2Caleae ate Poowing lnfomation, prepare the necensaryoumal arye Information, pre

Question

2Caleae ate Poowing lnfomation, prepare the necensaryoumal arye Information, prepare the necessary Journal Entryles) ecessary Journal EntryCes) o Calculations (16 pts) Sales Revenue (Credit) Accounts Receivable (Debit) Allowance For Doubtfal Accounts (Debit) 590300 $10,000 Under the Percent of Sales Method, record the Journal Entrie(s) to record Bad Debts assuming the Bad Debt Percentage is 2% a) Allowance 10000 ba& deot 36,400 b) Using the information from part a), record the Journal Entryües) for the Write-Or o0s of $1,235 Sale: Acc rec sale 590,000 cash 11233 bed daot 30,460 31 33 c) Using the information from part b), record the Journal Entry(ies) for the collection of $500 of the amount Written-Off Cosh 560 500 hect rec

Explanation / Answer

Journal entries :

No accounts & explanation debit credit a Bad debt expense (1520000*2%) 30400 Allowance for doubtful accounts 30400 (To record bad debt expense) b Allowance for doubtful accounts 1235 Account receivable 1235 (To record amount write off) c) Account receivable 500   Allowance for doubtful accounts 500 (To record amount reinstated) Cash 500 Account receivable 500 (To record amount received)

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