Doubtful accounts has credit balance

Assignment Help Financial Accounting
Reference no: EM131206465

Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $16,000. Based on the estimate above, which of the following adjusting entries should be made?

Reference no: EM131206465

Questions Cloud

What is estimated raw materials inventory balance at the end : Morganton Company makes one product and it provided the following information to help prepare the master budget for its first four months of operations: What is the estimated raw materials inventory balance at the end of July? What is the total estim..
The interest received and the fair value adjustment : Hendricks Corporation purchased trading investment bonds for $59,930 at par. At December 31, Hendricks received annual interest of $2,660, and the fair value of the bonds was $57,000. Prepare Hendricks’ journal entries for (a) the purchase of the inv..
Prepare the journal entry at the date of the bond purchase : On January 1, 2013, Dagwood Company purchased at par 11% bonds having a maturity value of $304,200. They are dated January 1, 2013, and mature January 1, 2018, with interest receivable December 31 of each year. The bonds are classified in the held-to..
Receipt of semiannual interest and premium amortization : Carow Corporation purchased, as a held-to-maturity investment, $77,900 of the 10%, 6-year bonds of Harrison, Inc. for $85,211, which provides a 8% return. The bonds pay interest semiannually. Prepare Carow’s journal entries for (a) the purchase of th..
Doubtful accounts has credit balance : Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $16,000. Based on the estim..
Compute the predetermined overhead rate to be used : White Company has two departments, Cutting and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each department. Compute the predetermined overhead rate to be used in each department. Would you expe..
Under the periodic method : Under the periodic method, inventory is just counted at the end of the year. Under the perpetual method, inventory is adjusted throughout the year as sales and purchases are made. Under the perpetual method, when might the inventory balance on the bo..
Difference between temporary and permanent accounts : In your own words explain the difference between temporary and permanent accounts; give an example of each Where do they each appear on the Financial Statements? How are the Financial Statements - Income Statement, Equity Statement, Balance Sheet and..
Which account balances that might be estimated : After reading the suggested chapters for this week, review the balance sheet of a large publicly traded company and determine whether this company might be a company in which you would like to invest. What are the specific accounts on the balance she..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Frederic chopin corporation is preparing its december 31

frederic chopin corporation is preparing its december 31 2008 balance sheet. the following items may be reported as

  What is the total common food sense roared by me company

What contribution margin per pound of raw material is awned by eada product? What h the total traceable fixed overhead cost incurred by Ace Company? What is the total common food *sense roared by Me Company?

  Highest ratio of sales revenue to property

Which of the following industries would most likely have the highest ratio of sales revenue to property, plant and equipment?

  Uses the perpetual inventory method

Unger Company uses the perpetual inventory method. Unger sold goods that cost $3,500 for $7,200. If the sale was made to a customer on account, the sale will:

  Financial accounting is fairly heavily regulated in

financial accounting is fairly heavily regulated in australia. there are numerous corporations act requirements and

  Operating expenses of a not-for-profit organization

Operating expenses of a not-for-profit organization are recorded in

  Determine total overhead cost that would be assigned

Determine the total overhead cost that would be assigned to each of the products.

  Prepare the journal entry necessary to record

The fair value of the equipment at December 31, 2013, is $5,100. Prepare the journal entry (if any) necessary to record this increase in fair value.

  Write a report on the ethical issues in merger

You are required to write a report on the ethical issues in merger and takeover in Australia. You need to write 1250 words excluding references,tables and appendices.

  Partnership assumes responsibility

Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $340,000; the partnership assumes responsibility for a $120,000 note secured by a mortgage on the property. Monroe invests $95,000 in cash and equip..

  Aunt ethels fancy cookie company manufactures and sells

aunt ethels fancy cookie company manufactures and sells three flavors of cookies macaroon sugar and buttercream. the

  Estimation of the firms present cash conversion cycleyou

estimation of the firms present cash conversion cycle.you were recently hired as cfo to improve the performance of

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