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26 Nov 2019

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An aging of a company's accounts receivable indicates that$4,000 are estimated to be uncollectible. If Allowance for DoubtfulAccounts has a $1,200 credit balance, the adjustment to record baddebts for the period will require a

credit to Allowance for Doubtful Accounts for $4,000.

debit to Bad Debts Expense for $4,000.

debit to Allowance for Doubtful Accounts for $2,800.

debit to Bad Debts Expense for $2,800.

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Hubert Koch
Hubert KochLv2
17 May 2019
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Related questions

Information related to Hermesch Company for 2012 is summarizedbelow.

Total credit sales $2,200,000
Accounts receivable at December 31 825,000
Bad debts written off 33,000


What amount of bad debts expense will Hermesch Company report if ituses the direct writeoff method of accounting for bad debts?
$ ______

Assume that Hermesch Company estimates its bad debts expense to be2% of credit sales. What amount of bad debts expense will Hermeschrecord if it has an Allowance for Doubtful Accounts credit balanceof $4,000?
$ ______

Assume that Hermesch Company estimates its bad debts expense basedon 6% of accounts receivable. What amount of bad debts expense willHermesch record if it has an Allowance for Doubtful Accounts creditbalance of $3,000?
$ ______

Assume the same facts as in the question above, except that thereis a $3,000 debit balance in Allowance for Doubtful Accounts. Whatamount of bad debts expense will Hermesch record?
$ ______

A customer of Exquisite Flooring recently filed for bankruptcy protection two months ago, leading the credit manager of Exquisite Flooring to conclude that the company would never collect the balance of $2,800 owed by the customer to our company.

21.

Required information

Use the information above to answer the following question. Which of the following journal entries would be made by Exquisite Flooring to record the write-off of the customer's Accounts Receivable balance?

Debit Bad Debt Expense and credit Accounts Receivable for $2,800

Debit Sales and credit Accounts Receivable for $2,800

Debit Bad Debt Expense and credit Allowance for Doubtful Accounts for $2,800

Debit Allowance for Doubtful Accounts and credit Accounts Receivable for $2,800

22.

Required information

Use the information above to answer the following question. Suppose that three months after filing bankruptcy, Exquisite Flooring's customer paid its outstanding account balance. Which of the following journal entries would be made to record this transaction?

Debit Cash and credit Sales for $2,800

Debit Cash and credit Allowance for Doubtful Accounts for $2,800

Debit Cash and credit Accounts Receivable for $2,800

Debit Accounts Receivable and credit Allowance for Doubtful Accounts for $2,800; debit Cash and credit Accounts Receivable for $2,800



Could you do all incorrect ones
P9-2A (a-d)

Information related to Hermesch Company for 2008 is summarizedbelow.
Total credit sales $2,200,000
Accounts receivable at December 31 825,000
Bad debts written off 33,000






Correct.

What amount of bad debts expense will Hermesch Company report if ituses the direct writeoff method of accounting for bad debts?
$ 33000










Correct.

Assume that Hermesch Company estimates its bad debts expense to be2% of credit sales. What amount of bad debts expense will Hermeschrecord if it has an Allowance for Doubtful Accounts credit balanceof $4,000?
$ 44000










Incorrect.

Assume that Hermesch Company estimates its bad debts expense basedon 6% of accounts receivable. What amount of bad debts expense willHermesch record if it has an Allowance for Doubtful Accounts creditbalance of $3,000?
$







Incorrect.

Assume that Hermesch Company estimates its bad debts expense basedon 6% of accounts receivable. There is a $3,000 debit balance inAllowance for Doubtful Accounts. What amount of bad debts expensewill Hermesch record?
$





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