Used the aging of accounts receivable method to estimate

Assignment Help Financial Accounting

Reference no: EM13753933

At the end of 2013, Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $19,650. The account had an unadjusted credit balance of $10,000 at December 31, 2013

a) The appropriate bad debt adjustment was recorded for the year 2013.

Record the end-of-period adjustment for bad debts under the aging of accounts receivable method.

b) On January 31, 2014, an account receivable for $1,000 from March 2013 was determined to be uncollectible and was written off.

Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,000.

Reference no: EM13753933

Questions Cloud

Describe the general concepts of tcp/ip protocols : describe the general concepts of TCP/IP protocols and apply channel capacity theories. Sketch a diagram to show the layering and fragmentation process

Corporations-partnerships and estates-trusts problem : In each of the following independent cases, write a memo for the tax research file in preparation for a meeting with Gary. In each memo, explain whether the proposed plan meets his objective of shifting income and avoiding the grantor trust rules. Ga..

Maintain a minimum balance : Randy, a student, has $500 to deposit in a new checking account, but Randy knows he will not be able to maintain a minimum balance. He will not use an ATM card, but will write a large number of checks.

Ending inventory used FIFO-LIFO and average-cost methods : There are 48 units of the item in the physical inventory on 12/31. the periodic inventory system is used. Determine the dollar value of the ending inventory used the FIFO, LIFO, and average-cost methods.

Used the aging of accounts receivable method to estimate : At the end of 2013, Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $19,650. The account had an unadjusted credit balance of $10,000 at December 31, 2013. The a..

Compute larrys taxable income for the year : Larry, single, age 31, had the following items for 2014: Compute Larrys' taxable income for the year 2014.

Calculate nates net profit using the cash method : James owns an insurance agency. The following selected data are taken from the agency balance sheet and income statement prepared using the accrual method. Calculate Nate's net profit using the cash method for 2014.

Disadvantages of using unix versus microsoft windows server : Prepare a critique that addresses the benefits and disadvantages of using UNIX or Linux versus Microsoft Windows Server within the organization.

Aggressive growth target of reaching : The company currently has annual sales of around $1.2 million, a 25% increase from the previous year. The company has an aggressive growth target of reaching $3 million annual sales within the next 3 years. The CEO has been trying to find addition..

User Account

All Pages