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IrinaK [193]
3 years ago
13

Accounts​ Receivable, December​ 31, 2017 $ 20,000​ (debit) Allowance for Bad​ Debts, December​ 31, 2017 prior to adjustment 600​

(debit) Net credit sales for 2017 93,000 Accounts written off as uncollectible during 2017 500 Bad debts expense is estimated by the aging-of-accounts-receivables method. Management estimates that $ 3,150 of accounts receivable will be uncollectible. Calculate the amount of net accounts receivable after the adjustment for bad debts.
Business
1 answer:
kvv77 [185]3 years ago
4 0

Answer:

AR 20,000

Allowance 3,750

Net AR 16,250

Explanation:

AR 20,000

allowance 600 debit (before adjustment)

management estimated that 3,150 of Ar will be uncollectible.

we must adjust allowance to reach this value:

expected 3,150

current       600 debit

adjustment 3,750

AR 20,000

Allowance 3,750

Net AR 16,250

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_____ deals with how inputs, activities, and outputs of a process are organized.
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4 0
1 year ago
A. On April 1, the company hired an attorney for a flat monthly fee of $2,000. Payment for April legal services was made by the
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Answer:

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Cr Legal fees payable $2,000

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Dr Legal fees payable $2,000

Cr Cash $2,000

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D Interest expense $2,559

Cr Interest payable $2,559

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Dr Interest payable $2,559

Cr Cash $7,677

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Dr Salaries expense $3,200

Cr Salaries payable $3,200

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Dr Salaries payable $3,200

Cr Cash $8,000

Explanation:

Preparation of the adjusting journal entries to prepare financial statements as of April 30 and the subsequent entry during May to record payment of the accrued expenses.

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Cr Legal fees payable $2,000

May 12

Dr Legal fees payable $2,000

Cr Cash $2,000

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D Interest expense $2,559

Cr Interest payable $2,559

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Dr Interest expense $5,118

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Dr Interest payable $2,559

Cr Cash $7,677

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Cr Salaries payable $3,200

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3 years ago
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