Intermidiate accounting 2nd edition chapter 7 any\'s accounts receivable before

Question

Intermidiate accounting 2nd edition chapter 7 any's accounts receivable before the write-off of Sorter Companys accounts recelvable afhter the wrieof ot b mputing Bad Debts and Preparing Journal Entries) The trial balance belore adjyastment Urdonez receivable? h realizable value of E7-9 (Co Estefan Inc. shows the following balances. Dr. Cr Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (net, all on credit) $80,000 1,750 580,000 Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts o the bas Instructions is of (a) 4% of gross accounts receivable and (b) 1% of net sales

Explanation / Answer

Estafan Inc. All Amounts in $ Journal Entries Bad Debts estimated on 4% of Gross Accounts Receivable Bad Debts A/c 3200 To Allowance for Doubtful Accounts A/c 3200 Bad Debts estimated on 1% of Net Sales Bad Debts A/c 5800 To Allowance for Doubtful Accounts A/c 5800

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