Designers Guild had a 1/1/21 balance in the Allowance for Doubtful Accounts of P12,000. During 2021, it wrote off P8,000 of accounts and collected P3,500 on accounts previously written off. The balance in Accounts Receivable was P220,000 at 1/1 and P260,000 at 12/31. At 12/31/21, Designers Guild estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2021?
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- At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.Tonis Tech Shop has total credit sales for the year of 170,000 and estimates that 3% of its credit sales will be uncollectible. Allowance for Doubtful Accounts has a credit balance of 275. Prepare the adjusting entry at year-end for the estimated bad debt expense. (a) Based on an aging of its accounts receivable, Kyles Cyclery estimates that 3,200 of its year-end accounts receivable will be uncollectible. Allowance for Doubtful Accounts has a debit balance of 280 at year-end. Prepare the adjusting entry at year-end for the estimated uncollectible accounts.Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
- Smithson Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $30,653. During 2020, it wrote off $21,362 of accounts and collected $6,107 on accounts previously written off. The balance in Accounts Receivable was $600,779 at 1/1 and $722,708 at 12/31. At 12/31/20, Smithson estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020? *round your final answer to the nearest $1 24,546Marigold Corp. had a 1/1/20 balance in the Allowance for Doubtful Accounts of $33500. During 2020, it wrote off $21700 of accounts and collected $6180 on accounts previously written off. The balance in Accounts Receivable was $630000 at 1/1 and $740000 at 12/31. At 12/31/20, Marigold estimates that 7% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020? O $37000. O $18300. O $33820. O $40000.Crane Company had a 1/1/20 balance in the Allowance for Doubtful Accounts of $33500. During 2020, it wrote off $22000 of accounts and collected $6620 on accounts previously written off. The balance in Accounts Receivable was $630000 at 1/1 and $730000 at 12/31. At 12/31/20, Crane estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020? $18380. $25000. $3000. $36500.
- Sunland Corporation had a 1/1/25 balance in the Allowance for Doubtful Accounts of $38500. During 2025, it wrote off $27600 of accounts and collected $7850 on accounts previously written off. The balance in Accounts Receivable was $735000 at 1/1 and $875000 at 12/31. At 12/31/25, Sunland estimates that 5% of accounts receivable will prove to be uncollectible. What is bad debt expense for 2025? O $43750. Ⓒ$32850. Ⓒ $5250. O $25000.Ajman Corporation had a 1/1/18 balance in the Allowance for Doubtful Accounts of $30,000. During 2018, it wrote off $21,600 of accounts and collected $6,300 on accounts previously written off. The balance in Accounts Receivable was $600,000 at 1/1 and $720,000 at 12/31. What should Ajman report as its Allowance for Doubtful Accounts at 12/31/18?On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2022, Shoemaker paid the amount previously written off. Instructions Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. Journalize entries for the sale of accounts receivable
- On January 1, 2021, the books of the Bart Company showed a credit balance in the allowance for doubtful accounts of P16,700. During the year, P13,000 of accounts were written off as uncollectible. Based on prior experience, Bart estimates that 3% of the ending accounts receivable balance will prove to be uncollectible. The accounts receivable balance as of December 31, 2021, is P720,000. The uncollectible accounts expense for 2021 statement of income is:On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Pina Co. estimated that 3% of its net accounts receivable of $435,200 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Pina Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,176. On June 12, 2022, Shoemaker paid the amount previously written off.1. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,600, Whispering Winds Corp. estimates that 8% of its accounts receivable balance of $67,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. Record this journal entry