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.

All sales are made on credit. Based on past experience, the company estimates 2.0% 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?

A company's balance sheet shows: cash $58,000, accounts receivable $34,000, office equipment $68,000, and accounts payable $35,000. What is the amount of owner's equity?

A company pays its employees $2,750 each Friday, which amounts to $550 per day for the five-day workweek that begins on Monday. If the monthly accounting period ends on Thursday and the employees worked through Thursday, the amount of salaries earned but unpaid at the end of the accounting period is:

A Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 12 units that were sold?

An Owner's Capital account has a credit balance of $50,000 before closing entries are made. Services revenue for the period is $68,200, wages expense is $46,300, and withdrawals are $14,200. What is the correct closing entry for the expense accounts?

On February 1, a customer's account balance of $3,100 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method?

Saddleback Company paid off $35,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?

On April 1, Griffith Publishing Company received $2,538 from Santa Fe, Incorporated for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by Griffith Publishing Company for the first year of the subscription assuming the company uses a calendar-year reporting period?

The unadjusted trial balance at year-end for a company that uses the percent of receivables method to determine its bad debts expense reports the following selected amounts:

All sales are made on credit. Based on past experience, the company estimates 2.5% of ending accounts receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts:

All sales are made on credit. Based on past experience, the company estimates that 0.3% of net sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?