Evers industry aging of receivables schedule Evers industry aging of receivables

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Evers industry aging of receivables schedule Evers industry aging of receivables schedule ASP What's Up W Shouw Me How Print tem eBook Providing for Doubtfal Accounts At the end of the curent year, the accounts receivable account has a debit balance of $2,950,000 and sales for the year total 527 400,000, a. The allowance account before adjustment has a debit balance of Sosoo. Bad ditt expense is estimated at 3/4 of 1% of sales. b.The allowance account before adjustment has a debit balance of toyo. An aplr?ofthe accounts i' the arstomer ledpr idate' estimated datta accounts of $188,000, c. The allowance account before adjustment has a credit balance of $31,400. Bad t expense is estimated at 1/2 of 1% of sales. d. The allowance account before adjustment has a credit ballance of $31,400. An aging of the accounts in the customer ledger indicates estimated doubti accounts of $175,000 Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a 24.750 x d. An estimate based on a percent of sales determines the amount of the adjusting entry based on the amount estimated for Bad Debt Expense The amount estimated for Bad Debt Expense is based on a percent of sales An estimate based on an analysis (an aging) of accounts receivable focuses on the Allowance for Doubtlul Accounts. The amount of the adjusting entry is the amount that will yield an adjusted balance in the Allowance for Doubtful Accounts equal to that estimated by the aging schedule Check Hy Work 8 9 6

Explanation / Answer

a 205500 =27400000*0.75% b 197500 =188000+9500 c 137000 =27400000*0.5% d 143600 =175000-31400

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