3. A P96,000 12%, 120 day note was received from a client dated Nov. 1, 2017. The interest was not yet collected at the end of December 31, 2017. ADJUSTING ENTRY;
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- Q8. The following information relates to the Accounts Receivable of Pankhurst Inc. as at Dec 3, 2019. Age Balance% Estimated Allowar Uncollectible Under172,0001 60 days 60 to 136,0003 90 days 91 to 39,000 5 120 days Over 23,000 25 120 Total Use the aging method to journalize Pankhurst's Bad Debt expense for 2019. Note that on Jan 1, 2019, the Allowance for Doubtful Accounts had a credit balance of $20,000. During 2019 accounts totaling $15,300 were written off. Show calculations to get credit.If a 10 percent note receivable for $10,000 is created onJanuary 1, 2015, and it has a maturity date of December31, 2018,a. No interest revenue will be recorded in 2015.b. The note receivable will be classified as a current asset.c. Interest Revenue of $1,000 will be recorded in 2015.d. None of the above.Marshall Travel, disclosed the following rounded amounts (in millions) concerning the Allowance for Doubtful Accounts on its Form 10- K annual report. Year 2018 2017 2016 Allowance for Doubtful Accounts (dollars in millions) Increases for Bad Debt Expense Beginning Balance $ 42 36 38 Req 1A $ 30 31 20 Required: 1-a. Prepare a T-account for the Allowance for Doubtful Accounts and enter into it the 2016 amounts from the above schedule. The balance at the beginning of each year in the Allowance for Doubtful Accounts is a credit balance. 1-b. Write the T-account in equation format to prove the above items account for the changes in the account. 2. Record summary journal entries for 2017 related to (a) estimating Bad Debt Expense and (b) writing off specific customer account balances. 3. Supply the missing information for 2018. 4. If Marshall Travel had written off an additional $31 of Accounts Receivable during 2018, by how much decreased? How much would Net Income have decreased? Complete…
- 12. J&Co has credit sale of OMR 900,00 for year 2017. On December 31, 2017, the company's Allowance for doubtful Accounts has a Zero balance. J&Co prepare a schedule of its December 31, 2017, account receivable by age. On the basis of past experience, it also estimate the percent of receivable in each age category that will become uncollectable. This information is summarized here: Analysis of balances Accounts Age of Receivable Not due (Under 30days) 1 to 30 days past due 31 to 60 days past due 61-90 days past due 90-120 days past due Over 120 days past due Total Amount % 399,600 2 287,800 10 180,000 15 6,000 20 10,000 40 16,600 100 OMR 900,000| Required. a. Compute the amount needed in the Allowance for Doubtful Accounts at December 31, 2017, using the aging of accounts receivable method. b. Prepare the journal entry to record bad debts expense at December 31, 2017. Show how accounts receivable would be presented on the Balance sheet at DecemberPrior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 dayspast due 31-90 dayspast due Over 90 dayspast due Accounts receivable amount $52,000 $31,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 dayspast due 61-120 dayspast due Over 120 dayspast due Accounts receivable Amount $82,000 $15,000 $8,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 dayspast due 31-90 dayspast due Over 90 dayspast due Accounts receivable amount $52,000…
- The following information pertains to Polo Company’s accounts receivable at December 31, 2018. Days Outstanding Amount % Uncollectible 0-60 P 1,200,000 1% 61-120 900,000 2% Over 120 1,000,000 6% Polo Company’s Allowance for Bad Debts has a P 10,000 debit balance before adjustment on December 31, 2018. How much is the Bad Debts expense for 2018? A. P30,000 B. P100,000 C. P80,000 D. P90,000 35. Using data in number 34, how much is the Allowance for bad Debts to be shown in the Statement of Financial Position as of December 31, 2018? A. P100,000 B. P90,000 C. P120,000 D. P170,000Suppose the face amount of the notevwas adjusted to include nonbearing interest note andc12% is yhr bank's statedvdiscountvrate prepare the journal entry to record the issuance of the nonbearing note by schilling on November 1, 2012Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is dated December 1, 2020. The appropriate adjusting entry is made to record accrued interest on the note at year-end. What is the correct adjusting entry on December 31 of the current year? Debit Interest Revenue and credit Interest Receivable, P4,500 Debit Interest Receivable and credit Interest Revenue, P1,500 Debit Interest Receivable and credit Interest Revenue, P4,500 Debit Interest Revenue and credit Interest Receivable, P1,500
- Noren Company uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 dayspast due 31-90 dayspast due Over 90 dayspast due Accounts receivable amount $160,000 $85,000 $65,500 Percent uncollectible 7% 20% 40% Total per category ? ? ? Total uncollectible ? To manage earnings more favorably, Noren Company considers changing the past-due categories as follows. 0-60 dayspast due 61-120 dayspast due Over 120 dayspast due Accounts receivable amount $160,000 $50,500 $55,000 Percent uncollectible 7% 20% 40% Total per category ? ? ? Total uncollectible ? A. Complete each table by filling in the blanks. 0-30 dayspast due 31-90 dayspast due Over 90 dayspast due Accounts receivable Amount $160,000…Questions: a. What is the correct bad debt expense for the year assuming that the allowance for doubtful accounts had a balance of P120,500 as of January 1, 2022? b. Your proposed adjusting journal entry to correct the balance of allowance for bad debts would include a net debit or credit of? (just indicate the amount)What is the adjusted balance of Accounts Receivable on December 31, 2017? A. 1,315,000 B. 1,335,000 C. 1,350,000 D. 1,365,0005. What is the adjusted amount of 2017 bad debts expense? A. 12,475 B. 28,025 C. 28,250 D. 28,475