Reference no: EM132794269
On February 28, MAZ Co. had Net sales of $3,000,000. Credit sales for February amounted 30% of Net sales. The credit manager estimated that uncollectible accounts expense would amount to 10% of net credit sales made during February. On March 10, an account receivable from Kate for $6,000 was determined to be uncollectible and written off.
Question 1: In the adjusting entry, Bad Debt Expense is:
Option 1: Debited for: $60,000
Option 2: Debited for: $6,000
Option 3: Credited for: $600,000
Option 4: Credited for: $300,000
Option 5: None of the above
Question 2: The write-off of Kate account is journalized as:
Option 1: Debit: AR $6,000 and Credit: Cash $6,000
Option 2: Debit: AR $6,000 and Credit: Bad Debt Expense $6,000
Option 3: Debit: AFDA $6,000 and Credit: AR $6,000
Option 4: Debit: Bad Debt Expense $6,000 and Credit: AFDA $6,000
Option 5: None of the above
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