Prepare journal entry for adjustment for allowance amount

Assignment Help Accounting Basics
Reference no: EM132465337

Directions: Complete the following chart and journal entries with the information below:

Background information: Goofy and Friends had the following balances at the various ages $1,200,000 less than 30 days old $700,000 31-60 Days old, $200,000 61-120 Days old and $25,000 over 120 days. Goofy is assuming he will collect 98% of balances less than 30 days old, 90% of balance 31-60 days old, 75% of balances 61-120 days old and 50% of balances over 120 days. Complete the following chart based on the aged balances and % of estimated collectibility.

Question problem 1:  Assuming the allowance had a beginning credit balance of $15,000 prepare a journal entry for the adjustment for the new allowance amount

Reference no: EM132465337

Questions Cloud

Determining the presence of efficient markets : If equity markets are informationally efficient and rational to a larger extent, how would you explain the stock market bubble of 2008 in the presence
Compute the present value of annuity-dynamo corp : Dynamo Corp. is expecting annual payments of 34,679 for the next seven years from a customer.
What is the effective annual interest rate : What is the effective annual interest rate (EAR) if the loan payments are made monthly? Round your answer to 3 decimal places represent percentage as a decimal
How much will you have at the end of the five years : How much will you have at the end of the five years? Give your answer as a whole number.
Prepare journal entry for adjustment for allowance amount : Assuming the allowance had a beginning credit balance of $15,000 prepare a journal entry for the adjustment for the new allowance amount
TAX 991 Corporate Tax Assignment : TAX 991 Corporate Tax Assignment Help and Solution - Pennsylvania State University, USA. How much stock does C currently own directly and indirectly
Coverdell education savings account : When comparing penalties for non qualified withdrawals on the Coverdell Education Savings Account and the two Section 529 plans
How much money did he have remaining : He spent U45,000 on his hotel room and U11,250 on meals and souvenirs. How much money (in dollars) did he have remaining at the end of his trip?
What will be the effect on your retirement wealth needed : If inflation turns out to average less than 4 percent per year during retirement, what will be the effect on your retirement wealth needed?

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.

  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!

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