Reference no: EM132662636
Problem 1: Before making its end-of-period adjusting journal entry to record the bad debt expense estimate, Frito Company has a credit balance in its Allowance for Doubtful Accounts of $5,000. An aging analysis suggests that the estimated amount of uncollectible accounts receivable at the end of the period is $30,000. Frito should make the following adjusting entry:
Option 1: Dr. Bad Debt Expense 25,000 and Cr. Allowance for Doubtful Accounts 25,0000
Option 2: Dr. Bad Debt Expense 35,000 and Cr. Allowance for Doubtful Accounts 35,000
Option 3: Dr. Bad Debt Expense 30,000 and Cr. Allowance for Doubtful Accounts 30,000
Problem 2: If Best Buy reports 'Days Receivable' of 10.5 in 2020 and 9.5 in 2019, this implies that the company collected its accounts receivable faster in 2020 than in 2019.
Problem 3: The journal entry made in the period of sale to account for future bad debts is:
Option 1: Dr. Accounts Receivable and Cr. Allowance for Doubtful Accounts
Option 2: Dr. Cash and Cr. Accounts Receivable
Option 3: Dr. Bad Debt Expense and Cr. Allowance for Doubtful Accounts
Option 4: Dr. Allowance for Doubtful Accounts and Cr. Accounts Receivable
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Find frito should make the adjusting entry
: The estimated amount of uncollectible accounts receivable at the end of the period is $30,000. Frito should make the following adjusting entry
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