heducation.comm.tp Dcq Search Questions 9-10 (of ) ??? Save & Exit 11 Submit The

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heducation.comm.tp Dcq Search Questions 9-10 (of ) ??? Save & Exit 11 Submit The following information applies to the questions displayed below Peet's Coffee & Tea Inc, ls a specialty coffee roaster and marketer of brandled fresh-roasted whiole bean coffee. t recently discdiosed the folowing informesion concerning the Allowance for Doubatlu Acourts on its Fom 10-K Annual Re rt submitted to the Securities and Exchange Commission. A summary of the Allowance for Doubtful Accounts is as follows (dollers in thousands): Balance a Addrions Charges) Balance a for Doubtu $ 101 148 to Expense we-Ofts Period 514 48 85 84 Year 2 Year 3 9.09 points f nsaction/event, select "No joumal entry required" in the first account field. Enter your answers in thousands.) 1. Record the journal entries related to bad debts for year 3. (if no entry is required for a tra

Explanation / Answer

Solution 1:

Solution 2a:

Missing dollar amount of year 1:

Opening balance + Bad debts expense - Write offs = Ending balance

$101 + Bad debts expense - $14 = $148

Bad debts expense = $61

Solution 2ab:

Missing dollar amount of year 2:

Opening balance + Bad debts expense - Write offs = Ending balance

$148 + $184 - Write offs = $85

Write offs = $247

Journal Entries -Feet Coffee and Tea Inc. - Year 3 S. No. Particulars Debit Credit 1 Bad Debts Expense Dr $21.00       To Allowance for doubtful Accounts $21.00 (Being bad debts expense recorded) 2 Allowane for doubtful Accounts Dr $11.00       To Accounts receivables $11.00 (Being Bad debts write off)

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