User Account

All Pages

Prepare adjusted journal entry to record bad debts expenses

Assignment Help Accounting Basics
Reference no: EM131797066

Problem

Prepare the adjusted journal entry to record bad debts expenses for the current year . this is the adjusting entry to record bad debt expense and adjust the contra-asset account to its desired balance. the number should be between 7,000 and 8,000

date                                             account name                                                                            debit                                          credit

account age                                        balance                      estimated uncollectible percentage

current (not yet due)                           96,000                      1.0%

1-30 days past due                             64,000                      2.5%

30-60 days past due                           16,000                      11.0%

61-90 days past due                           6,500                        37.0%

over 90 days past due                         3,200                        70.0%

total                                                  185,700

Reference no: EM131797066

Questions Cloud

Schaadt corporation manufactures and sells one product : Schaadt Corporation manufactures and sells one product. The following information pertains to the company's first year of operations:
Discuss about the most important problem in the us today : A Gallup Poll in September 2013 asked people what they considered to be the most important problem in the United States today.
Under super-variable costing : Nickolls Corporation manufactures and sells one product. The following information pertains to the company's first year of operations:
What is the difference between cash and accrual accounting : What is the difference between cash and accrual accounting? When would a company prepare its financial statements on a cash basis?
Prepare adjusted journal entry to record bad debts expenses : Prepare the adjusted journal entry to record bad debts expenses for the current year . this is the adjusting entry to record bad debt expense.
Discuss bond issue on which there is an unamortized discount : A $870,000 bond issue on which there is an unamortized discount of $69,000 is redeemed for $823,000
Column cash book of the transaction : You are required to Write up a 3 Column Cash Book of the Transaction that was done with our company in july.
Find the number of people who were free from diabetes : Bariatric Surgery for Diabetes Mingrone et al. reported the results of an experiment on severely obese patients who had diabetes for at least 5 years.
Preceding transactions in general journal form : During the fiscal year of June 2012, Claremont General Hospital, a not-for-profit healthcare organization, had the following revenue-related transactions.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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