Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 55/115.craigmont uses the allowance method to acco

55/115.Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance...

50.1K

Verified Solution

Question

Accounting

image
55/115.Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $104,500, allowance for doubtful accounts of $665 (credit) and sales of $925,000. If uncollectible accounts are estimated to be 4% of accounts receivable, what is the amount of the bad debts expense adjusting entry? A. $4,845 B. $4,180 C. $3,515 D. $3,700 E. $3,850 56/116.Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $104,500, allowance for doubtful accounts of $665 (credit) and sales of $925,000. If uncollectible accounts are estimated to be 0.5% of sales, what is the amount of the bad debts expense adjusting entry? A. $4,625 B. $3,960 C. $5,290 D. $4,750 E. $4,825 57,1 17.On July 9, Mifflin Company receives a $8,500. 90-day, 8% note from customer Payton Summers as payment on account. Compute the maturity date for the note A. October 8 B. October 7 C. November 8 D. November 7 E. November 6

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students