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Chrome File Edit View History Bookmarks People Window Help S Mon 10:15 PM a E RAMweb Colorado State Unive × (E) ACC121 M4C9HOMEWORK-- x C Accounting question | Chegg.c x Secure https://edugen.wileyplus.com/edugen/lti/main.uni tello-company-end-current-year-sh Sear Weygandt, Accounting Principles, 12e PRINTER VERSION BACK NEXT ENT RESOURCES Exercise 9-3 The ledger of Costello Company at the end of the current year shows Accounts Receivable $145,000, Sales Revenue $852,000, and Sales Returns and Allowances $23,000 EWORK e Question 13 e Question 23 If Costello uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Costello determines that L. Dole's $2,500 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit e9-10 Receivable $130,000, Sales Revenue write-off method to account for Costello determines that L. Dole's $1,700 Dec. 31 LINK TO TEXT If Allowance for Doubtful Accounts has a credit balance of $2,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 2% of net sales, and (2) 12% of accounts receivable. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) of the accounts shows the following 17,600 January 8,500 Prior to January btful Accounts has a credit balance of No. Date Account Titles and Explanation Debit Credit (1) Dec. 31 (2) Dec. 31 Receivable S134,300, Sales Revenue

Explanation / Answer

31-Dec Bad debts expense 2500       Accounts Receivable-L Dole 2500 2 31-Dec Bad debts expense 16580 =(852000-23000)*2%        Allowance for Doubtful accounts 16580 31-Dec Bad debts expense 15200 =(145000*12%)-2200        Allowance for Doubtful accounts 15200 3 31-Dec Bad debts expense 8290 =(852000-23000)*1%        Allowance for Doubtful accounts 8290 31-Dec Bad debts expense 8970 =(145000*6%)+270        Allowance for Doubtful accounts 8970

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