At 30 June 20X6 a business had a provision for doubtful debts of £37600. At 30 June 20X7 it was decided to write-off £21900 as bad debts and that a specific provision for doubtful debts of £45300 was required. What is the total expense for bad and doubtful debts which will appear in the business's income statement for the year ended 30 June 20X7?
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At 30 June 20X6 a business had a provision for doubtful debts of £37600. At 30 June 20X7 it was decided to write-off £21900 as
What is the total expense for bad and doubtful debts which will appear in the business's income statement for the year ended 30 June 20X7?
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- Suppose the balance in the Allowance for Doubtful Accounts at the end of year is a $400 Debit balance before adjustment. The company estimates future uncollectible accounts to be $3,200. At what amount would Bad Debt Expense be reported in the current year's income statement? A. $400 B. $2,800 C. $3,600 D. $3,200At 1 July 20X3 a limited liability company had an allowance for receivables of $83,000. During the year ended 30 June 20X4 debts totalling $146,000 were written off. At 30 June 20X4 it was decided that a receivables allowance of $218,000 was required. What figure should appear in the company's statement of profit or loss for the year ended 30 June 20X4 for receivables expense?At 30th June 2018 a company’s provision for doubtful debts was £78,000. At 30th June 2019 debtors (receivables) totalled £1,034,000. It was decided to write off debts totalling £74,000 and to adjust the provision to the equivalent of 5% of remaining debtors (receivables). What figure should appear in the income statement for bad and doubtful debts expense for the year ended 30 June 2019? £74,000 £44,000 £47,700 £104,000
- At the end of its first year of operations, a company establishes an allowance for future uncollectible accounts for $5,600. At what amount would bad debt expense be reported in the current year's income statement? Multiple Choice O $6,400. $5,600. $4,800. $800.b) A business started trading on 1 January 2019. During the two years ended 31 December 2019 and 2020, the following debts were written off to the bad debts accounts on the dates stated below: RM340 31 March 2019 30 September 2019 31 January 2020 31 May 2020 31 October 2020 Ahmad Enterprise Lingam Company Ah Moy Trading RM510 RM120 Cik Yah Sdn Bhd RM220 Pak Abu Enterprise RM240 On 31 December 2019 there had been a total of trade receivables remaining of RM87,100. It was decided to make a provision for doubtful debts at 3% of total net trade receivables. On 31 December 2020 there had been a total of receivables remaining of RM92,200. It was decided to make a provision for doubtful debts of RM3,000. Required: (Note: Kindly rounding up your figures to the nearest integer numbers) i. The Bad Debts Accounts and the Provision for Doubtful Debts Accounts for each of the two years. ii. The relevant extracts from the Statement of Financial Postitions as at 31 December 2019 and 2020.36. Akito Company uses the statement of financial position approach in estimating uncollectible accounts expense. The entity prepares an adjusting entry to recognize this expense at the end of the year. During the year, the entity wrote off a P100, 000 receivable and made no recovery of previous write-off. After the adjusting entry for the year, the credit balance in the allowance for doubtful accounts was P250, 000 larger than it was on January 1. What amount of uncollectible account expense was recorded for the year?
- On January 1, 2022, Amoeba Company changed its method of accounting for bad debts from the direct write-off method to the allowance method. The company's controller determined that an allowance of P 30,000 should be established on that date. Ignoring income taxes, what is the adjustment required to record the change? a. Debit - Retained Earnings, P 30,000; Credit - Allowance for Doubtful Accounts, P 30,000. b. Debit - Doubtful Accounts Expense, P 30,000; Credit - Allowance for Doubtful Accounts, P 30,000. c. Debit - Doubtful Accounts Expense, P 30,000; Credit - Retained Earnings, P 30,000. d. Debit - Retained Earnings, P 30,000; Credit - Doubtful Accounts Expense, P 30,000.The beginning balance in the Allowance for Doubtful Accounts is $47767 cr.. During the year a total of $41485 of accounts were written off and $4997 of accounts previously written off were recovered. The company estimates that the ending balance in the Allowance for Doubtful Accounts should be $60647. What is the bad debt expense for the year? Select one: O a. $49368 O b. $60647 Oc. $41485 O d. $36488Accounting Gregory Ltd uses the ageing of accounts receivable method for estimating doubtful debts. The balance of the Allowance for Doubtful Debts account on 1 July 2020 had a credit balance of $9,300. The company is registered for goods and services tax (GST). GST rate is 10%. All transactions below relate to Gregory Ltd's uncollectable accounts for the financial year ended 30 June 2021. July 18 Wrote off the $495 account of B. Betty as uncollectable. Oct. 19 Re-established the account of C. Casy and recorded the collection of $2,530 in full payment of his account, which had been written off previously. Jan. 31 Received 20% of the $2,200 balance owed by D. Delois and wrote off the remainder as uncollectable. June 30 The estimate of uncollectable accounts is based on an ageing of accounts receivable and $18,260 of the accounts receivable as at 30 June was estimated to be uncollectable. Gregory Ltd has a receivable balance of $650,000 on the 30 June 2021. All Accounts Receivable…
- While accounting for accounts receivable for Easy DVD Ltd, the following information became available to the accountant. The company provides an allowance for doubtful debts at the rate of 3% of accounts receivable at 30 June each year. The balance of the Allowance for doubtful Debts account on 1 July 2018 was $10 000 CR. To 30 June 2019, debts amounting to $12 000 were written off as bad debts. On 30 June 2019, the Accounts Receivable (GST exclusive) account balance was $400 000. On 1 July 2019, Easy DVD Ltd registered for GST and started to account for GST in its accounting system. To 30 June 2020, debts amounting to $16 500 were written off. On 30 June 2020, the Accounts Receivable (GST inclusive) account balance was $495 000. Required: Prepare the necessary general journal entries (narrations not required).At 30 September 2020, Wall had an allowance for doubtful account of P37,000. During the year ended 30 September 2021 the company wrote off accounts totaling P18,000 and recovered P5,000 of accounts written off, and at the end of the year, it is decided that the doubtful account expense should be P20,000. 56) How much is the balance of allowance for doubtful accounts on September 30,2021? a. 44,000 b. 30,000 During the year, Jantz Company made an entry to write off a P4,000 uncollectible account. Before this entry was made, the balance in accounts receivable was P80,000 and the balance in C. 62,000 d. None of these the allowance account was P4,500. 57)The net realizable value of accounts receivable after the write-off entry was a. P80,000. b. P79,500. Use the following information for the next two questions: A trial balance before adjustments included the following: c. P71,500. d. P75,500. Debit Credit Sales P425,000 Sales returns and allowance P14,000 53,000 Accounts receivable…CI On January 1, 2019, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,338. During the first 11 months of the year, bad debts expense of $21,593 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,887. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of a comprehensive analysis, it is determined that the December 31, 2019, balance of the Allowance for Bad Debts account should be $9,365. Show the adjustment required in the journal entry format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to adjust the allowance account to the appropriate balance. Note: Enter debits before credits. Event General Journal Debit Credit 1