User Account

All Pages

Prepare the necessary year-end adjusting entry

Assignment Help Accounting Basics
Reference no: EM131928217

Question - On December 31, 2017, Bruce Corporation had the following account balances related to credit sales and receivables prior to recording adjusting entries:

Accounts receivable $168,000

Allowance for doubtful accounts 700 credit balance

Sales revenue (all credit sales) 550,000

Required: Prepare the necessary year-end adjusting entry related to uncollectible accounts for each of the following independent assumptions:

A. On December 31 an Accounts Receivable (Jane Doe) of $300 from a prior year was determined to be uncollectible; therefore, it was written off immediately as a bad debt.

B. It is estimated that a provision for bad debts is required for 1% of credit sales for the year.

C. An aging of accounts receivable is completed. It is estimated that $6,000 of the receivables outstanding at year-end will be uncollectible.

Reference no: EM131928217

Questions Cloud

How many units must be sold to yield a profit : Fixed expenses total $120,000 annually. How many units must be sold to yield a profit of $30,000
What is the effect of financing with crypto currencies : What is the effect of financing with crypto currencies (short term) on the capital structure of the company and how would that influence
Traditional foreign currencies : To what extent should the company report about the use of crypto currencies in receivables and payments and (when different) is that different
Analyzing liquidity ratios as part : How do crypto currencies (in assets and or liabilities) influence working capital, cash cycle and operating cycle in the assessment
Prepare the necessary year-end adjusting entry : Prepare necessary year-end adjusting entry related to uncollectible accounts. It is estimated that a provision for bad debts is required for 1% of credit sales
Find the price per share : Find the price per share. Calculate the EPS for each plan. Which plan has higher EPS? Why?
What is the required rate of return : The stock currently sells for Rs 20. What is the required rate of return?
What rate of return would urban earn on the contract : Urban Hospital is considering a contract to provide basic medical. What rate of return would Urban earn on the contract? Should Urban accept the contract? Why?
Does there exist arbitrage chance without risks : If there is no transaction cost and capital control, then does there exist arbitrage chance without risks ?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Elliots escargots sells commercial and home snail

elliots escargots sells commercial and home snail extraction tools and serving pieces. currently the snail extraction

  Determine total cost for each manufacturing special order

Set up the job cost sheets for Job No. J57 and Job No. K52. Determine the total cost for each manufacturing special order for these jobs

  Which sells office supplies primarily to wholesalers

The following selected transactions were completed by Holistic Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail.

  Prepare new income statements for firms

Prepare new income statements for the firms assuming each sells one unit less (i.e. each firm sells 9 units)

  How important is this type of knowledge in minimizing risk

How important is this type of knowledge in minimizing risk, if the person responsible for this trading has specialized knowledge about the commodity

  Compute the amount of this required annual contribution

The first contribution will be made on December 31, 2016. Compute the amount of this required annual contribution

  What type of partnership do you think they should create

What are the advantages and disadvantages to each of these parties of forming a partnership

  Compute the amount of depreciation

Compute the amount of depreciation that will be taken in the first two years of the truck's useful life if the actual miles driven are 16,000 and 18,200

  Corporation special situations and organization structure

Corporation Special Situations and Organization Structure

  How much will be in john account on december

This account pays interest at the rate of 4%, compounded semiannually. How much will be in John's account on December 31, 2015, the end of 5 years

  Policies and procedure of internal control

Explain why internal control is an important aspect of an accounting system, providing at least two specific example that would be in the policies and procedure of internal control.

  Complete the worksheet for the accounts

Complete the worksheet for the accounts: Paula- Investment in Shannon Common Stock, Shannon-Common Stock, and Shannon Retained Earnings.

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