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What is the journal entry for abc company to record

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Reference no: EM132963117

Problem 1: ABC company has a total sales revenue of 500,000 in 2019. The company estimate that 6% of the sales revenue can not be collected in the future. What is the journal entry for ABC company to record the estimation?

a.Debit Bad Debt Expense 30,000, Credit Allowance for Uncollectible Receivables 30,000
b.Debit Allowance for uncollectible receivables 30,000, Credit Accounts Receivables 30,000
c.Debit Bad Debt Expense 30,000, Credit Accounts Receivables 30,000
d.Debit Allowance for Uncollectible Receivables 30,000 , Credit Bad Debt Expense 30,000

Problem 2: ABC Company received a notice from XYZ Company that XYZ is not able to make payments for the accounts receivables due to bankruptcy. What is the correct journal entry to record the notice?

a.Debit Accounts Receivables, Credit Allowance of Uncollectible Receivables
b.Debit Allowance for Uncollectible Receivables, Credit Accounts Receivable
c.Debit Bad Debt Expense, Credit Accounts Receivables
d.No entry is needed

Reference no: EM132963117

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