At December 31, 2018, the Accounts Receivable balance of GPC Technology is $200,000. The Allowance for Bad Debts account has a $11,020 debit balance. GPC Technology prepares the following aging schedule for its accounts receivable: Begin by determining the target balance of Allowance for Bad Debts by using the age of each account
Total Age of Accounts 31-60 61-90 Days Days $ 65,000 $ 55,000 5.0 7.0 1-30 Days 70,000 0.6 % Balance Over 90 Days $ 10,000 50.00
1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018
2. Show how GPC Technology will report its net accounts receivable on its December 31, 2018, balance sheet.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “At December 31, 2018, the Accounts Receivable balance of GPC Technology is $200,000. The Allowance for Bad Debts account has a $11,020 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which of the following are residents of rich countries likely to have in greater quantities, or better quality, than residents of poor countries? a. housingb. healthcarec. life expectancyd. all of the above
Answers (1)
According to General Systems Theory a. The harder you push, the harder the system pushes back b. All systems are self-controlling or self-regulating c. The final state of a system is not wholly determined by its initial conditions d.
Answers (1)
What does screen time refer to? A. The amount of time children spend with electronics B. An activity for teaching time-telling C. The intervention used for autism D. The use of screening instruments
Answers (2)
Nessus, nessus. why do you need to run both tools like zenmap and nessus to complete the reconnaissance phase of the ethical hacking process?
Answers (1)
Your uncle comes to you with an investment idea. He tells you that the nominal GDP of Paradisia quadrupled over the past year and suggests that you invest there. Unemployment is at 20 percent and inflation over the last year was 500 percent.
Answers (2)
New Questions in Business
LO 1.2Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user.
Answers (1)
Debt ratios measure the proportion of total assets financed by a firm's creditors. Sunny Co. has a debt-to-equity ratio of 4.00, compared to the industry average of 3.20. Its competitor Carter Co., however, has a debt-to-equity ratio of 6.00.
Answers (1)
As you're checking out the online edition of your local newspaper, you quickly scan a report in the business section that says government spending will again exceed tax revenues in the current year.
Answers (1)
Swiss Group reports net income of $36,000 for 2018. At the beginning of 2018, Swiss Group had $149,000 in assets. By the end of 2018, assets had grown to $199,000. What is Swiss Group's 2018 return on assets
Answers (1)
Assume that the banking system has total reserves of $100 billion. Assume also that required reserves are 10 percent of checking deposits, and that banks hold no excess reserves and households hold no currency. a.
Answers (1)