Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. jills jumpers has a balance in accounts receivable

Jills Jumpers has a Balance in Accounts Receivable of $42,000 and a Debit Balance in...

50.1K

Verified Solution

Question

Accounting

  1. Jills Jumpers has a Balance in Accounts Receivable of $42,000 and a Debit Balance in the Allowance for Doubtful Accounts of $2,200 on Dec 31, 2014. Sales on Account for 2014 were $125,000. Jill estimates that 10% of the Sales on Account will not be paid.

Required:

  1. Record the entry for Bad Debt Expense for Dec 31, 2014

$125,000 x .10 = $12,500 Dr. Cr.

Bad Debt Expense $12,500

Allowance for Bad Debt $12,500

  1. What is the ending Balance in the Allowance for Uncollectible Accounts on Dec 31, 2014?

12,500 2,200 = $10,300

  1. What is the realizable value on Dec 31, 2014?

125,000 10,300 = $114,700

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

Civil Engineering
1.2K views

A flexible pavement consists of surface layer (asphalt concrete), granular base layer and subbase layer. Please...

Chemistry
1.2K views

General Chemistry please write it by your own don't copy from the internet send it by email...

Physics
1.2K views

Three identical bodies of equal mass M each are moving along a circle of radius...

Physics
1.2K views

21 In Boolean algebra A B Y implies that A sum of A and B...

Geometry
1.2K views

A 6 0 8 D 2 2 32 6 1 b 6 2 C 2...

Basic Math
1.2K views

Determine for which values of m the function x x is a solution to the...

Basic Math
1.2K views

Match the type of transformation with its description.1. stretch2. reflection3. rotation4. translationa. Points are flipped...

Algebra
1.2K views

Simplify the expression by using an appropriate identity Do not use a calculator cos57 cos33...

Accounting
1.2K views

The total amount of variable costs in the flexible budget for September was:...

Accounting
1.2K views

There is no such thing as fixed costs. All costs can be unfixed given sufficient...

Accounting
1.2K views

Due to an error in computing depreciation expense, Prewitt Corporation overstated accumulated depreciation by $23...

Accounting
1.2K views

January 1, 2019, We Establish Arab Capital Insurance Inc. With Capital $895,385 Cash And We...