blackboard G xy D CH 8 Assignment × VD Check Your w C ezto.mheducation.com/hm.tp
ID: 2512250 • Letter: B
Question
blackboard G xy D CH 8 Assignment × VD Check Your w C ezto.mheducation.com/hm.tpx During the yoar ended December 31, 2015, Kelly's Camera Shop had sales revenue of $180,000, of which $90,000 was on credit. At the start of 2015, Accounts Recoivable showed a $12,000 debit balance and the for Doubtful Accounts showed a $620 credit balance. Collections of accounts receivable during 2015 amounted to $t0,00o Data during 2015 follow a. On December 10, a customer balance of $1,600 from a prior year was determined to b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt uncollecible, so it was written off. losses on 2 percent of credit sales for the year. Required: 1. Give the required jounal entries for the two events in December. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet Record the write-off of a certain cüstomer account from a prior year which is not collectible totaling $1,600. Note: Enter debits before credits Date General Journal Debit Credit Dec. 10, 2015 TEAM EVALUATION F... docxCH8 PPI1) (2) pptx CH 8 PP(1) (3).pptx CH 8 PP(1) ()pptx MacBeok PreExplanation / Answer
Answer:
Date
Description
Debit $
Credit $
10-Dec
Allowance for doubtful account
1600
Account receivable
1600
31-Dec
Bad debt expanses
1800
Allowance for doubtful account
1800
(90,000 x 2%) =1800
(to record the bad debt expanses
Date
Description
Debit $
Credit $
10-Dec
Allowance for doubtful account
1600
Account receivable
1600
31-Dec
Bad debt expanses
1800
Allowance for doubtful account
1800
(90,000 x 2%) =1800
(to record the bad debt expanses
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