User Account

All Pages

Prepare the adjusting entry to estimate bad debts

Assignment Help Accounting Basics
Reference no: EM131797361

Problem

The company had the following items and amounts in its unadjusted trial balance as of december 31, of the current year:

credit- cash sales 188,000

credit- credit sales 270,000

debit-accounts receivable 76,000

credit-allowance for doubtful accounts 1,000

Prepare the adjusting entry to estimate bad debts assuming an aging analysis estimates that 8% of the outstanding accounts receivable will be uncollectible. you must show how you calculated the numbers that are part of your journal entry to receive credit. hint the number should be between 5,000 and 5,200.

Reference no: EM131797361

Questions Cloud

Calculate the quality of earnings ratio under each approach : Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes
Which account is not affected from the given transaction : It sells a house for Nancy Fleming and bills her $30000 for real estate services performed. Which account is not affected from this transaction?
Random sample of black and white homeless people : The following data were taken from a random sample of black and white homeless people.
Find the causes of a reduction in the dropout rate : The school dropout rate in an Indian village is about 25%, which means that 25% of the students leave school without completing their education.
Prepare the adjusting entry to estimate bad debts : Prepare the adjusting entry to estimate bad debts assuming an aging analysis estimates that 8% of the outstanding accounts receivable will be uncollectible.
Different countries frequently lead to obligatory design : Laws and regulations in different countries frequently lead to obligatory design. Giving examples, show how this can have an impact in global marketing.
Describe a study based on a sample of students : Describe a study based on a sample of students that does not allow fundraisers to conclude that attending receptions causes future donations.
Determine strategic factors that pose opportunities-threats : Scan and assess the external environment to determine the strategic factors that pose opportunities and threats.
Determine the companys current assets and liabilities : Use this information to determine the company's current assets, current liabilities, working capital, current ratio, and quick ratio.

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