What is the amount of the bad debts expense adjusting entry

Assignment Help Accounting Basics
Reference no: EM132559221

Question - Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $112,500, allowance for doubtful accounts of $745 (credit) and sales of $965,000. If uncollectible accounts are estimated to be 0.9% of sales, what is the amount of the bad debts expense adjusting entry?

Reference no: EM132559221

Questions Cloud

Preparing and using any budget in an organization : Preparing and using any budget in an organization, it is important that managers keep in mind the? budgeted profit and loss statement.
About the petition that gideon filed with supreme court : What was unusual about the petition that Gideon filed with the Supreme Court?
Explain the environmental management accounting : Explain, with examples, each of the Environmental management accounting and Economic profit-maximizing pricing. Opportunity costs.
Discuss what you think an ethical dilemma : Discuss what you think an ethical dilemma is. Then give two real-life examples of ethical dilemmas in the criminal justice field
What is the amount of the bad debts expense adjusting entry : Craigmont uses the allowance method to account for uncollectible accounts. What is the amount of the bad debts expense adjusting entry
Differences between retributive and restorative justice : Explain the differences between retributive and restorative justice. Identify some problems that may arise as the result of a shift to a restorative justice mod
Prepare two contribution statements one showing the results : Prepare two contribution statements, one showing the results of operations if these changes are made. Would you recommend that the company do the sales manager
Import-competing industries : Iron ore is Australia's largest export. Suppose that there was an unexpected decrease in demand for Australia's iron ore exports
Prepared general journal adjusting entry needed for December : Prepared the general journal adjusting entry (without explanation) needed for December 31, 20X1. If no entry is required then write "No Entry Required."

Reviews

Write a Review

Accounting Basics Questions & Answers

  Preparing a bank reconciliation and recording adjustments

Question - Preparing a bank reconciliation and recording adjustments. On July 31, the company's Cash account has a $25,398 debit balance

  Calculate the gain in sale that Night will record

Night would have accepted $324,235 in cash for the land. Calculate the gain in sale that Night will record from the sale of the land

  What would the net amount of each bonus check

What would the net amount of each bonus check be if the company did not gross-up the bonus? Round your intermediary calculations to the nearest cent

  Discuss the formula and tell us why you think its important

find to be important in assessing the financial health of a company. Give us the formula and tell us why you think it's important

  Prepare the necessary correcting entries

Prepare the necessary correcting entries, assuming that Culver uses a calendar-year basis. The books for the current year have not been closed

  Pattern forms the basis for the static budget

Stellar Packaging Products is experiencing an increase in demand for the month of August as a result of Estrella Coffee's comeback in its retail outlets. The following fact pattern forms the basis for the static budget:

  Briefly discuss the types of ethical issues

Briefly discuss the types of ethical issues involved in computerized accounting information systems and how organizations can encourage their employees to act ethically.

  What is their taxable income

1.Lisa and Luis, ages 43 and 38, are married and file a joint return. In addition to having FOUR dependent children (Yandra, Kayanna, Niosha and Lisbec), Lisa and Luis have adjusted gross income ("AGI") of $90,000 and itemized deductions of $2..

  Calculate the product cost of job Q

Determine costs are allocated to job Q. Calculate the product cost of job Q as would be reported externally on the financial statements.

  How the company originally reported their revenue

Include your analysis of how the revenue recognition concepts we have studied are in conflict with how the company originally reported their revenue and why you believe the restatement is required.

  Morrell company produces serveral products from the

morrell company produces serveral products from the processing of krypton a rare mineral. material and processing costs

  What is amount of fabric purchases during month of march

Texas Curtain Works is in the process of preparing its budget for next year. What is the amount of fabric purchases during the month of March

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