User Account

All Pages

Prepare adjusting entries for estimated uncollectible amount

Assignment Help Financial Accounting
Reference no: EM132354196

Problem : Prepare adjusting entries for estimated uncollectible amounts based on accounts receivable.

At the end of an accounting period, Kiss Associates' accounts receivable amount is $63,400. An aging of the customers' accounts indicates that $1,450 may be uncollectible. The firm uses the Allowance Method and bases estimated uncollectible amounts on accounts receivable balances.

Prepare an adjusting entry for Kiss Associates for estimated uncollectible amounts for each of these assumptions:

A. Assume that the Allowance for Uncollectible Accounts account has a credit balance of $300.

B. Assume that the Allowance for Uncollectible Accounts account has a debit balance of $120.

Part A: Adjusting Entry for Allowance for Uncollectibles Accounts with Credit Balance of $300

Part B: Adjusting Entry for Allowance for Uncollectibles Accounts with Debit Balance of $120

Reference no: EM132354196

Questions Cloud

Calculate the deflection of the beam at the free end : Question - Indeterminate Beam Design and Deflection. Calculate the deflection of the beam at the free end using the moment-area method
Describe the marketing mix product and pricing strategy : Describe the marketing mix: product, pricing strategy, promotion and placement/distribution. Identify its primary target market.
Identify and clearly state what the difference is : According to Franks and Smallwood (2013), information has become the lifeblood of every business organization, and that an increasing volume of information.
Throughout the entire change process : How can you measure change not just at the end, but throughout the entire change process?
Prepare adjusting entries for estimated uncollectible amount : At the end of an accounting period, Kiss Associates' accounts receivable amount is $63,400. An aging of the customers' accounts indicates.
Discussing the ethical and moral issues of providing drugs : Prepare and submit a 3 to 4 page essay discussing the ethical and moral issues of providing drugs for poor and underdeveloped countries. APA Style.
Organizational policies drafted-approved and disseminated : How are organizational policies drafted, approved, and disseminated? Which ethical principles and theories apply to the scenario you selected?
Design, operate and troubleshoot the new local area network : Perform an online research on vendors. You are to select one vendor and compare your CISCO switch with a competent product. You are to perform a features
Analyze the current health care delivery structure : Analyze the current health care delivery structure in your state. Compare and contrast the major determinants of healthcare market power.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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