Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please helpi dont get how to do this the foll

please helpi dont get how to do this The following...

60.1K

Verified Solution

Question

Accounting

please helpi dont get how to do this
image
The following information is available for Belle Company at December 31, 2019: Accounts Receivable $ 100,000 Allowance for Doubtful Accounts 1,000 Sales Revenue (all on credit) 920,000 Sales Returns 20,000 Bad Debt Expense -0- a) What are the gross receivables at December 31, 2019? 1 b) What is the net realizable value of Accounts Receivable at December 31, 2019? c) How much cash does Belle Company expect to collect from its receivables? d) Assume the Company estimates that Bad Debt Expense for 2019 is 1% of net sales. Prepare the adjusting entry for December 31, 2019. Account debited Account credited e) After the adjusting entry in #d), what are gross receivables? 1) After the adjusting entry in #d), what is the net realizable value of Accounts Receivable? If an account is written off as uncollectible on January 5, 2020 for $1,000 B) What is the journal entry? Account debited Account credited 8) What impact does the write-off on January 5, 2020 have on: Net income? Gross accounts receivable? Total current assets? Total stockholders' equity

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

Statistics
1.2K views

A marketing research professor is conducting a telephone survey and needs to contact at least 160...

Physics
1.2K views

two electrical charges, q1= -20.0 nC and q2= +10.0 nC, are located on the x-axis at...

Economics
1.2K views

Consider an economy at the steady state according to the Solow Growth Model with a per...

Physics
1.2K views

3 16 Two wires A and B of the same material having radii in the...

Geometry
1.2K views

9 Given A Find 1 2 3 4 B 2 4 6 8 and C...

Basic Math
1.2K views

launched upward with a velocity of 320 feet per second from the top of a...

Basic Math
1.2K views

Let f x x 4 e 5z a State any values of a where f...

Accounting
1.2K views

Problem 13-3 Current-noncurrent classification of debt [LO13-1, 13-4] The balance sheet at December 31, 2018,...

Accounting
1.2K views

16. Joseph owes $15,000 to Carmel Enterprises, $8,500 to Vulcan Co., $11,000 to David, and...

Accounting
1.2K views

Your firm currently has $124 milion in dobt outstanding wih a 10% interest rate. The...

Accounting
1.2K views

Asset retirement costs are Question 5 options: ...

Finance
1.2K views

Question 4 (a) What is a financial intermediary and a non-financial intermediary? (b) How do...