The ledger of montgomery company at the end of the current

Reference no: EM13570005

The ledger of Montgomery Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $996,000; and Sales Returns and Allowances $58,100.

a) If Montgomery uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Montgomery determines that Baruth's $910 balance is uncollectible.

(b) If Allowance for Doubtful Accounts has a credit balance of $890 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 12% of accounts receivable.

(c) If Allowance for Doubtful Accounts has a debit balance of $710 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable.

Reference no: EM13570005

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