At the end of January, the unadjusted trial balance of Vemon, Inc, included the

Question

At the end of January, the unadjusted trial balance of Vemon, Inc, included the following accounts: Credit $600,000 Debit Sales (75% represent credit sales) ..................- Accounts Receivable Allowance for Doubtful Accounts.... $200,000 2,000 18. Refer to the above data. Vernon estimates bad debts expense to be 2% ofcredit sales. whats the amount ofBad Debts 19. Refer to the above data. Vermon estimates bad debts expense to be 2% of credit sales. After the ad lusting entry is made. 20. Refer to the above data. Vemon ages the accounts receivable and determines the estimated uncollectible portion to be expense recognized in Vemon'sincome statement for January? the netrealizable value of Vemon's accounts receivable in the January 31 balance sheet is: 4% of gross accounts receivable. what is the amount ofBad Debts expense recognized in Vernon's income statement for 21. Refer to the above data. Vemon ages the accounts receivable and determines the estimated uncollectible portion to be 4% of gross accounts receivable. After the adusting entry is made, the net realizable value ofVernon's accounts receivable in the January 3 1 balance sheet is:

Explanation / Answer

18) Bad debts expense 600,000*2% 12000 19) net realizable value account receivable 200,000 less: allowance for doubtful accounts 10,000 net realizable value 190,000 answer 20) bad debts expense 200,000*4% + 2000 10000 answer 21) net realizable value account receivable 200,000 less: allowance for doubtful accounts 8,000 net realizable value 192,000 answer

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