Journalize adjusting entry to record bad debt expense

Reference no: EM13144719

Escape Co. estimates bad debt expense at 1% of sales (all sales are on account). The company reported accounts receivable and allowance for uncollectible accounts of $450,000 and $2,000 respectively, at December 31, 2010.

During 2011, Escape's sales were 320,000 and collections on sales were $315,000. Accounts receivable written off totaled $1700.

1. Journalize the entry Escape used to write off customer Ken Ford for $50. (the $50 is included in the 1700 total written off)

2. The balance in Accounts Receivable on December 31, 2011, is

3. Journalize Escape's adjusting entry to record bad debt expense for 2011.

4. What is the adjusted balance in Allowance for Uncollectible Accounts on December 31, 2011?

Reference no: EM13144719

Questions Cloud

How many atp equivalents are produced by complete oxidation : How many ATP equivalents (assuming GTP=ATP) are produced by the complete oxidation of acetoacetate to CO2 and water?

What is the weighted mean for semester grades : Spanish a 3 credit hour course. If 4 grade points are assigned for an A, 3 for a B and 2 for a C, what is the weighted mean for the semester grades?

Significant capital improvements to the property : In 1980, Jonathan leased real estate to Jay Corporation for 20 years. Jay Corporation made significant capital improvements to the property. In 2000, Jay decides not to renew the lease and vacates the property.

Calculate the wavelength of the photon emitted : calculate the wavelength of the photon emitted when an electron drops from 4d obital to a 2p orbital in a hydrogen atom using Rydberg constant as 1.097 x 10-2 pm-1 .

Journalize adjusting entry to record bad debt expense : Journalize the entry Escape used to write off customer Ken Ford for $50. (the $50 is included in the 1700 total written off). The balance in Accounts Receivable on December 31, 2011, is. Journalize Escape's adjusting entry to record bad debt expense ..

Find sample is likely to be representative of population : Identify the sample and population. Also, determine whether the sample is likely to be representative of the population.

Does pancreatic amylase found in blood any activity : Does pancreatic amylase found in blood any activity as it circulates in the blood plasma?

What would the new volume of the gas be : A sample of hydrogen occupies a volume of 1.20 liters at a pressure of 425 kilapascals. If the temperature of the gas is constant, what would the new volume of the gas be at 615 kilapascals?

Journal entries of quinones county general fund : Prepare the journal entries (budgetary and actual) to record the following transactions of the Quinones County General Fund.

User Account

All Pages