Selected information on ABC Company’s accounts receivable is available:Accounts receivable had an opening balance on 1 July 2021 of $68,000. Allowance for doubtful debts had an opening balance on 1 July 2021 of $4,700.During 2021/22, credit sales were $713,600 (including GST) of which $584,700 has already been collected from customers and $3,266 were written off.On 30 June 2022, an “aging of accounts receivable” analysis shows that $5,300 (excluding GST) will probably not be collected.What is the adjusting entry for the bad debts expense?Question 10Answera.DR Bad debts expense $3,880; and CR Accounts receivable $3,880b.DR Allowance for doubtful debts $3,440; and CR Accounts receivable $3,440c.DR Bad debts expense $3,880; and CR Allowance for doubtful debts $3,880d.DR Bad debts expense $3,440; and CR Allowance for doubtful debts $3,440

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?

The unadjusted Allowance for Doubtful Accounts has a $100 credit balance. The aging of accounts receivable is as follows: Customer:0-30 days30-60 days60-90 daysover 90 daysSue Age   $2,000Tom Mato  $400 Ima Rich$ 5,000   All others not shown to save space15,000$10,000600 Total Accounts Receivable$20,000$10,000$1,000$2,000Management estimates that 1% of receivables under 30 days, 5% of 30-60 days receivables, 10% of 60-90 days receivables and 50% over 90 days receivables will be uncollectible. Using the aging of accounts receivable method, the debit to Bad Debt Expense and credit to Allowance for Doubtful Accounts equals .(Unadjusted Allowance for Doubtful Accounts has a $100 credit balance).

Select all that applyThe following annual account balances are taken from ABC Co at year end.  Current Year 1 Year Ago Accounts Receivable$49,500$48,000Net Sales$580,000$535,000Days Sales Uncollected31.15 days32.74 days Select the statements below that are correct regarding ABC Co.'s ability to collect its receivables from customers.Multiple select question.ABC Co. took approximately 31 days to collect cash from its credit customers in the current year.ABC Co. has shortened the amount of time that money is tied up in receivables from 1 year ago.ABC Co. has shortened the amount of time it takes to collect receivables from customers from 1 year ago to the current year.ABC Co. has increased the amount of time it takes to collect receivables from customers from 1 year ago.

Based on an aging of accounts receivables, management assigned 1% to the $100,000 of receivables 0-30 days outstanding, 5% to the $10,000 receivables 31-60 days and 20% to the $1,000 of receivables over 60 days. After making the adjusting entry the balance in the Allowance for Doubtful Accounts will equal .

Hannah’s Healing Herbs Ltd has Accounts Receivable of $14 000 at 1 July 2022, and $24 000 at 30 June 2023. Sales revenues (all on credit) were $600 000 for 2023. Bad debts written off directly against Accounts Receivable were $2000 in 2023.Task: What is the amount of cash receipts from customers in 2023? Construct T accounts to determine your answer