Allowance for Doubtful Accounts has a debit balance of $2,500 at the end of the

Question

Allowance for Doubtful Accounts has a debit balance of $2,500 at the end of the year (before adjustment), and bad debt expense is estimated at 4% of credit sales. If net credit sales are $800,000, the amount of the adjusting entry to record the estimate of the uncollectible accounts is

cannot be determined

$34,500

$32,000

$29,500

Allowance for Doubtful Accounts has a debit balance of $210 at the end of the year (before adjustment), and Bad Debt Expense is estimated at 3% of sales. If net sales are $940,200, the amount of the adjusting entry to record the estimate of the uncollectible accounts is

$210

$28,416

$28,206

$27,996

EFT

means Efficient Funds Transfer

makes it easier to document purchase and sale transactions

can process certain cash transactions at less cost than by using the mail

means Effective Funds Transfer

A voucher is usually supported by

a supplier's invoice

a receiving report

a purchase order

All of these choices are correct.

Consider the following information taken from the cash account. Assume cash payments were 80% of collections.

How much was the beginning balance of the cash account?

$35,100

$92,300

$103,350

$57,200

A bank statement

shows the activity that increased or decreased the company's account balance

is a bill from the bank for services rendered

shows a company the financial position of the bank as of a certain date

is a credit reference letter written by the company's bank

Cash ?? Beginning balance $115,375 Collections ?? Disbursements $80,275 Ending balance

Explanation / Answer

As per chegg guidelines we answer one question per post. But I have answered multiple questions. Kindly post remaining questions in next post Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount net credit sales              800,000.00 Allowance for doubtful accounts = 800,000 * 4%               32,000.00 Existing debit balance                 2,500.00 Bad debt expense= 32000 + 2500               34,500.00 b) net credit sales              940,200.00 Allowance for doubtful accounts = 940,200 * 3%               28,206.00 Existing debit balance                     210.00 Bad debt expense= 28206 + 210               28,416.00

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