Reference no: EM13115963
he ledger of Elburn Company at the end of the current year shows the following:
Accounts Receivable $110,000
Sales $840,000
Sales Returns and Allowances $28,000
Instructions
(a) If Elburn uses the direct write-off method to account for uncollected accounts, journalize the adjusting entry at December 31, assuming Elburn determines that Copp's $1,400 balance is uncollected.
(b) If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable.
(c) If Allowance for Doubtful Accounts has a debit balance of $200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 0.75% of net sales and (2) 6% of accounts receivable.
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