College Accounting, Chapters 1-27 (22nd Edition)

Chapter 16

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; Allowance for doubtful debt: The estimated ... more

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Entries: On March 6, 50% of 12,000 is written off ... more

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$1,386,500.00 ; Identify accounts receivable and ... more

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There are two methods of accounting for ... more

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The matching principle states that expenses of one... more

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Percentage of sales method does not consider the ... more

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Under Allowance for doubtful accounts method, bad ... more

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Under direct method accounts are written off when ... more

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Book value is generally used for fixed assets. It ... more

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In percentage of sales method, we calculate the ... more

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The amount for adjusting entry is indeed $3,000 ... more

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Aging analysis is done under allowance method. The... more

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To write off an uncollectible account, Allowance ... more

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$31,400.00 ; Identify accounts receivable and ... more

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Under the direct write-off method, an ... more

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The method most commonly used for financial ... more

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At end of period, estimate the percentage of ... more

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Net realizable value is calculated by reducing the... more

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Under percentage of sales method an estimate is ... more

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The process to be followed when estimating ... more

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Under the percentage of receivables method, the ... more

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Writing-off a customer's account does not have any... more

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Income tax expenses are incurred by corporation ... more

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Under the direct write-off method, an account must... more

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The three disadvantages are:Violation of matching ... more

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On July 7, RD's account is written off. Allowance ... more

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Under direct write off method bad debt expense is ... more

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Under direct write off method bad debt expense is ... more

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On February 18, $17,500 worth of merchandise is ... more

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On July 9, SS’s account is written off. Allowance ... more

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Under direct write off method bad debt expense is ... more

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Under direct write off method bad debt expense is ... more

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Under direct write off method bad debt expense is ... more

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Arguments for easy credit policyBuilds customer ... more

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RP’s request is unethical. If the request was ... more

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If the entry on December 15 is not made both ... more

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On October 12, $10,000 is written off. Bad debt ... more

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If the check is held until the first there can be ... more

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Answer1: Answer2: ; The general ledger is where ... more

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d - Sales on account made for $550,000. Accounts ... more

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  ; Cash account had an opening balance of $300,... more

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; Journal:On 31 December, Bad debt expense is ... more

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$59,000.00 ; Identify accounts receivable and ... more

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d - Sales on account made for $550,000. Accounts ... more

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; Cash account had an opening balance of $300,000... more

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; Calculation:The estimated amount uncollectible ... more

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$59,000.00 ; Identify accounts receivable and ... more

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M&co. is using overall industry average of 3% ... more

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M&co. charged bad debt of $9,600 based on 3% ... more

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