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2 years ago

Accounts Receivable 82,000 debit

Business

1 answer:

Flauer [41]2 years ago

6 0

Answer:

1) Dr Cash $21,449

Dr Loss on Sale $2,651

Cr Account Receivable $24,100

2) Dr Cash $57,868

Dr Interest Expense $5,032

Cr Note Receivable $62,900

3) Bad Debt Expense $7,860

Allowance for Doubt Acc $7,860

4) Bad Debt Expense $4,695

Allowance for Doubt Account $4,695

Explanation:

Preparation of the journal entries required to record each cases

1) Dr Cash $21,449

($24,100-$2,651)

Dr Loss on Sale $2,651

(11%*$24,100)

Cr Account Receivable $24,100

2) Dr Cash $57,868

($62,900-$5,032)

Dr Interest Expense $5,032

(8%*$62,900)

Cr Note Receivable $62,900

3) Bad Debt Expense $7,860

Allowance for Doubt Acc $7,860

[( 7%*82,000)+$2,120]

4) Bad Debt Expense $4,695

Allowance for Doubt Account $4,695

($5,899-$1,204)

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7 0

1 year ago

?????????????????????????

MatroZZZ [7]

I believe your answer is A: Unearned Revenue.

Because, if a business has received cash, in advance of services performed, and credits a liability account, the adjusting entry needed, after the services are performed, will be debit Unearned Revenue and credit Cash.

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3 years ago

For the current year temporary differences existed between the financial statement carrying amounts and the tax basis of the fol

Veseljchak [2.6K]

Answer:

Income Tax Expense (Dr.) $49,080,000

Deferred Tax Liability (Cr.) $49,080,000

Explanation:

Income tax expense = ( Taxable Income for the year + building and equipment taxable amount + Prepaid Insurance - Liability or contingency Loss ) * Tax rate

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3 years ago

On January 1, 2010, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,085. During the first 11 months of the ye

ch4aika [34]

Answer:

(a) What was the total of accounts written off during the first 11 months?

bad debts written for the first 11 months = allowance for bad debt accounts January 1 balance + bad debt expense - allowance for bad debt accounts November 30 balance = $13,085 + $21,937 - $9,919 = $25,103

(b) As the result of a comprehensive analysis, it is determined that the December 31, 2010, balance of the Allowance for Bad Debts account should be $9,450. Show the adjustment required in the journal entry format.Allowance for bad debt Debit $Bad debt expenses Credit $

to determine the amount of bad debt expense that must be adjusted, we must subtract the estimated balance in December 31 from the balance in November 30 = $9,919 - $9,450 = $469. Since the November 30 amount is larger, it means that we over estimated our bad debt expense and it must be reduced:

Dr Allowance for doubtful accounts 469

Cr Accounts receivable 469

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3 years ago

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Answer:

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3 years ago