1. Halen Company’s unadjusted trial balance at December 31, 2017, included the f

Question

1. Halen Company’s unadjusted trial balance at December 31, 2017, included the following accounts.

Debit

Credit

Halen Company estimates uncollectible accounts to be 7% of gross accounts receivable. Determine its bad debt expense for 2017.

2. An analysis and aging of Stuart Corp. accounts receivable at December 31, 2017, disclosed the following.

What is the net realizable value of Stuart’s receivables at December 31, 2017?

3. Shore Co. provides for doubtful accounts based on 4% of gross accounts receivable, The following data are available for 2017.

What is the balance in Allowance for Doubtful Accounts at December 31, 2017?

4. At the end of its first year of operations, December 31, 2017, Darden Inc. reported the following information.

What should be the balance in accounts receivable at December 31, 2017, before subtracting the allowance for doubtful accounts?

5. The following accounts were taken from Bullock Inc.’s trial balance at December 31, 2017.

Debit

Credit

If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2017.

Debit

Credit

Accounts receivable $53,000 Allowance for doubtful accounts $4,000 Net sales $1,200,000

Explanation / Answer

Please note that, Only one question can be answered at a time

Accounts receivable $ 53,000 Allowance for doubtful accounts to be ($53,000*7%) $    3,710 Add: Debit balance Allowance for doubtful account $    4,000 Baddebts expense $    7,710

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