Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) Montgomery Burns Company had $700 credit balance in Allowance for Doubtful Accounts at December 31, 2001, before current year's (2001) provision for uncollectible accounts. Aging of accounts receivable revealed the following:

    Estimated Percentage Uncollectible
Current Accounts $120,000 1%
1-30 days past due 12,000 3%
31-60 days past due 10,000 6%
61-90 days past due 5,000 12%
Over 90 days past due 8,000 30%
Total Accounts Receivable $155,000  

Suppose same facts as above except that Allowance for Doubtful Accounts had $500 debit balance before present year's provision for uncollectible accounts. Again make adjusting entry on December 31, 2001, to identify bad debts expense.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919630

Have any Question? 


Related Questions in Accounting Basics

Term paperfirmsteamsanadarko petroleumadams michaelaellis

Term Paper Firms Teams Anadarko Petroleum Adams, Michaela Ellis, Tatiana Jenkins, Jordan Samuel, Brittany Cheniere Energy Amaefule, Frankie Fields, Brittanie Johnson, Brandon Small, Devin Chevron Corporation Brown, Tori ...

On the cash dividends become a liability of a

On the ________, cash dividends become a liability of a corporation. declaration date date of record end of the fiscal year payment date ________ are equity securities in which the investor owns 20% or more, but less tha ...

Assignmentusing a 5 discount rate calculate the net present

Assignment Using a 5% discount rate, calculate the Net Present Value, Payback, Profitability Index, and IRR for each of the investment projects below (note, the inflows are for each year). Based on your calculations rank ...

Exercise 1north company has completed all of its operating

Exercise 1 North Company has completed all of its operating budgets. The sales budget for the year shows 50,120 units and total sales of $2,128,200. The total unit cost of making one unit of sales is $22. Selling and adm ...

Intermediate management accounting1carpe diem co reported

Intermediate Management Accounting 1. Carpe Diem Co. reported the following variances for the period: Direct materials price variance $1,700 U Direct labour efficiency variance 23,600 U Fixed overhead volume variance 10, ...

Cost accounting systemsconsider the places of employment of

Cost Accounting Systems Consider the places of employment of the team members or businesses with which the team is familiar and the industries in which they operate. Create a 12-slide presentation, including detailed spe ...

Grana enterprise incgrana enterprise inc gei is a

Grana Enterprise Inc. Grana Enterprise Inc. (GEI) is a manufacturing company with operations in Italy and Serbia. GEI in Italy: In addition to other assets, GEI owns and operates a commercial building in Italy that is ca ...

Accounting essayypou must identify a company that has

Accounting essay YPou must identify a company that has implemented "LEAN" or "Lean Six Sigma" technology in their organization. Clearly Identify the fundamental difference between LEAN and Six Sigma. Be certain to includ ...

Selected t-accounts of moore company are given below for

Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Manufacturing Overhead ________________________________________ Bal. 1/1 29,800 ________________________________________ Cre ...

Question 1important multiple-choice questions are to be

Question 1 Important: Multiple-choice questions are to be completed within the Online Learning Environment in your TX2 Assignment Submission section. This portion of the assignment will be automatically graded. Do not in ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro