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Dafna11 [192]
3 years ago
12

Emerald Jewelery Store had a credit balance in interest payable of $200 at the beginning of the period, and a credit balance of

$50 at the end of the period. Based on this information, the adjustment to net income for the period will be reported as:
Business
1 answer:
Evgesh-ka [11]3 years ago
7 0

Answer:

Net income will be decreased by $150.

Explanation:

Given:

The credit balance of interest payable (Opening) = $200

Credit balance of interest payable (Closing) = $50

Net income will be decreased by $150.

Decreased net income = credit balance of payable (Opening)  - credit balance (Closing)

Decreased net income = $200 - $50

Decreased net income = $150

The interest of $150 was paid which would reduce the net profit.

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Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $121,000; All
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Answer:

Bad debt expense  $ 26,300

Allowance for Uncollectible Accounts   $ 26,300

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Initial Balance  

Accounts Receivable  $ 121,000

Allowance for Uncollectible Accounts   $ 2,100 - Debit

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Adjusting Entry

Bad debt expense  $ 26,300

Allowance for Uncollectible Accounts   $ 26,300

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Allowance for Uncollectible Accounts   $ 24,200 - Credit

Accounts Uncollectible are those credit that the company give and there are not chances of been collected.

When the customers buy products on credits but then the company can't collect the debt, then it's necessary to write off the unpaid bill as uncollectible

One way it's to write-off directly the bad debts at the moment decided that the credit are uncollectible, the total amount it's reported as bad debt expenses which affect negativly the income statement and the accounts receivable are reduce in the same amount, less assets.

The other way it's to determine a percentage of total amount of accounts receivables as uncollectible, exist many ways to analize the accounts receivable and figure the value of uncollectible.

When the company have the percentage of uncollectible accounts the journal entry required is Bad Expenses (debit) with Allowance for Uncollectible Accounts (credit)

At the moment of the write-off as the expenses were before recognized we only use the Allowance for Uncollectible Accounts (Debit) with Accounts Receivable (Credit), with this we are recognizing the uncollectible credit of the company.

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