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Exam 15: Accounts Receivable and Uncollectible Accounts

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Question 31

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Allowance for Doubtful Accounts has a debit balance of $500 at the end of the year,before adjustments.Sales for the year amounted to $870,000,sales discounts amounted to $30,000 and sales returns and allowances amounted to $40,000.If the uncollectible accounts expense is estimated at 2% of net sales,the balance in the Allowance for Doubtful Accounts after the entry to record estimated losses from uncollectible accounts will be

A) $17,400
B) $16,500
C) $16,000
D) $15,500

E) A) and D)
F) A) and B)

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Question 32

Multiple Choice

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Allowance for Doubtful Accounts has a debit balance of $500 at the end of the year,before adjustments.Sales for the year amounted to $870,000,sales discounts amounted to $30,000 and sales returns and allowances amounted to $40,000.If the uncollectible accounts expense is estimated at 2% of net sales,the amount of the adjusting entry to record the estimated losses from uncollectible accounts will be

A) $17,400
B) $16,500
C) $16,000
D) $15,500

E) A) and B)
F) A) and C)

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Question 33

Multiple Choice

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On December 31,2016,prior to adjustments,the Allowance for Doubtful Accounts has a debit balance of $750.An aging of the accounts receivable produces an estimate of $6,500 of probable losses from uncollectible accounts.The adjusting entry needed to record the estimated losses from uncollectible accounts includes a:

On December 31,2016,prior to adjustments,Accounts Receivable has a debit balance of $356,000 and the Allowance for Doubtful Accounts has a debit balance of $1,200.The firm estimates its losses from uncollectible accounts to be 4% of accounts receivable at the end of the year.The amount of the adjusting entry needed to record the estimated losses from uncollectible accounts is:

When there is a partial collection of a balance previously written off,the reinstatement entry will be for the entire amount of the write-off.

Millie's Draperies uses the allowance method of recording bad debts.On June 13,the company concluded that the $200 account balance of Jane Murphy should be charged off.The entry to write off Murphy's account will be:

On December 31,prior to adjustments,the balance of Accounts Receivable is $26,000 and Allowance for Doubtful Accounts has a debit balance of $300.The firm estimates its losses from uncollectible accounts to be 5% of accounts receivable at the end of the year.The adjusting entry needed to record the estimated losses from uncollectible accounts is made for

The balance of the Allowance for Doubtful Accounts account is reported as

The longer an account is past due,the ____________________ likely it is to be collected.

The estimated loss from uncollectible accounts can be based on net credit sales or ___________________.

What is the type of account and normal balance of Allowance for Doubtful Accounts?

On December 31,2016,prior to adjustments,Accounts Receivable has a debit balance of $356,000 and the Allowance for Doubtful Accounts has a credit balance of $1,200.The firm estimates its losses from uncollectible accounts to be 4% of accounts receivable at the end of the year.The amount of the adjusting entry needed to record the estimated losses from uncollectible accounts is:

When losses from uncollectible accounts are provided for in advance,the entry to record the write-off of a particular customer's account includes a debit to Uncollectible Accounts Expense.

The practice of estimating losses from uncollectible accounts before specific accounts become uncollectible is referred to as the ____________________ method.

The adjusting entry to record estimated losses from uncollectible accounts includes a(n)____________________ to the Allowance for Doubtful Accounts account.

The balance of Allowance for Doubtful Accounts is deducted from the balance of Accounts Receivable on the balance sheet.

The adjusting entry to record estimated losses from uncollectible accounts consists of a debit to

A firm reported sales of $300,000 during the year and has a balance of $20,000 in its Accounts Receivable account at year-end.Prior to adjustment,Allowance for Doubtful Accounts has a credit balance of $300.The firm estimated its losses from uncollectible accounts to be one-half of 1 percent of sales.The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for Doubtful Accounts for

On December 31,prior to adjustments,the balance of Accounts Receivable is $16,000 and Allowance for Doubtful Accounts has a credit balance of $95.The firm estimates its losses from uncollectible accounts to be 5% of accounts receivable at the end of the year.The adjusting entry needed to record the estimated losses from uncollectible accounts is made for

Uncollectible Accounts Expense is classified as