18-ACCT 1010-04 Casey Simmons &I; 4/3/18 8:28 PM uiz: Chapter 8 Quiz-Spring 2018

Question

18-ACCT 1010-04 Casey Simmons &I; 4/3/18 8:28 PM uiz: Chapter 8 Quiz-Spring 2018 (Pre-Class Assignment) Submit Quiz is Question: 1 pt 10 of 10 (4 complete) This Quiz: 10 pts possibl amount to 3% of net c edit sales, uring its st year of perations, Fall Wine Tour earned net c edit sales of S311, Industry experience suggests hat bad debts w t December 31, 2018, accounts receivable total $44,000. The company uses the allowance method to account for uncollectibles Read the requirements Requirement 1. Journalize Fall Wine Tour's Bad Debts Expense using the percent-of-sales method. (Record debits fist. then credts Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit Date Dec 31 Show how to report accounts receivable on the balance sheet at December 31, 2018 Balance Sheet (Partial) Current Assets: Choose from any list or enter any number in the input fields and then continue to the next question Type here to search

Explanation / Answer

1) Journal entry :

2) Balance sheet presentation :

Date accounts & explanation debit credit Dec 31 Bad debt expense (311000*3%) 9330      Allowance for doubtful accounts 9330 (To record bad debt expense)

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