Below is the Trial Balance of Crash Landing on YouCompany as of and for the year ending December 31, 2020. Account Debit Credit Cash on hand 120,586 Cash in bank 560,125 Trade receivables 400,125 Allowance for bad debts 60,128 Advances to suppliers 125,677 Interest receivable 1,248 Prepaid supplies 4,450 Receivable from insurance 70,990
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Compute the following:
A. Current Asset
B. Non current asset
C. Total asset
D. Current liabilities
E. Non current liabilities
F. Total liabilities
G. Equity
H. Net income
I. Total liabilities and equity
J. Prepare a
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- be Preview File Edit View V Go mgt120h-a17.pdf Page 3 of 10 DOLAY Tools Window Help risinin D .. .. .. ... ... O V C. For an amount that the company estimates it will not collect. d. Several times during the accounting period. ܐ. . .. . . Search (Cª 5. Under the allowance method for uncollectible accounts, Bad Debts Expense is recorded a. When an individual account is written off. b. When the loss amount is known. Sat Apr 15 3:04 PM 6. A company sells an asset that originally cost $150,000 for $50,000 on December 31, 2016. The accumulated depreciation account had a balance of $60.000 after the current year'e Cost-Volume-Profit Analysis The Effect Of Prepaid Taxes On Assets Debenture Valuation And Liabili... 90 77Select the best answer for the question 12. What account will be debited to record an accounts receivable amount considered to be a bad debt if the direct write-off method of accounting is used? O A. Cash OB. Allowance for Doubtful Accounts OC. Sales OD. Uncollectible Accounts Expense Mark for review (Will be highlighted on the review page) revious Questio Next Question >> Jmtests.mettl.com/test-window/f55ac827#/testWindow/0/16/1 EY Accounting Assessment O Total 00:54.47 Finish Test Section 1 of 1 Section #1 v 10 11 12 13 14 15 16 17 18 19 20 17 of 45 All 2 43 Question # 17 G Revisit Choose the best option Which of the following formula best describes the acid test or quick ratio? Current assets: Current liabilities. Debtors: Creditors O (Current assets stock) Current liabilities. O Current assets: (Current liabilities - bank overdraft). Frev Cueston Next Question +91-82878-03040 Zaineh | Support +1-650-924-9221 metil 413 PM 1/16/2021 Type here to search
- om te x O Indian X Conten X O My App X Reset F X Cengag x O Mail -E X Indian m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro.. Q < * * eBook Show Me How Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000. a. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at % of 1% of sales. b. The allowance account before adjustment has a debit balance of $68,250. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $575,000. c. The allowance account before adjustment has a credit balance of $45,000. Bad debt expense is estimated at % of 1% of sales. d. The allowance account before adjustment has a credit balance of $45,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $450,000.…A edugen.wileyplus.com W WileyPLUS Bb Return to Blackboard US US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Commun Help | System Announcements Problem 9-01A a-d (Video) At December 31, 2019, Ayayai Co. reported the following information on its balance sheet. Accounts receivable $965,100 Less: Allowance for doubtful accounts 79,700 During 2020, the company had the following transactions related to receivables. 1. Sales on account $3,692,700 2. Sales returns and allowances 49,600 3. Collections of accounts receivable 2,817,800 4. Write-offs of accounts receivable deemed uncollectible 89,600 5. Recovery of bad debts previously written off as uncollectible 27,350 Your answer is correct. Aceur me thatne neh diecouınte w ers Prepare the journal entries to record onch of tho0o fuo trnnanotionoIn addition to this, please post to the allowance these 2022 events: Allowance for Doubtful Accounts 2021 12/31 Bal 7900 12/31 37015 12/31 Bal 44915 2022 DATE? ??? 5/1 ??? As well as: Journalize the adjusting entry for bad debts at December 31, 2022, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,200 and the aging schedule indicates that total estimated bad debts will be $34,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
- 38. The company’s accounts receivable under “61-90 days” category totaleda. P32,600b. P44,320c. P44,600d. P42,000 39. The allowance for bad debts to be reported on the balance sheet at December 31, 20x7, isa. P13,199b. P6,199c. P9,699d. P9,043 40. What entry should be made on December 31, 20x7, to adjust the allowance for bad debts account?a. Bad debt expense 13,699Allowance for bad debts 13,699b. Bad debt expense 5,199Allowance for bad debts 5,199c. Allowance for bad debts 5,199Bad debts expense 5,199d. Bad debt expense 9,699Allowance for bad debts 9,699A ezto.mheducation.com sijon 17A - Connect Data_Sales.xlsx: fa21cob204 Computer Information Systems Dashb on 1-7-6A - Connect Saved Help The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,500. During Year 2, $1.900 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $130 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $211,000, and cash collections from receivables were $212,936. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required a. Record the transactions in general journal form and post to T-accounts. b. Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31,…Prepare the general journal entries to record the accounts receivable 'write-offs' and the 'write-off recoveries' for 2023. Label Debit accounts with "Dr" and Credit accounts with "Cr". For example: (Dr) Asset $XXXXX, (Cr) Revenues $XXXXX. Ignore GST & narrations
- 08:24 C uie Instructions. On 28 February 2019, the debtors control account in the General Ledger of Lesego Fashions showed a debit balance of R8 735, while the debtors list in the Debtors ledger showed a total of R5 584. The errors and omissions described below were found on 28 February 2019. Required: Indicate in the table provided below, how the errors and omissions should be corrected in order to reconcile the control account balance with debtor's list total. No. General Ledger Debtors ledger Debtors list Debtors control Dr (+) Cr (-) Dr (+) Cr (-) 3. The balance on the account of a debtor, R150, was brought down incorrectly as R15. 4. The amount on an invoice issued to A Shokane was miscalculated. The account should be R62 and not R72. 5. Payments to creditors as per the Cash Payment Journal were debited to debtors control account, R3 960. 6. The debtors' journal was undercast and posted accordingly. The total should have been R4 710, and not R4 170. 7. A credit note for R51 was…ermediate Accounting 1.docx Open with Google Docs The following information is available for AVS-CVN Company: Credit sales during 2019 Accounts recelvable deemed worthless and written off during 2019 Allowance for doubtful accounts at December 31, 2018 22. P 8,000,000 180,000 160,000 As a result of a revlew and aging of accounts receivable in early January 2020, however, It has been determined that an allowance for doubtful accounts of P110,000 is needed at December 31, 2019. What amount should AVS-CVN record as doubtful accounts expense for the year ended December 31, 2019? a. P130,000 b. P110,000 P90,000 d. P270,000 C. 23. Terrific Corporation, an equipment distributor, sells a piece of machinery with a list price of P800,000 to Archer Company. Per agreement, Archer will pay P850,000 in one year evidenced by a note. Terrific normally sells at cash price equivalent to 90% of list price. The note has a market rate of 12%. How much should be recorded as Sales? (The PV of 1 at 12% for 1…1. What amount should be reported as doubtful accounts expense for 2019? Answer: 300,000 2. What amount should be reported as allowance for doubtful accounts on December 31, 2019? Answer: 110,000 3. What is the net realizable value of accounts receivable on December 31, 2019? Answer: 2,650,000 Please attach solutions on how to get the answers above. Thank you!