Accounting

posted by .

Assume that October's credit sales were $35,000. In the space below record the journal entry for the provision for uncollectible accounts under each of the following independent assumptions:
a. The Allowance for Doubtful Acccounts before adjustment has a credit balance of $500.
b. The Allowance for Doubtful Accounts before adjustment has a debit balance of $250.
c. Uncollectible accounts expense is estimated at 2% of sales.

  • Accounting -

    Identifying and journalizing Closing Entries Klein Photography

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting 100 Receivables

    During October, German Imports had sales of $180,000, which included $120,000 in credit sales. October collections were $90,000. Other data include September 30 debit balance in Accounts Receivable 28,000. September 30 credit balance …
  2. Business Maths

    How do i calculate this problem. In 2007 the Pearl Boutique had net credit sales of $750,000. On January 1, 2007, Allowance for Doubtful Accounts had a credit balance of $16,000. During 2007, $30,000 of uncollectible accounts receivable …
  3. accounting

    My friend Robert Hughes runs hardware business in down town Dallas. Because of competition he relies on neighborhood customers for sales. From inception of operations to December 31, 2010, Robert Hughes Hardware Company provided for …
  4. acc/422

    Week Two Individual Assignment the Robert Hughes Hardware Company My friend Robert Hughes runs hardware business in down town Dallas. Because of competition he relies on neighborhood customers for sales. From inception of operations …
  5. accounting

    Uncollectible Accounts—Percentage of Sales Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in …
  6. accounting

    Uncollectible Accounts—Percentage of Sales Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in …
  7. accounting II

    A company has $314,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The allowance for doubtful accounts now has a $1,890 debit balance. If the company estimates that $8,160 of accounts …
  8. Accounting

    Ultra Leather Products sells leather clothing at both wholesale and retail. The company has found that there is a higher rate of uncollectible accounts from retail credit sales than from wholesale credit sales. Ultra computes its estimated …
  9. Accounting

    1. Compute the estimated uncollectible accounts at the end of the year using the following rates: Current 1% 1–30 days past due 3% 31–60 days past due 9% Over 60 days past due 25% 2. As of December 31, 2013, there is a credit balance …
  10. acct ii

    A company has $314,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The allowance for doubtful accounts now has a $1,890 debit balance. If the company estimates that $8,160 of accounts …

More Similar Questions