You are watching: A debit balance in the allowance for doubtful accounts quizlet
Allowance for Doubtful Accounts has a delittle balance of $800 at the end of the year (before adjustment), and poor debt price is approximated at 4% of credit sales. If credit sales are $601,000, the amount of the adjusting enattempt to document the estimate of the uncollectible accounts
A 60-day, 7% note for $6,600, dated April 15, is obtained from a customer on account. The challenge value of the note is
On October 1, Black Company type of receives a 10% interest-bearing note from Reese Company type of to clear up a $18,600 account receivable. The note is due in 6 months. At December 31, Babsence must record interemainder revenue of
Allowance for Doubtful Accounts has actually a debit balance of $722 at the end of the year (before adjustment), and an evaluation of accounts in the customers ledger shows uncollectible receivables of $15,791. Which of the following entries records the appropriate adjusting enattempt for negative debt expense?
An aging of a company"s accounts receivable shows that the estimate of uncollectible accounts totals $5,855. If Allowance for Doubtful Accounts has actually a $1,106 delittle bit balance, the adjustment to record the bad debt price for the period will certainly call for a
The allowance method of estimating uncollectible accounts receivable based upon an analysis of receivables reflects that $710 of accounts receivable are uncollectible. Allowance for Doubtful Accounts has a delittle bit balance of $135. The adjusting entry at the end of the year will certainly include a credit to Allowance for Doubtful Accounts in the amount of
Paper Company receives a $3,185, three-month, 9% promissory note from Dame Company in settlement of an open up accounts receivable. What entry will certainly Paper Company make upon receiving the note?
A 60-day, 11% note for $19,200, dated May 1, is got from a customer on account. The maturity value of the note, assuming a 360-day year, is
On August 1, Kim Company type of accepted a 90-day note receivable as payment for solutions gave to Hsu Company type of. The regards to the note were $13,200 challenge value and also 4% interest. On October 30, the journal enattempt to record the collection of the note, assuming a 360-day year, have to include a
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