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Marianna [84]
3 years ago
13

Sanders Inc. is a small brick manufacturer that uses the direct write-off method to account for uncollectible accounts. At the e

nd of 2021, its balance for Accounts Receivable is $32,000. The company estimates that of this amount, $3,700 is not likely to be collected in 2022. In 2022, the actual amount of bad debts is $2,600.
Record, if necessary, an adjustment for estimated uncollectible accounts at the end of 2021 and the actual bad debts in 2022. (If no entry is required for a transaction/event, indicate "No journal entry required".)
Business
1 answer:
Paladinen [302]3 years ago
7 0

Answer:

JOURNAL ENTRIES

Dr. Bad Debts.......................3,700

Cr. Accounts Receivable.............3,700

Explanation:

an adjustment for estimated uncollectible accounts at the end of 2021

JOURNAL ENTRIES

Dr. Bad Debts.......................3,700

Cr. Accounts Receivable.............3,700

for the actual bad debts in 2022. we have adjust for the difference between the estimate and the actual amount which is $1,100

JOURNAL ENTRIES

Dr. Accounts receivable...(3700-2600)...1,100

Cr. Bad debts recovered.....................................1,100

Being bad debts recovered, a shortfall in actual estimates

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Shawn Company had 130 units in beginning inventory at a total cost of $13,650. The company purchased 260 units at a total cost o
Katarina [22]

Answer:

FIFO

cost of the ending inventory = $15,680

cost of goods sold  = $39,570

LIFO

cost of the ending inventory  = $10,290

cost of goods sold  = $44,960

Average Cost Method

cost of the ending inventory = $13,883.37

cost of goods sold  = $41,336.76

Explanation:

The cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost are calculated as follows :

Step 1 : Determine the Number of units sold

Number of units sold = Total units available for sale - Ending units

                                   = 390 units - 98 units

                                   = 292 units

Step 2 : Determine the Number of units in inventory

Number of units in inventory = 98 units (given)

Step 3 : Use the appropriate principles to calculate required values

<u>FIFO</u>

cost of the ending inventory = 98 x $160 = $15,680

cost of goods sold = 130 units x $105 + 162 units x $160 = $39,570

<u>LIFO</u>

cost of the ending inventory = 98 x $105 = $10,290

cost of goods sold = 260 units x $160 + 32 units x $105 = $44,960

<u>Average Cost Method</u>

Unit Cost = ($13,650 + $41,600) ÷ 390 units = $141.667

therefore,

cost of the ending inventory = 98 x $141.667 = $13,883.37

cost of goods sold = 292 units x $141.667 = $41,336.76

3 0
3 years ago
In the cleveland custom cabinets case, the owner of the company thought it was all right to manipulate the financial statement n
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In the Cleveland custom cabinets case, the owner of the company thought it was all right to manipulate the financial statement numbers primarily because he was the sole owner of the company and controlled the board of directors.

But, the sole owner is for my part answerable for all debts incurred by using the enterprise." Examples of sole owners encompass small corporations which include, a local grocery keep, local garments save, an artist, a freelance author, an IT representative, a freelance photo designer, etc.

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Learn more about  sole owner here brainly.com/question/4442710

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4 0
1 year ago
An individual involved in the communication process
BabaBlast [244]

Interpersonal communication

4 0
3 years ago
Write a paragraph explaining the difference between renewable and nonrenewable natural resources
KATRIN_1 [288]

Answer:

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Explanation:

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5 0
3 years ago
The customer service department at JNC, Inc. has been receiving phone calls from customers for whom there is no record. This is
kozerog [31]

Answer:

The correct answer is (C)

Explanation:

Recording sales is one of the essential processes to make sure the transparency within the company. It helps to cross-check sales whenever a company wants to. Overall, in the above scenario,  the customer service department has received calls from the customers but there is no record which shows that there are unrecorded sales which itself is a big red flag.

8 0
3 years ago
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