User Account

All Pages

What was the total amount of bad debts expense

Assignment Help Accounting Basics
Reference no: EM132048286

Question - On January 1, 2014, the balance in Great Lakes Co.'s Allowance for Bad Debts account was $5,200. During the year, a total of $3,500 of Delinquent accounts receivable were written off as bad debts. The balance in the Allowance for Bad Debts account at December 31, 2014 was $7,300.

a) What was the total amount of bad debts expense recognized during the year?

b) As a result of comprehensive analysis, it is determined that the December 31st, 2014, balance of Allowance for Bad Debts should be $6300. Show, in journal format the adjustment required.

Reference no: EM132048286

Questions Cloud

Closest approximation of the lattice energy : Which of the following values is the closest approximation of the lattice energy of NaF: 682 kJ/mol, 794 kJ/mol, 924 kJ/mol, 1588 kJ/mol, or 3175 kJ/mol?
Considering two mutually exclusive projects : Cummings Products Company's cost of capital is 12% and the company is considering two mutually exclusive projects.
Prepare a balance sheet using the given information : Prepare a balance sheet using the following information. The business has $12,000 cash, $2,500 in accounts receivable, $22,000 in inventory, and $46,000.
Describe the meaning of multiculturalism in your own words : Describe the meaning of multiculturalism in your own words. Is the United States of America a multicultural country? Why or why not?
What was the total amount of bad debts expense : On January 1, 2014, the balance in Great Lakes Co.'s Allowance for Bad Debts account was $5,200. What was the total amount of bad debts expense recognized
What would be projected for equity at year-end : You are preparing pro forma financial statements for 2014 using the percent-of-sales method. Sales were $100,000 in 2013 and are projected to be $132,000.
Calculate the final temperature of the gas : Calculate the final temperature of the gas, in Kelvins, if the pressure is increased to 124 kPa and the volume decreases to 5.00 L.
Can poverty be eliminated from america : Can poverty be eliminated from America? What ideas do you have that could help the working poor improve their opportunities?
Volume of the gas if the temperature : What will be the volume of the gas if the temperature is cooled to - 30.5 degrees celsius and the pressure is held constant?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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