Reference no: EM132933022
Question - The ledger of ABC company at the end of the current year shows: Account receivable $110,000, Sales revenue $840,000 and Sales return & allowance$20,000.
Required -
A. If ABC uses the direct write off method to account for uncollectible accounts. Journalize the adjusting entry on December 31, assuming ABC determines that XYZ $1,400 balance is uncollectible.
B. If allowance for doubtful accounts has credit balance of 2,100 in trial balance. Journalize adjusting entry on December 31, assuming bad debts are expected to be.
1. 1% of net sales.
2. 10% of accounts receivable.
C. If allowance for doubtful accounts has a debit balance of $5,200 in the trial balance. Journalize adjusting entry on December 31, assuming bad debts are expected to be.
1. 0.75% of net sales.
2. 6% of account receivable.
D. Show the effect on balance sheet concerning part C.
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