Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. help pls providing for doubtful accounts at t

help pls Providing for doubtful accounts At the end of...

80.2K

Verified Solution

Question

Accounting

help pls
image
Providing for doubtful accounts At the end of the current year, the accounts recelvable account has a debit balance of $1,021,000 and sales for the vear total $11,580,000. a. The allowance account before adjustment has a debit balance of $13,800. Bad debt expense is estimated at 1/2 of 1% of sales. b. The allowance account before adfustment has a debit balance of $13,800. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $44,200. c. The allowance account before adjustment has a credit balance of $5,100. Bad debt expense is estimated at 3/4 of 1% of sales. d. The aliowance account before adjustment has a credit balance of \$\$,100. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $42,300. Determine the amount of the adjusting entry to provide for doubtul accounts under each of the assumptions (a through d) bated above. a. b. c. 1 d. 5

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In order to buy a car, you borrow $19500 from a friend at 6%/year compounded monthly...

Finance
Q

When answering each of the following, the random variable Y is normally distributed with a mean...

Statistics
Q

Why do small businesses have a high risk of failure? Also, research the Internet and find...

Operations Management
Q

cholesterol is the major bio-molecule that causes heart attack; this molecule is classified as a steroid....

Chemistry
Q

Water flows in a horizontal pipe of d1=100 mm with a velocity wt=1m/s and pressure p1=90...

Mechanical Engineering
Q

Which component of the Scientific Method do critics of evolutionary theory suggest are missing from...

Biology
Q

Read this list Greatest American humorist of his age The Adventures of Huckleberry Finn Who...

Biology
Q

cuit shown here C 6 F C 3 F and battery B 20 V The...

Physics
Q

se the appropriate reciprocal identity to find the value of tan 0 given that cot...

Calculus
Q

The pH of a chemical solution is given by the formula pH log 0 H...

Algebra
Q

! Required information [The following information applies to the questions displayed below.]...

Accounting
Q

what is meant by accrual based accounting

Accounting