The following info is taken from Swathmore Co\'s financial records for 2009: Acc

Question

The following info is taken from Swathmore Co's financial records for 2009: Accounts receivable (1/1/09) Allowance for doubtful accounts (1/1/09) Sales of 2009 (all on credit) Cash collections of 2009 Write-offs in 2009 Bad debt expenses recorded 574,000 54,000 2,620,000 2,483,000 68,000 78,600 Assume that the company records some bad debt expenses at the end of each quarter based on the percentage ofcredit sales (78,600-396 of 2,620,000) add: acconts rvaoe 524 re So SCosh Col le chons 514,00O 3o, o 2,483,0od e os.coo) C 6%.000) 043,000 54,000 redbad delot expense +8,GoO 68,00o 64,000

Explanation / Answer

All journal entries for 2009

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Accounts Receivable

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The year end allowance for doubtful accounts = 68,900.

JOURNAL ENTRY

Accounts Receivable 2,620,000 Sales 2,620,000 Cash 2,483,000 Accounts Receivable 2,483,000 Allowance 68,000 Accounts Receivable 68,000 Bad debt expense 78,600 Allowance 78,600

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