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Prepare the adjusting entry to record bad debt expense

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Question 1 - Nile Co. elects to use the percentage-of-sales basis in 2017 to record bad debt expense. It estimates that 2% of net credit sales will become uncollectible. Sales revenues are $800,000 for 2017, sales returns and allowances are $45,000, and the allowance for doubtful accounts has a credit balance of $9,000. Prepare the adjusting entry to record bad debt expense in 2017.

Question 2 - Kobe Company owns equipment that cost $50,000 when purchased on January 1, 2005. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Prepare Kobe Company's journal entries to record the sale of the equipment in these four independent situations.

(a) Sold for $28,000 on January 1, 2008.

(b) Sold for $28,000 on May 1, 2008.

(c) Sold for $11,000 on January 1, 2008.

(d) Sold for $11,000 on October 1, 2008.

Reference no: EM133179311

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