The sum of all of your customer Accounts Receivable is listed as part of on your balance sheet. * O Current Assets O Current Liabilities O Long-term Assets Suppose you are closing the books at the end of a fiscal year and you have a balance of $75000 in your Revenue account. What should you do with the balance? *

The sum of all of your customer Accounts Receivable is listed as part of on your balance sheet. * O Current Assets O Current Liabilities O Long-term Assets Suppose you are closing the books at the end of a fiscal year and you have a balance of $75000 in your Revenue account. What should you do with the balance? *

Name: The sum of all of your customer Accounts Receivable is listedas part
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: The sum of all of your customer Accounts Receivable is listedas part ofon your balance sheet. *O Current AssetsCurrent LiabilitiesLong-term AssetsSuppose you are closing the books at the end of a fiscal yearand you have a balance of $75000 in your R

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 11EA: Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables....

See similar textbooks

Similar questions

After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $450,000 and Allowance for Doubtful Accounts has a balance of $25,000. What is the net expected realizable value of the accounts receivable? $25,000 O $450,000 O $455,000 $425,000
1. What is the adjusting entry for the doubtful accounts expense for the current year? 2. What is the net realizable value of accounts receivable at year-end? Please include solutions with the answers. Thank you!
answer true or false. please write out the complete word TRUE OR FALSE. Liabilities that occur spontaneously every month to pay for purchases and other operating expenses and which will be paid within a year are known as current liabilities______________________. A contingency should be recorded in the accounting records if the loss is probable, and the cost can be estimated ____________________________. A lease preserves cash for the company and allows the company to continuously have the latest technology __________________________. Corporations are legal entities separate from their owners and offer the advantage of limited liability to the shareholders__________________________.
Provide the following independent journal entries: a. July 31, 2019. We had $1,000,000 of credit sales in July. We estimate that our bad debt expense will be 1% of credit sales. b. Aug. 15, 2019. We have an account receivable from Frank Farmworker for $500. On Aug. 15 we decide that we will not collect this account, so need to write it off. On Sept. 5 we get a check from Frank in the mail. c. Dec. 31, 2019. Allowance for Bad Debts currently has a credit balance of $7,200. We perform an aging of accounts receivable, and determine that the Allowance should have a balance of $10,100. d. Dec. 31, 2020. We age our accounts receivable: Age of accounts . Days: 1-30 31-60 61-9091+Total Accounts receivable$85,000$40,000$10,000$2,000$137,000 Estimate % uncollectible 1% 5% 20% 60% What balance should the…
Minnie has asked you to review the methods Min Armin Wastege uses when dealing with Accounts Receivable. Minnie has compiled the following information for the past 2 months andwants you to update her records on August 31, 2020.On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr withan Allowance for Doubtful Debts of $462 Cr. In the last two monthsSales (net of GST)S4 800Sales Returns & Allowances (net of GST) 400Cash Collected3 550Bad Debts to be written off (Including GST) 660The bad debts listed above have not been written off as yet. Minnie has also calculated based on past experience that 7% of net credit sales go bad. All sales are made on credit. REQUIRED:Prepare the following General Journal entries to1. account for the write off of the bad debt during the past two months2. the adjusting entry on August 31 using the information Minnie has provided. b. Update the Accounts Receivable and Allowance for doubtful debts accounts.
1. What is the required allowance for doubtful accounts at year-end? 2. How much would be the doubtful accounts expense for the current year? Please include solutions with the answers. Thank you.
The beginning balance in the Allowance for Uncollectible Accounts account is a $3,500 debit. After conducting an aging analysis, management has determined that $4,700 of accounts receivable will be uncollectible. What was the Uncollectible Accounts Expense for the year? $3,500 $8,200 $4,700 $1,200
For permanent accounts: Multiple Choice balances are never zero. balances are zeroed-out at the end of each accounting year. year-end balances are closed out to retained earnings. ending balances from one year become beginning balances for the following year. Prev 50 Next
Minnie has asked you to review the methods Min Armin Wastege uses when dealing with Accounts Receivable. Minnie has compiled the following information for the past 2 months and wants you to update her records on August 31, 2020. On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr with an Allowance for Doubtful Debts of $462 Cr. In the last two months $4 800 Sales (net of GST) Sales Returns & Allowances (net of GST) 400 Cash Collected 3 550 Bad Debts to be written off (Including GST) 660 The bad debts listed above have not been written off as yet. Minnie has also calculated based on past experience that 7% of net credit sales go bad. All sales are made on credit. REQUIRED: A. Prepare the following General Journal entries to 1. account for the write off of the bad debt during the past two months 2. the adjusting entry on August 31 using the information Minnie has provided В. Update the Accounts Receivable and Allowance for doubtful debts accounts using…
Liabilities that occur spontaneously every month to pay for purchases and other operating expenses and which will be paid within a year are known as current liabilities______________________. A contingency should be recorded in the accounting records if the loss is probable, and the cost can be estimated ____________________________. A lease preserves cash for the company and allows the company to continuously have the latest technology __________________________.
If at the end of the year Allowance for Uncollectible Accounts has a credit balance before any adjustment, what might that tell us about last year’s ending balance of the account?
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $622,324 and Allowance for Doubtful Accounts has a balance of $20,510. What is the net realizable value of the accounts receivable? a.$601,814 b.$642,834 c.$20,510 d.$622,324