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Prepare the year-end entries for the accounts receivable

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Question - Smith Ltd. was in the process of preparing year-end adjusting entries for the year ended December 31, 2018. Smith Ltd. had the following balance in their books (ledger):

Dr. Cr.

Accounts Receivable $91,000

Allowance for Sales Discounts $4,500

Allowance for Sales Returns 3,300

Allowance for doubtful accounts 12,200

Additional Information:

Total Credit Sales during 2018: $66,000.

The Company estimated the following for the year-end December 31, 2018 purposes:

Expected Sales discount $3,500

Expected Sales returns 4,100

Accounts receivable should be written off 4,400

Using percentage of credit sales method, the company estimated 10% of the credit sales might NOT be collected.

Required -

a) Prepare the year-end entries for the above that are related to accounts receivable?

b) Calculate the amount that would be displayed on SFP for net accounts receivable?

Reference no: EM132718996

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