User Account

All Pages

Make a journal entry if uncollectible accounts are predicted

Assignment Help Accounting Basics
Reference no: EM132723955

In 2019 operations started with a balance in Accounts Receivable of $60,000 and a credit balance in Allowance for Doubtful Accounts of $5,000. The company has $400,000 in sales on credit during the year and collected cash of $360,000.

Question A: Make a journal entry if uncollectible accounts are predicted at 2% of credit sales for the year.

Question B: What is the balance in the Allowance for Doubtful Accounts at the end of Year 2 after making the entry in part A.?

Question C: Make a journal entry if uncollectible accounts are predicted to be 10% of the final ending accounts receivables balance?

Question D: Display the balance sheet presentation for accounts receivable and other related accounts after making the entry in part C

Question E: After writing off an account of $4,000 as uncollectible, the company receives a payment of cash in full. What entries would the company make as a result of this collection?

Reference no: EM132723955

Questions Cloud

Analyze differentiation in diversity for selected population : What implications do you foresee for your area and field of practice or for the population - Analyze differentiation in diversity for the selected population
Determining the cost of plant assets : Determining the Cost of Plant Assets (Cost of Delivery Truck) of your own business and Compute depreciation using the Units-of-Activity.
What is global warming or climate change : 1. What is biodiversity? What are the main types of Biodiversity? 2. What is Global Warming or Climate Change?
Normal values for forms of hemoglobin : How would a tense configuration of hemoglobin impact transport of oxygen? Explain your answer.
Make a journal entry if uncollectible accounts are predicted : In 2019 operations started with a balance, Make a journal entry if uncollectible accounts are predicted at 2% of credit sales for the year.
How does spotted knapweed reproduce : Investigate and write two paragraphs about the biology/ecology of spotted knapweed (Centaurea biebersteinii)
What was the profit or loss on disposal : Disposal of Asset During the year to 30 June 20X7, What was the profit or loss on disposal, and what journal entries are needed to record the disposal?
Measure of relative reproduction in a population : Why is evolutionary fitness always a measure of relative reproduction in a population?
Learn about key elements of the program : Identify and describe three key points you took away from the orientation that will help you during your educational journey at Capella University

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare journal entry that csm will make to record interest

Prepare the journal entry that CSM will make to record the interest and principal payments on February

  Determine the total direct materials cost variance

Ruby Company produces a chair for which the standard specifies 6 yards of material per unit. Determine the total direct materials cost variance

  Amount of cash paid on accounts payable

What was the amount of cash paid on accounts payable during the year ended December 31?

  Make summary entries to record the installation sales

Using the installment-sales method, make summary entries to record: (a) the installation sales and cash collections

  How to the following transactions affect the accounts

how to the following transactions affect the accounts listed cash other assets liabilities paid in capital retained

  The culmination of preparing operating budgets

The culmination of preparing operating budgets

  Pyramid construction company has used the completed contract

Prepare the 2011-2010 comparative statements of shareholders' equity. (Hint: The 2009 statements reported retained earnings of $36,000. This is $60,000 - [$60,000 × 40%].

  What is the materials price variance

If the actual price of cooking oil is $0.035 per ounce and the standard price is $0.03 per ounce, what is the materials price variance

  Calculate the cost per equivalent unit for direct materials

Calculate the number of total equivalent units for direct materials. Calculate the cost per equivalent unit for direct materials.

  Prepare an income statement and aretained earnings statement

Using the multiple-step form, prepare an income statement and aretained earnings statement for the year ended June 30, 2017.

  Calculate comprehensive profit that will be reported

Calculate Comprehensive Profit / Loss that will be reported by PT Adil.Unrealized gains from equity securities available for sale Rp 40.000

  Finding dpgr per unit

Finch Corp. sells portable air filtration systems by means of internet and direct mail orders. Most of the components are purchased from foreign suppliers at a cost of $1,600-What is Finch's DPGR per unit? It's QPAI? How could this result have been..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd