I\'m going to bed but I will rate in the morning. Give a short explanation, no s

Question

I'm going to bed but I will rate in the morning. Give a short explanation, no stars without the correct answers

1.)On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $95,250; Allowance for Doubtful Accounts, credit balance of $900. What amount should be debited to Bad Debts Expense, assuming 5% of outstanding accounts receivable at the end of the current year will be uncollectible?: (Round your answer to the nearest dollar amount.)
$4762 $3863 $397 $900 $5663

2.) A credit sale of $2,400 to a customer would result in: A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A credit to Sales and a credit to the customer's account in the accounts receivable ledger 3.) On December 29 of the current year, a company concluded that a customer's $4,900 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on this company's net income and total assets assuming the allowance method is used to account for bad debts? Decrease in net income; no effect on total assets Increase in net income; no effect on total assets No effect on net income; no effect on total assets No effect on net income; decrease in total assets Decrease in net income; decrease in total assets I'm going to bed but I will rate in the morning. Give a short explanation, no stars without the correct answers

1.)On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $95,250; Allowance for Doubtful Accounts, credit balance of $900. What amount should be debited to Bad Debts Expense, assuming 5% of outstanding accounts receivable at the end of the current year will be uncollectible?: (Round your answer to the nearest dollar amount.)
$4762 $3863 $397 $900 $5663

2.) A credit sale of $2,400 to a customer would result in: A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A credit to Sales and a credit to the customer's account in the accounts receivable ledger I'm going to bed but I will rate in the morning. Give a short explanation, no stars without the correct answers

1.)On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $95,250; Allowance for Doubtful Accounts, credit balance of $900. What amount should be debited to Bad Debts Expense, assuming 5% of outstanding accounts receivable at the end of the current year will be uncollectible?: (Round your answer to the nearest dollar amount.)
$4762 $3863 $397 $900 $5663

2.) A credit sale of $2,400 to a customer would result in: A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A credit to Sales and a credit to the customer's account in the accounts receivable ledger I'm going to bed but I will rate in the morning. Give a short explanation, no stars without the correct answers

1.)On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $95,250; Allowance for Doubtful Accounts, credit balance of $900. What amount should be debited to Bad Debts Expense, assuming 5% of outstanding accounts receivable at the end of the current year will be uncollectible?: (Round your answer to the nearest dollar amount.)
$4762 $3863 $397 $900 $5663

2.) A credit sale of $2,400 to a customer would result in: A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A credit to Sales and a credit to the customer's account in the accounts receivable ledger I'm going to bed but I will rate in the morning. Give a short explanation, no stars without the correct answers

1.)On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $95,250; Allowance for Doubtful Accounts, credit balance of $900. What amount should be debited to Bad Debts Expense, assuming 5% of outstanding accounts receivable at the end of the current year will be uncollectible?: (Round your answer to the nearest dollar amount.)
$4762 $3863 $397 $900 $5663

2.) A credit sale of $2,400 to a customer would result in: A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A credit to Sales and a credit to the customer's account in the accounts receivable ledger $4762 $3863 $397 $900 $5663

2.) A credit sale of $2,400 to a customer would result in: A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A credit to Sales and a credit to the customer's account in the accounts receivable ledger A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable ledger A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable ledger A credit to Sales and a credit to the customer's account in the accounts receivable ledger 3.) On December 29 of the current year, a company concluded that a customer's $4,900 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on this company's net income and total assets assuming the allowance method is used to account for bad debts? Decrease in net income; no effect on total assets Increase in net income; no effect on total assets No effect on net income; no effect on total assets No effect on net income; decrease in total assets Decrease in net income; decrease in total assets 3.) On December 29 of the current year, a company concluded that a customer's $4,900 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on this company's net income and total assets assuming the allowance method is used to account for bad debts? Decrease in net income; no effect on total assets Increase in net income; no effect on total assets No effect on net income; no effect on total assets No effect on net income; decrease in total assets Decrease in net income; decrease in total assets Decrease in net income; no effect on total assets Increase in net income; no effect on total assets No effect on net income; no effect on total assets No effect on net income; decrease in total assets Decrease in net income; decrease in total assets $4762 $3863 $397 $900 $5663

Explanation / Answer

1) desired balance in allowable accounts = 95250 * 0.05 = 4762.5

current balance in allowable account = -900

amount of bad dent expense = 4762.5 - 900 = 3862.5 = 3863

2)A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable subsidiary ledger

3)No effect on net income; No effect in total assets

If the allowance method is used, the entry to write off the account is between Allowance For Doubtful Accounts (DR) and account receivable and has no effect on total assests

And since the journal entry is made to two balance sheet accounts, it has no effect on net income.

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.