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The year-end
|
|
Interest received |
Interest paid |
Suspense account |
|
|
£ |
£ |
£ |
|
A |
Cr: £4,000 |
Cr: £4,000 |
Dr: £8,000 |
|
B |
Cr: £4,000 |
Dr: £4,000 |
Dr: £8,000 |
|
C |
Cr: £4,000 |
Dr: £4,000 |
|
|
D |
Cr: £4,000 |
|
Dr: £4,000 |
Step by step
Solved in 3 steps
- 36. Akito Company uses the statement of financial position approach in estimating uncollectible accounts expense. The entity prepares an adjusting entry to recognize this expense at the end of the year. During the year, the entity wrote off a P100, 000 receivable and made no recovery of previous write-off. After the adjusting entry for the year, the credit balance in the allowance for doubtful accounts was P250, 000 larger than it was on January 1. What amount of uncollectible account expense was recorded for the year?Suppose the balance in the Allowance for Doubtful Accounts at the end of year is a $400 Debit balance before adjustment. The company estimates future uncollectible accounts to be $3,200. At what amount would Bad Debt Expense be reported in the current year's income statement? A. $400 B. $2,800 C. $3,600 D. $3,200The beginning balance in the Allowance for Doubtful Accounts is $47767 cr.. During the year a total of $41485 of accounts were written off and $4997 of accounts previously written off were recovered. The company estimates that the ending balance in the Allowance for Doubtful Accounts should be $60647. What is the bad debt expense for the year? Select one: O a. $49368 O b. $60647 Oc. $41485 O d. $36488
- The balance of the accounts receivable was extracted from Point Company's unadjusted trial balance at December 31, 2011: Accounts receivable P1,000,000.00 A test of collectability of the receivable showed that P580,000 is currently collectible and not impaired; P300,000 has been outstanding more than the required period for similar transaction and objective evidence showed that only P158,000 is considered realizable but with a current fair value of P141,000 ; the remaining receivable balance has been outstanding for 2 years and Point Company estimates that none of which will be realized. What amount should the account receivable is reported in the December 31, 2011 statement of financial position?6.Allowance for Doubtful Accounts has a credit balance of $1,300 at the end of the year (before adjustment). The company prepares an analysis of customers' accounts to estimate the amount of uncollectible accounts of $41,900. Which of the following adjusting entries would be made to record the bad debt expense for the year? Bacon Company acquired new machinery with a price of $15,200 by trading in similar old machinery and paying $12,700. The old machinery originally cost $9,000 and had accumulated depreciation of $5,000. In recording this transaction, Bacon Company should record Group of answer choicesAt the end of year there was an imbalance in the trial balance of Messy and Co which meant that a suspense account with a credit balance of €700 had to be created. The following items were discovered after investigation: I. A sales credit note for €750 was correctly recorded on the trade receivables account but inconectly included with purchases returns. A stock of Heating Oil valued at €300 had not been accounted for at all. All costs associated with light and heat have been recorded in the appropriate expense account. III. П. An early settlement discount of €100 had been taken even though the early payment period had expired, and the supplier statement records the amount as still due Cost of sales included €750 for components for a new non-current asset. These components will extend the useful life of the asset and should have been capitalised. Sale of goods for €1,200 on credit had been entered correctly in the trade receivables account but omitted in the sales account. IV. V. VI.…
- Assume that Simple Company had credit sales of $259,000 and cost of goods sold of $159,000 for the period. Simple uses the aging method and estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,900. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $340. Required: What amount of Bad Debt Expense would the company record as an end-of-period adjustment? Bad Debt ExpenseAt the beginning of the current year, Malice Company reported allowance for doubtful accounts of P300,000. During the current year, the entity charged P650,000 to doubtful accounts expense, wrote off P450,000 of uncollectible accounts receivable, and unexpectedly recovered P100,000 of bad debts written off in the prior year. What is the allowance for doubtful accounts at year-end?At its fiscal year end, under the aging of a company's accounts receivable, the uncollectible accounts are estimated to be $12,000. The unadjusted balance for the Allowance for Doubtful Accounts is $2,000 credit. Assume the company records adjusting entries only at year end. What is the amount of bad debts expense for the year? A. $12,000 B. $14,000 C. $10,000 D. $2,000
- Isbell Company’s December 31, 2024 unadjusted trial balance reports a $1,000 credit balance in Allowance for Doubtful Accounts. As a result of a review and aging of accounts receivable at that time, it has been determined that an allowance for doubtful accounts of $5,500 is needed at December 31, 2024. What amount should Isbell record as Bad Debt Expense for the year ended December 31, 2024? Select one: $13,500 $5,500 $4,500 $6,500The following information is available for Reagan Company: Allowance for doubtful accounts at December 31, 2020 (beginning balance) $ 8,000 Accounts receivable deemed worthless and written off during 2021 9,000 As a result of a review and aging of accounts receivable it has been determined that an allowance for doubtful accounts of $5,500 is needed at December 31, 2021. What amount should Reagan record as "bad debt expense" for the year ended December 31, 2021? $4.500 $5.500 $6.500 13.500You are assigned to audit Bonifacio Inc. for the year ending June 30, 2014. Prior to any adjustments you were able to extract the following balances from the client’s records:Accounts receivable, control account P221,250Allowance for doubtful accounts (7,500)Amortized cost P213,750