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Adjusting entry for vizarro co to recognize bad debts

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Reference no: EM131795732

Problem - At December 31, 2011, Vizarro Company reports the following results for its calendar-year.

CASH SALES        $1,926,940

CREDIT SALES     3,169,000

In addition, it's unadjusted trial balance includes the following

ACCOUNTS RECEIVABLE     $960,207 debit

ALLOWANCE FOR DOUBTFUL ACCOUNTS  16,460 debit

QUESTIONS:

Prepare the adjusting entry for Vizarro Co. to recognize bad debts under each of the following independent assumptions

Bad debts are estimated to be 3% of credit sales.

Bad debts are estimated to be 2% of total sales.

An aging analysis estimates that 6% of year-end accounts receivable are uncollectible.

Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2011, balance sheet given the facts in Requirement 1a.

Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2011, balance sheet given the facts in Requirement 1c.

Reference no: EM131795732

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