Chegg Study Guided Solut C chegg Study Guided Solut bright.edu/mod/lti/view.php?

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Chegg Study Guided Solut C chegg Study Guided Solut bright.edu/mod/lti/view.php?id 333506 Oodle ALBRIGHT SELF-SERVICE MOODLE SUPPORT ACADEMIC SUPPORT+ EMA LOGIN/ITS ASSISTANCE ECT/PT15-2018/SPRING/ADP - Accounting S935/LECT/PT15-2018/SPRING/ADP/Week 3: Systems, Cash and Receivables Chapter 10a Quiz Racing Stripes uses the Allowance method for handling receivables. They have decided that 1.5% of all credit sales are uncollectable. Credit sales for the year were 1,250,000 and the allowance for doubtful accounts has a $3,000 credit balance. a. Calculate bad debt expense. b. Prepare the Dec 31 Journal entry to record bad debt expense C. Post your entry to the T-accounts b) Date Description Debit Credit Dec 31 c)

Explanation / Answer

Answer

A. Bad debts Exp.

B.Entry to record Bad debts Exp.:

C.

Entry to the T-Accounts:

Bad debts expenses:

Allowance for doubtful accounts:

Written Off (1250000*1.5%) $18750 Less:Balance for Allowance for doubtful accounts ($3000) Bad debts Exp. $15750

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