3. What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its normal balance a debit or a credit? Show
4. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400 and Allowance for Doubtful Accounts has a balance of $11,900. Describe how the accounts receivable and the allowance for doubt-ful accounts are reported on the balance sheet.  Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a… A: Allowances for the doubtful debts means the amounts of those debts for which company makes an… Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a… A: Formulas: Net realizable value = Accounts receivables - Allowance doubtful accounts Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a… A: Click to see the answer Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a… A: Note: Net realizable value of the accounts receivable is calculated after deducting the amount of… Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a… A: The doubtful debt allowance represents the estimated portion of receivables which the management… Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a… A: Net realizable value of accounts receivable = Accounts receivable - Allowance for Doubtful Accounts… Q: At the end of the current year, Accounts Receivable has a balance of $2,450,000, Allowance for… A: Formula: Amount of uncollectible Accounts to be adjusted = Percentage of sales x Bad debts expense… Q: At the end of the current year, Accounts Receivable has a balance of $425,000, Allowance for… A: Formula: Amount of Uncollectible Accounts = Sales x bad debts expense percentage. Net realizable… Q: At the end of the current year, Accounts Receivable has a balance of $600,000; Allowance for… A: Net realizable value = Accounts receivable - Allowance for doubtful accounts Bad debt expense =… Q: At the end of the current year, Accounts Receivable has a balance of $195,120; Allowance for… A: Answer 1) Adjusting Entry for bad debts expense Account Titles and Explanation Debit Credit… Q: At the end of the current year, Accounts Receivable has a balance of $2,150,000; Allowance for… A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value… Q: At the end of the current year, Accounts Receivable has a balance of $940,940; Allowance for… A: Net realizable value of accounts receivable = Accounts Receivable - Allowance for Doubtful Accounts… Q: At the end of the current year, Accounts Receivable has a balance of $128,310; Allowance for… A: Click to see the answer Q: At the end of the current year, Accounts Receivable has a balance of $128,310; Allowance for… A: Click to see the answer Q: At the end of the current year, Accounts Receivable has a balance of $108,290; Allowance for… A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance… Q: At the end of the current year, Accounts Receivable has a balance of $878,070; Allowance for… A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance… Q: At the end of the current year, Accounts Receivable has a balance of $94,790; Allowance for Doubtful… A: Solution a: Sales 1099000 *% of sales (1%) 1.00% Amount of Adjusting entry 10990 Q: The ledger of the Bramble Corp. at the end of the current year shows Accounts Receivable of… A: The allowance for doubtful debts need to be maintained at 9% of Accounts Receivable. So. Allowance… Q: At the end of the current year, Accounts Receivable has a balance of $862,890; Allowance for… A: Under percent of sales method: Bad debt expense = Sales * Estimated Uncollectible (%) Q: At the end of the current year, Accounts Receivable has a balance of $665,000; Allowance for… A: Estimated uncollectible accounts = Sales x 3/4 of 1% = $2,990,000 x 3/4% = $22,425 Q: At the end of the current year, Accounts Receivable has a balance of $902,060; Allowance for… A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value… Q: At the end of the current year, Accounts Receivable has a balance of $515,000; Allowance for… A: Adjusting entry refers to the changes made in the already recorded journal entries to ensure the… Q: At the end of the current year, Accounts Receivable has a balance of $717,190; Allowance for… A: Click to see the answer Q: At the end of the fiscal year, before the accounts are adjusted, accounts receivable has a balance… A: Bad debts expense = 2% x sales Q: Prior to the adjusting entry for bad debt expense, Lierman, Inc.'s balances for accounts receivable… A: BAD DEBT EXPENSES = (ACCOUNTS RECEIVABLE BALANCE - ADJUSTED NET REALIZABLE VALUE OF ACCOUNTS… Q: At the end of the current year, Accounts Receivable has a balance of $750,000; Allowance for… A: The bad debt expense are the accounts that seems to be uncollectible in future. Q: At the end of the current year, Accounts Receivable has a balance of $2,150,000; Allowance for… A: Under the percentage of sales method, the bad debts expense are estimated as a percentage of sales. Q: At the end of the current year, Accounts Receivable has a balance of $565,000, Allowance for… A: Under Aging method, Amount of the adjusting entry (bad debts expense) = Estimated balance of… Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a… A: Allowance methodIt is a method for accounting bad debt expense, where uncollectible accounts… Q: Tesser Company’s Accounts Receivable balance on December 31 was $90,000, and there was a debit… A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period… Q: A company uses the percent of receivables method to estimate doubtful accounts. At the end of the… A: Estimated uncollectible amounts = Accounts receivable x 6% = 280,000*6% = 16,800 Q: At the end of the current year, Accounts Receivable has a balance of $700,000; Allowance for… A: working notes: 1.( $ 3,500,000 * 0.50 % ) = $ 17,500 2.( $5500 + $17500 ) = $ 23,000 Q: On December 31 of the current year, a company's unadjusted trial balance included the following:… A: Account receivable: The amount of money to be received by a company for the sale of goods and… Q: It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are… A: Click to see the answer Q: At the end of the current year, Accounts Receivable has a balance of $800,020; Allowance for… A: Calculation of Bad Debt expense: Net sales = $ 3785000 Estimated at 1/2 of 1% net sales.… Q: McKensie Company’s Accounts Receivable balance at December 31 was $100,000, and there was a negative… A: Adjusted balance of allowance for uncollectibles accounts = $100,000*3% Adjusted balance of… Q: At the end of the current year, Accounts Receivable has a balance of $148,390; Allowance for… A: I assumed as Percentage of sales method: a. Determine the amount of the adjusting entry for bad debt… Q: On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts as in… A: Click to see the answer Q: Before the adjusting entries are made at the end, Star Company's Accounts Receivable balance is… A: Bad debt expense = Estimated uncollectible + Debit balance in Allowance for Doubtful Accounts Q: At the end of the current year, Accounts Receivable has a balance of $840,000; Allowance for… A: Click to see the answer Q: What is the Accounts receivable balance at the end of 20x1? What should be the balance of the… A: Account Receivable is a Current Asset account. When credit sales are made, Sales revenue is credited… Q: The following account balances are those of Music Land Supply Company as of December 31, the end of… A: As posted multiple sub parts we are answering only first three sub parts kindly repost the… Q: Grows Company provided the following information for the current year: 200,000 5,000,000 300,000… A: The financial accounting term allowance method refers to the process of an uncollectible account… Q: Ruiz Company's Accounts Receivable balance at December 31 was $150,000 and there was a balance of… A: Estimated credit losses = sales x 1.5% = $900,000 x 1.5% = $13,500 Q: Timmons Company had a January 1 credit balance in its Allowance for Doubtful Accounts of $7,000 for… A: Allowance for bad and doubtful debt is a contra-asset account used by a business to write off bad… Q: Effective with the current year, Fateful Company adopted a new accounting method for estimating the… A: Given the following information: Allowance for Doubtful Accounts, January 1: $250,000 Provision for… Q: Blackhorse Productions, Incorporated, used the aging of accounts receivable method to estimate that… A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in… Q: On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts as… A: Click to see the answer Q: Bonita Industries uses the percentage-of-receivables basis to record bad debt expense and concludes… A: Bad debt expenses need to e recognised in the year of the sale of the goods based on estimated… Q: At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $766.… A: The allowance for doubtful debts is prepared to write off the bad debt expenses that may occur in…
Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. 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. Recommended textbooks for you Corporate Financial Accounting ISBN:9781337398169 Author:Carl Warren, Jeff Jones Publisher:Cengage Learning Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Financial & Managerial Accounting ISBN:9781337119207 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning Corporate Financial Accounting ISBN:9781305653535 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning Financial Accounting ISBN:9781337272124 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning Accounting (Text Only) ISBN:9781285743615 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning Corporate Financial Accounting ISBN:9781337398169 Author:Carl Warren, Jeff Jones Publisher:Cengage Learning Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Financial & Managerial Accounting ISBN:9781337119207 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning Corporate Financial Accounting ISBN:9781305653535 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning Financial Accounting ISBN:9781337272124 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning Accounting (Text Only) ISBN:9781285743615 Author:Carl Warren, James M. Reeve, Jonathan Duchac Publisher:Cengage Learning What kind of account asset/liability etc is allowance for doubtful accounts is it a normal balance debit or credit?The allowance for doubtful accounts account is listed on the asset side of the balance sheet, but it has a normal credit balance because it is a contra asset account, not a normal asset account.
What type of account asset/liability etc is allowance for doubtful accounts What is the account used for?An allowance for doubtful accounts is considered a “contra asset,” because it reduces the amount of an asset, in this case the accounts receivable. The allowance, sometimes called a bad debt reserve, represents management's estimate of the amount of accounts receivable that will not be paid by customers.
What type of account is allowance for doubtful accounts debit or credit?The bad debt expense is entered as a debit to increase the expense, whereas the allowance for doubtful accounts is a credit to increase the contra-asset balance.
What is the type of account in normal balance of allowance for doubtful accounts?An allowance for doubtful accounts is a contra account that nets against the total receivables presented on the balance sheet to reflect only the amounts expected to be paid.
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What kind of account asset/liability etc is allowance for doubtful accounts and is its normal balance a debit or credit?
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