Suppose the same facts as above except that the allowance

Assignment Help Accounting Basics
Reference no: EM13454156

Prepare the adjusting entry on December 31, 2012, to recognize bad debts expense? Erickson Company had a $400 credit balance in Allowance for Doubtful Accounts at December 31, 2012, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Assets $170,000 1% 1-30 days past due 15,000 3% 31-60 days past due 12,000 6% 61-90 days past due 5,000 12% over 90 days past due 9,000 30% Total Accounts Receivable $211,000

(A) Prepare the adjusting entry on December 31, 2012, to recognize bad debts expense.

(B) Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $400 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts.

Reference no: EM13454156

Questions Cloud

Atherosclerosis is narrowing of arteries caused by the : atherosclerosis is narrowing of arteries caused by the accumulation of fatty deposits on the arterial walls.on june 22
Gobalization has led us to realization that workers a : for the statements below you are to write two answers. one answer should agree with the statement the other should
The panel below reports cash flows and earnings for : the panel below reports cash flows and earnings for wal-mart from 1988 to 1996 in millions of dollars except per share
Definenbspstewardshipnbspand definenbspsustainability then : in order to complete this discussion board assignment review the occurrences at easter island and use this situation
Suppose the same facts as above except that the allowance : prepare the adjusting entry on december 31 2012 to recognize bad debts expense? erickson company had a 400 credit
Describe how management is liable for creating efficient : managers are responsible for overseeing the work of other people so that the goals of the organization are
Find out a web sitebrochurepopular articleadvertising : many americans believe that they are overweight from a few pounds to a few hundred pounds. because of this weight loss
Dscuss an incident fire spill explosion etc that you have : discuss an incident fire spill explosion etc that you have experienced or research one on the internet professional
Discover the kinds of biodegradable plastics which are : explore the types of biodegradable plastics that are available in the market. how is the use of these categories of

Reviews

Write a Review

Accounting Basics Questions & Answers

  Concept of unit-level activities

How can the concept of unit-level activities be applied to an airline? More specifically, what are two examples of unit-level activities for JetBlue? What steps has JetBlue taken to manage these unit-level activities more efficiently?

  Material sale of inventory items by a parent company

The material sale of inventory items by a parent company to an affiliated company:

  What is the gross profit percentage

The buyer assumed Juan's mortgage and gave Juan a note for $550,000 (plus interest at the Federal rate) due in the following year. What is the gross profit percentage?

  Abc is reviewing project that will cost 1431the project

abc is reviewing a project that will cost 1431.the project will produce cash flows 210 at the end of each year for the

  Sam financial records and fair values

Father, Inc., buys 80 percent of the outstanding common stock of Sam Corporation on January 1, 2011, for $680,000 cash. At the acquisition date, Sam's total fair value was assessed at $850,000 although Sam's book value was only $600,000. Also, sev..

  What might have caused caterpillars lifo reserve

For both companies, as of the end of 2009, the existence of a LIFO reserve demonstrates that LIFO inventory is less than it would have been if FIFO had been used. For both companies, compute the ratio of LIFO inventory/FIFO inventory for 2009 endi..

  When constructing criteria for a query you should

1. when constructing criteria for a query you should use no delimiters for number data types.quotes to enclose datetime

  Deducting the attorney fees

Over the last two years, Ed had spent nearly $600,000 in attorney fees. Ed had even offered his brother-in-law 50% of the winnings. How and where would you deduct the attorney fees?

  Prepare a schedule indicating cash payments for operating

Acherman Company was organized on May 31 of the current year. Projected operating expenses for each of the first three months of operating are as follows: June $64000, July $81000, August $104500.

  Problem regarding write off

A few days before the move, Philip hired a friend to organize his belongings, throwing out stuff that he did not need anymore and also packing some of his belongings in his closet. Philip paid her $7,000.

  Accounting increases a students preparedness to understand

accounting increases a students preparedness to understand complex business concepts and the rationale managers use to

  Calculate the following variances

Calculate the following variances:  Direct manufacturing labor rate variance,  Direct manufacturing labor usage variance,  Direct materials price variance (how we did it in the chat session),  Direct materials usage variance

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