: EM133125970

Questions Cloud

Find the number of bags per batch : A certain company produces potting soil and sells it in 50 lb bags. Suppose that 300,000 bags are to be produced each year. It costs $24 per year to store a bag
What would be the deferred tax asset balance : The Machine was acquired on 1 July 2018 at the cost of $800,000. What would be the deferred tax asset balance or deferred tax liability as of 30 June 2021
Write the values that would be placed in a cumulative column : The following data represents the sales at a luxury car dealership over a period:
Category of consumption practice : Discuss the possible influence of government policy, consumer lobbyists and individual consumers on the way this category of consumption practice will develop i
Determine the amount of the adjusting entry : Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following independent assumptions
Is depletion better than inflation : Is depletion better than inflation? Discuss thoroughly.
How does the introduction of robot cars change : Consider a monocentric city where everyone commutes to the city center by automobile. Suppose the introduction of a robot cars (self-driving cars), such as Tesl
Travel cost for information exchange : In a monocentric city, central land in the CBD is occupied by the land user with higher [transportation / production / labor / total] cost and thus a [steeper /
What is the consolidated comprehensive income on december : P Corporation reported comprehensive income from its separated operations of P95,000. What is the consolidated comprehensive income on December

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate Fatima monthly taxable benefit

Fatima's life insurance coverage through her Québec employer's group plan is 2 times her annual salary of $43,000.00. Calculate Fatima monthly taxable benefit

  How do rules of independence impact cpa and the client what

how do rules of independence impact the cpa and the client?what is prohibited by the code of professional conduct?how

  Calculate diluted earnings per share for the year ended

Assuming that the 2,000 call options were instead issued on November 1, 2020 (rather than in 2019), calculate diluted earnings per share for the year ended

  Amanda kline is 10 years old she will receive 30000 from

amanda kline is 10 years old. she will receive 30000 from her college education fund when she turns 18 years old. if

  What is the correct amount of income to be reported for year

Basil Company, a cash-basis taxpayer, had the following activity during Year 1: What is the correct amount of income to be reported for Year 2

  What is the historical cost of the notes receivable

The company uses the calendar year. The prevailing interest rate for this type of transaction is 10%. What is the historical cost of the notes receivable

  Alternative ways of recording sales tax

In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. Prepare the entries to record the sales transactions and related taxes for (a) Grainger Company and (b) Darby Company.

  What is the purpose of auditor reports

What is the purpose of auditor's reports? Describe the distinction between auditor's and management's responsibility

  Joint costs using the relative sales values

Allocate joint costs using the relative sales values at the split-off point and calculate the profit per 100 pound box of sugar coated peels and the profit per pint of juice.

  Prepare a comparative common-size income statement

Prepare a comparative common-size income statement for Stamps Music Ltd. using the 2014 and 2013 data of exercise E13-14 and rounding percentages to one-tenth percent

  Prepare the entry to record the mortgage loan

Prepare the entry to record the mortgage loan on December 31, 2017, and the first installment payment on December 31, 2018

  Compute the payback period

The company has an 11% required return on its investments. Compute the payback period, internal rate of return, modified internal rate of return

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd