User Account

All Pages

Estimate the appropriate balance for bad debt expense

Assignment Help Accounting Basics
Reference no: EM13512072

Clarissa Company has credit sales of $400,000 during 2010 and estimates at the end of 2010 that 2 percent of these credit sales will eventually default. Also, during 2010 a customer defaults on a $775 balance related to goods purchased in 2009. Prior to the write off for the $775 default, Clarissa's accounts receivable and allowance for doubtful accounts balances were $402,000 and $129 (credit), respectively.

Required:
Estimate the appropriate balance for bad debt expense and prepare the adjusting entry to record the bad debt expense for 2010.

 

Reference no: EM13512072

Questions Cloud

Determine the balance in account : Determine the balance in each account - Tony Ornega opened Ornega Repair Service by investing $4,300 in cash and $1,600 in repair equipment.
Determine the speed of the spool : A spool whose inner core has a radius of 1.00 cm and whose end caps have a radius of 1.50 cm has a string tightly wound around the inner core. what is the speed of the spool
What is the probability that a randomly selected : a. What is the probability that a randomly selected juror has an IQ score below 120?
Explain how many al^3+ ions are in a mole of al2s3 : How many Al^3+ ions are in a mole of Al2S3. I haven't worked a problem like this before, any help would be really appreciated
Estimate the appropriate balance for bad debt expense : Estimate the appropriate balance for bad debt expense and prepare the adjusting entry to record the bad debt expense for 2010.
Accurate regarding adolescents : The "graying of America" has been created by a combination of which of the following factors? Which statement is least accurate regarding adolescents? Visible signs of ________ include things like wrinkles and grey hair.
Establish a petty cash fund to help ensure internal control : Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April.
Explain achieving the absorption of radio-frequency energy : Looking for a good explanation of how a typical 1H NMR spectrum can be obtained, outlining the physical basis for achieving the absorption of radio-frequency energy.
What is the ratio of the planets new mass to the old mass : A gaseous planet (like jupiter) suddenly loses part of its mass. what is the ratio of the planets new mass to the old mass

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd