1 answer

Assume that Simple Co had credit sales of $282,000 and cost of goods sold of $166,000...

Question:

Assume that Simple Co had credit sales of $282,000 and cost of goods sold of $166,000 for the period. It estimates that perce
Assume that Simple Co had credit sales of $282,000 and cost of goods sold of $166,000 for the period. It estimates that percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,900 when it uses the aging method. Before the end of period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $410. 1. Prepare the journal entry to record the end-of-period adjustment for bad debts under the (a) percentage of credit sales method and (b) aging of accounts receivable method. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the end-of-period adjustment for bad debts under the percentage of credit sales method Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear ents View general journal

Answers

Requirement 1

Transaction General Journal Debit Credit
(a) Bad debts expense $          2,820.00
        Allowance for doubtful accounts $         2,820.00
(To record bad debts expense)

The adjusted balance is left as it is when recording bad debts expense. In credit sales percentage method the estimated % to be lost are directly recorded as bad debts.

.Requirement 2

Transaction General Journal Debit Credit
(b) Bad debts expense $          3,490.00
        Allowance for doubtful accounts $         3,490.00
(To record bad debts expense)

.Working for part 2

Estimated balance of allowance for uncollectables $        3,900.00 Cr
Balance in Allowance for uncollectable account (Cr) $            410.00 Cr
Total bad debts to be recorded $        3,490.00 Cr
.

Similar Solved Questions

1 answer
82. Name of Drug (Trade and Generic): Seroquel (quetiapine fumarate) Classification and Indication for Use: Normal...
82. Name of Drug (Trade and Generic): Seroquel (quetiapine fumarate) Classification and Indication for Use: Normal Dosage: Route of Administration: ation: Side effects: R2 Name of Trade and Ganariel: Siriva dintrnnium bromide) 74. Name of Drug (Trade and Generic): Novolog (insulin aspart) Classifica...
1 answer
Compute the value of the test statistic The null and alternate hypotheses are: Ho Maso HP>0...
Compute the value of the test statistic The null and alternate hypotheses are: Ho Maso HP>0 The following sample information shows the number of defective units produced on the day shift and the afternoon shift for a sample of four days last month. Day 2 12 10 1 10 9 Day shift Afternoon shift 13 ...
1 answer
The below transf ormatio n involves a substitution of the OH with a concurrent Draw both...
The below transf ormatio n involves a substitution of the OH with a concurrent Draw both a i) mechanism for the reaction and i) a partial at are invo omplete diagram only the energy level that decides the ring-lar Orbital closing reaction. Draw both a diagram of the T orbi tals th at are involved in...
1 answer
We have a simple audio system, consisting of a microphone (which samples an audio signal, resulting...
We have a simple audio system, consisting of a microphone (which samples an audio signal, resulting in a discrete-time signal), an amplifier which multiples the input signal by A, a constant greater than 1), and a speaker. The sound emitted by the speaker is picked up by the microphone, resulting in...
1 answer
Once again, consider the use of DNN for classification task with the specific architecture below that we have encounter...
Once again, consider the use of DNN for classification task with the specific architecture below that we have encountered in the class as well as in assignment 1. This question will investigate deeper into this network to provide it with further flexiblity. sottmax Output layer h(x) Hidden layer hx)...
1 answer
The following annual per unit cost data at an activity level of 10,000 units has been...
The following annual per unit cost data at an activity level of 10,000 units has been provided below. The company produces and sells only one product. $ Per Unit Sales 150.00 Direct labor Direct material Variable manufacturing overhead 15.00 18.00 7.50 50.00 1.50 Fixed manufacturing overhead Variabl...
1 answer
Nte Mr. Colon is dedicated to the sale of proramas. of computers and has to sleait...
nte Mr. Colon is dedicated to the sale of proramas. of computers and has to sleait among the following Allemative Monthly base salary of $ 4,500 plus 4% commission on Loyalized sales in the month Monthly salary of $ 2750 plus, 5% commission on sales made during the month Monthly base salary of $ 4,8...
1 answer
When an annual budget is created, should it ever be changed? Why or why not? If...
When an annual budget is created, should it ever be changed? Why or why not? If you answered yes, provide an example of when you might change the annual budget....
1 answer
The figure below shows a plot of an electric potential as a function of distance along...
The figure below shows a plot of an electric potential as a function of distance along the z-axis. From this information, determine the e-component of the electric field at each of the following displacements. 60 2 50 40 30 20 10 0 x (m) (a)0.50 m Number Units (b) 1.50 m Number Units...
1 answer
After Prof. Toner has had a chance to review the theo Question 26 A local juice...
after Prof. Toner has had a chance to review the theo Question 26 A local juice manufacturer distributes juice in bottles labeled 12 ounces. A government agency thinks that the comme customers. The agency selects 20 of these bottles, measures their contents and obtain samen 117 hard deviation of 0.7...
1 answer
Explore the usefulness of using the Human Development Index (HDI) as a key measurement indicator in...
Explore the usefulness of using the Human Development Index (HDI) as a key measurement indicator in your country. Explain how can this indicator assist policymakers in decision-making? In your response you should: Define the HDI and Explain how it is calculated Using examples, determine the usefuln...
2 answers
Please help. thankyou. will leave a thumbs up 2. A bicycle has a momentum of 24...
please help. thankyou. will leave a thumbs up 2. A bicycle has a momentum of 24 kg•m/s. What momentum would the bicycle have if it had: (30 points) a. twice the mass and was moving at the same speed? b. the same mass and was moving with twice the speed? c. one-half the mass and was moving with ...
1 answer
Kinetic energy, finding radius of protons path
A 6.5-MeV (kinetic energy) proton entersa 0.20-T field, in a plane perpendicularto the field. What is the radius of its path?...
1 answer
IOods au. 449. The nurse asks a client with a history of alcoholism about recent drinking...
IOods au. 449. The nurse asks a client with a history of alcoholism about recent drinking behavior. The client states*"I didn't hurt anyone. I just like to have a good time, and drinking helps me to relax." The client is using which defense mechanism?...
1 answer
Air Tair 0 乚 For the Pitot Tube in the Figure above, the fluid in the...
Air Tair 0 乚 For the Pitot Tube in the Figure above, the fluid in the manometer is Water with a temperature of Twater -20 °C, a density of Pwater 1004 kglm3 and a viscosity of ater 0.001 kglm. s The air flow has a temperature of Tair 20 °C, a density of Pair 1.2 kg/m3 and a viscosity ...
1 answer
Titanium reacts with bromine gas according to the following balanced chemical equation: 2Ti(s)+3Br2(l)→2TiBr3(s) A: What mass...
Titanium reacts with bromine gas according to the following balanced chemical equation: 2Ti(s)+3Br2(l)→2TiBr3(s) A: What mass of titanium(III) bromide is produced when 139.29 g titanium reacts with 553.73 g bromine liquid? in gTiBr3 B: What is the percent yield of titanium(III) bromide if 556.0...
1 answer
Boron obtained from borax deposits in Death Valley consists of two isotopes. They are boron-10 and...
Boron obtained from borax deposits in Death Valley consists of two isotopes. They are boron-10 and boron-11 with atomic masses of 10.013 amu and 11.009 amu, respectively. The atomic mass of boron is 10.81 amu (see periodic table). Which isotope of boron is more abundant, boron-10 or boron-11?...
1 answer
In the transition from water to land, vertebrates have undergone many changes to their axial skeleton....
In the transition from water to land, vertebrates have undergone many changes to their axial skeleton. What are these changes, and why did they evolve? D G Paragnph BIUEE...
1 answer
How do you factor #a^3 +16a^2 + 64a#?
How do you factor #a^3 +16a^2 + 64a#?...
1 answer
A biased coin is tossed n times. The probability of heads is p and the probability of tails is q and p=2q. Choose all correct statements. This is an example of a Bernoulli trial n-n-1-1-(k-1) p...
A biased coin is tossed n times. The probability of heads is p and the probability of tails is q and p=2q. Choose all correct statements. This is an example of a Bernoulli trial n-n-1-1-(k-1) p'q =np(p + q)n-1 = np f n- 150, then EX), the expected value of X, is 100 where X is the number of head...