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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.Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
- Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.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.
- The following information is related to December 31, 2024 balances. • Accounts receivable . Allowance for doubtful accounts (credit) . Cash realizable value $1430000 (103000) 1327000 During 2025 sales on account were $390000 and collections on account were $217000. The company wrote off $21100 in uncollectible accounts. An analysis of outstanding receivable accounts at year-end indicated that uncollectibles should be estimated at $144000. Bad debt expense for 2025 is: O $62100. O $144000. O $41000. O $19900At the end of its first year of operations, December 31, 2021 Nickle Inc. reported the following information: Accounts receivable, net of allowance for doubtful accounts P 9,500,000 Customer accounts written off as uncollectible during 2021 240,000 Bad debt expense for 2021 840,000 What should be the balance of accounts recievable mat December 31, 2021 before substracting allowance for doubtful accounts? A. P 10,100,000 B. P 9,740,000 C. P 10,340,000 D. P 10,580,000Dante Company reported on December 2023 accounts receivable P 5,000,000, debit balance in allowance for doubtful accounts P 50,000 and sales P 2,000,000. The entity estimated that 8% of accounts receivable may prove uncollectible. What amount should be reported as doubtful accounts expense for 2023?
- Kings Company has the following data relating to accounts receivable for the year ended December 31, 2023: Accounts Receivable, January 1 P 325,000Allowance for Bad Debts, January 1 18,400Sales during the year, all on account, terms: 5/10, 3/15, n/30 2,800,000Cash received from customers during the year 2,260,000Accounts written off during the year 17,500Sales returns and allowances 14,280 An analysis of cash received from customers during the year revealed that P1,140,000 was received from customers availing the 10-day discount period, P873,000 was received from customers availing the 15-day discount period, P12,000 represented recovery of accounts written off, and the balance…Kings Company has the following data relating to accounts receivable for the year ended December 31, 2023: Accounts Receivable, January 1 P 325,000Allowance for Bad Debts, January 1 18,400Sales during the year, all on account, terms: 5/10, 3/15, n/30 2,800,000Cash received from customers during the year 2,260,000Accounts written off during the year 17,500Sales returns and allowances 14,280 An analysis of cash received from customers during the year revealed that P1,140,000 was received from customers availing the 10-day discount period, P873,000 was received from customers availing the 15-day discount period, P12,000 represented recovery of accounts written off, and the balance…At December 31, 2024, Sunland Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts 1. During 2025, the company had the following transactions related to receivables. 2. 3. 4. 5. Sales on account Sales returns and allowances $573,000 Collections of accounts receivable 33,000 Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,450,000 56,000 2,150,000 46,000 20,000