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Prepare an adjusting entry to recognize bad debts for dubai

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Reference no: EM133091970

Question - The books of Dubai Incorporated had the following balances on December 31, 20xx

Debit Credit

Accounts receivable $3,140,000

Allowance for doubtful accounts $48,750

Sales $18, 275,600

The Sales figure includes cash sales of $4,750,000.

REQUIRED -

A. Prepare an adjusting entry to recognize bad debts for Dubai Incorporated for each of the following assumptions:

1. Bad debts are estimated to be 1.5% of credit sales.

2. The company has estimated that 4.5% of outstanding accounts receivable on December 31, 20xx will become uncollectible.

B. How will Accounts receivable and Allowance for Doubtful Accounts appear on the December 31, 20xx balance sheet for assumptions 1) and 2) above?

Reference no: EM133091970

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