Bantay Company's unadjusted trial balance at December 31, 2023, included the following accounts: Debit CreditAccounts receivable 1,000,000 Allowance for doubtful accounts  40,000 Sales 15,000,000Sales returns and allowances  700,000  Bantay Company estimates its bad debt expense to be 1 1/2% of net sales. Determine its bad debt expense for 2023.

The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. Accounts receivable $ 440,000 DebitNet Sales 2,150,000 Credit All sales are made on credit. Based on past experience, the company estimates 3.0% of sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?Multiple ChoiceDebit Bad Debts Expense $63,200; credit Allowance for Doubtful Accounts $63,200.Debit Bad Debts Expense $13,200; credit Allowance for Doubtful Accounts $13,200.Debit Bad Debts Expense $64,500; credit Allowance for Doubtful Accounts $64,500.Debit Bad Debts Expense $65,800; credit Allowance for Doubtful Accounts $65,800.Debit Bad Debts Expense $14,500; credit Allowance for Doubtful Accounts $14,500.

The following accounts were taken from Cervantes Inc.’s balance sheet at December 31, 2018. DebitCreditAccounts receivableP4,100,000 Allowance for doubtful accounts100,000 Net credit sales P7,500,000 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2018.Select one:a.P  23,000b.P223,000c.P225,000d.P123,000

At the end of its first year of operations, December 31, 2023, Casayan, Inc. reported the following information: Accounts receivable, net of allowance for doubtful accounts Customer accounts written off as uncollectible during 2021 Bad debts expense for 2021 9,500,000.00 240,000.00 840,000.00 What should be the balance in accounts receivable at December 31, 2023, before subtracting the allowance for doubtful accounts?

Your audit of Banayoyo Corporation for the year ended December 31, 2018 revealed that the Accounts Receivable account consists of the following: Trade accounts receivable (current)P3,440,000Past due trade accounts 640,000Uncollectible accounts128,000Credit balances in customers’ accounts(80,000)Notes receivable dishonored240,000Consignment shipments – at costThe consignee sold goods costing P96,000 for P160,000.  A 10% commission was charged by the consignee and remitted the balance to Banayoyo.  The cash was received in January, 2019.        320,000TotalP4,688,000 The balance of the allowance for doubtful accounts before audit adjustment is a credit of P80,000.  It is estimated that an allowance should be maintained to equal 5% of trade receivables, net of amount due from the consignee who is bonded.  The company has not provided yet for the 2018 bad debt expense.Based on the above and the result of your audit, determine the adjusted balance of Allowance for doubtful accounts.Select one:a.P204,000b.P179,200c.P216,000d.P172,000

a) The following summarized trial balance appeared in the books of MakossaEnterprises.Purchases and SalesDR _120,000CR200,000Debtors and creditors 80,000 50,000Cash 40,000Other assets and other Liabilities 240,000 200,000Suspense Account 30,000Total 480,000 480,000Subsequent investigations revealed the following errors:i) A sales invoice of Sh.20,000 had not been recognized in the books of accountsii) A cash receipt from a debtor of Sh.15,000 had not been adjusted in the debtors accountiii) A cash payment to a creditor of Sh.9,500 had been debited to the creditor’s account asSh.4,900iv) A purchase of a computer of Sh.50,000 for use in office work had been debited tothe purchases accountP.O. Box 90830100 Eldoret – KenyaTelephone: 0728458276Fax: 254-20-891084Email:[email protected]/ACD/EXM/SEPT - DEC 2022/GABA/BCOM Page 2ISO 9001:2015 Certified by the Kenya Bureau of Standards.v) The accountant had failed to bring forward a balance of Sh.19,600 in the wagespayable account in the post-closing trial balance of the previous financial yearRequired:i) Journal entries to correct the identified accounting errors (5 Marks)ii) The suspense account (5 Marks)iii) The corrected trial balance