What adjusting journal entry to update the allowance

Assignment Help Accounting Basics
Reference no: EM132808346

Problem 1: A company's preliminary trial balance reflects an accounts receivable balance of $100,000 and a credit balance in the Allowance for Doubtful Accounts of $500. Per review of the Aged Receivables listing, 50% of the accounts receivable are current and 50% are over-due. Management estimates that 3% of the current accounts and 5% of the over-due accounts will be uncollectible. The adjusting journal entry to update the Allowance for Doubtful accounts is for

a. $2,900

b. $3,400

c. $3,200

d. $4,000

e. $3,500

Reference no: EM132808346

Questions Cloud

Which do recommend for today''s current business climate : Which do recommend for today's current business climate? Strategic initiatives can be the result of top-down planning or can emerge from the bottom-up process
How much the asset originally cost : How much the asset originally cost? What accumulated depreciations represents and how it relates to cash. Also throw in the name for cost less accumulated
What gross profit and net income from operations are : Assume that sales are $450,000, operating expenses are $85,000, and cost of goods sold is $320,000. Gross profit and net income from operations are
Identify the risks of using a computerized system : Differentiate the process of planning the audit in a manual system and a computerized system. Identify the risks of using a computerized system
What adjusting journal entry to update the allowance : What adjusting journal entry to update the Allowance for Doubtful accounts is for? A company's preliminary trial balance reflects an accounts receivable
Describe some of the worst and best training experiences : Describe some of the worst and best training experiences, for a trainee. What made these experiences the best and worst?
What style of leadership does apple adopt : What style of leadership does Apple adopt and briefly analyze why you think this style of leadership has been effective in this organization.
What allowance for doubtful accounts at december : What allowance for doubtful accounts at December 31, 2012 is? At December 31, 2012, Chambers Co. has gross accounts receivable of $127,000.
Develop a pay-for-performance plan : You are the Compensation Manager for a large company that manufactures bicycles. The Operations Department of the firm is responsible for manufacturing the bike

Reviews

Write a Review

Accounting Basics Questions & Answers

  Provide the journal entry for fisher contribution

Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require an entry, leave it blank

  Data relate to notes receivable and interest

The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.)Apr. 10. Received a $144,000, 5%,

  Calculate the cost per haircut

A local barbershop cuts the hair of 1,400 customers per month. During the month of May, 1,400 customers were serviced. Calculate the cost per haircut

  Job order cost accounting entries for a service businessthe

job order cost accounting entries for a service businessthe law firm of yoo and sachs accumulates costs associated with

  Find which journal transactions are most likely to recorded

Find Indicate in which journals transactions are most likely to be recorded Sales of inventory. Sales journal, a cash receipts journal and a general journal.

  The condition of the foreign markets are all examples

War, inflation, and the condition of the foreign markets are all examples of ________.a. unsystematic risk.b. non diversifiable risk.c. business specific risk.d. internal risk.

  Calculate the total non-trade receivable balance at December

The amount of P2,250,000 due from customers was the remaining balance. Calculate the total non-trade receivable balance at December 31

  Nonrefundable fee to enter into a five-year operating lease

In Applewood's income statement for the year endedJune 30, 2016, rent expense should be

  Pension benefits paid by the trustee

What was the pension expense for the year?

  Describe organizational structure at the coca-cola company

Describe the organizational structure at the Coca-Cola Company (what form of structure does the company have?)

  What kind of financial product can businesses use

What kind of financial product can businesses use to manage currency risk? What is this form of risk management called?

  Manual and system controls

Explain the differences between manual and system controls. Which type of control is preferable and why? Give an example of each of these controls that you encounter in your daily life.

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