need help Help 1 System Announcements lmrea Hdp 1 aston Co. uses te perent writ

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Help 1 System Announcements lmrea Hdp 1 aston Co. uses te perent writ receivables basis to record had debt enerse. it "nhmatn lhat 1% of accounts receivable wil become unclectible. Accounts ceivable are $428,000 at the end of the year, and the alowance for doubtful accounts has a credt balance of $2,10. epare the ad unting journal entry to record bad debt "pen" frr the year deat manuawy.) rCrver account rares we automaticaw ode,nd-hee ammnt h entwed i s hada debit balance of Saso instead of credit balance of $2,100, determine the amount to be reported for bad debterpr the allowance for doubtful account nd Debts Expense

Explanation / Answer

Accounts receivable at the end of the year 428000 allowance required for uncollectibles 1% allowance required for uncollectibles 4280 Balance in allowance for doubtful account 2100 credit balance Additional allowance required 2180 adjusting journal entry Bad debts expense Dr 2180              Allowance for doubtful accounts Cr 2180 Accounts receivable at the end of the year 428000 allowance required for uncollectibles 1% allowance required for uncollectibles 4280 Balance in allowance for doubtful account -850 debit balance Additional allowance required 5130 adjusting journal entry Bad debts expense Dr 5130              Allowance for doubtful accounts Cr 5130 Ex 9.3 Direct write off method Bad Debt expense Dr 1900               Accounts receivable Cr 1900 1) Sales revenue 857000 Less :Sales return 23000 Net sales 834000 allowance required for uncollectibles 3% allowance required for uncollectibles 25020 Balance in allowance for doubtful account 2800 credit balance Additional allowance required 22220 Bad debts expense Dr 22220              Allowance for doubtful accounts Cr 22220 2) Accounts receivable at the end of the year 149000 allowance required for uncollectibles 10% allowance required for uncollectibles 14900 Balance in allowance for doubtful account 2800 debit balance Additional allowance required 12100 Bad debts expense Dr 12100              Allowance for doubtful accounts Cr 12100

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