Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem 8QC
Use the following information to answer questions 8–12.
Accounts receivable 12/31/18 | $ 8,000 |
Allowance for uncollectible-accounts credit balance 12/31/18 (before adjustment) | 900 |
Credit service revenue during 2018 | 39,000 |
Cash service revenue during 2018 | 20,000 |
Collections from customers on account during 2018 | 40,000 |
Uncollectible accounts are determined by the percent-of-sales to be 3% of credit sales. How much is uncollectible-account expense for 2018?
- a. $1,010
- b. $900
- c. $320
- d. $1,170
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The Allowance for uncollectible accounts currently has a credit balance of $200. Thecompany's management estimates that 2.5% of net credit sales will be uncollectible. Netcredit sales are $115,000. What will be the amount of Uncollectible account expensereported on the income statement?
The allowance for uncollectible accounts currently has a credit balance of $200 the company's management estimates that 2.5% of net credit sales will be uncollectible net credit sales or 115, 000 what will be the balance of allowance for collectible accounts reported on the balance sheet once the adjustment is made assuming the percent of sales method is used
The Allowance for uncollectible accounts currently has a debit balance of $200.Β The company's management estimates that 2.5% of net credit sales will be uncollectible.Β Net credit sales are $115,000. What will be the balance of the Allowance for uncollectible accounts reported on the balance sheet?
a.
$3,075
b.
$3,275
c.
$2,875
d.
$2,675
Chapter 5 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 5 - A doctor for the Benson Family Practice performs a...Ch. 5 - On March 15, Maxwell Plush sold and shipped...Ch. 5 - Prob. 3QCCh. 5 - What is the financial impact on a company when a...Ch. 5 - Prob. 5QCCh. 5 - Which of the following statements is true? a....Ch. 5 - Duncan Corporation began 2018 with a balance in...Ch. 5 - Use the following information to answer questions...Ch. 5 - Jackson Company had the following information in...Ch. 5 - If uncollectible accounts are determined by the...
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