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What will be the balance in allowance for bad debts

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Question: 1. On September 5, we received an $11,400 payment on account. What account would we credit when we journalize this entry?

2. On September 11, we performed $5,750 of service and were immediately paid in cash. What account would we debit when we journalize this entry?

3. We purchased a vehicle for $45,000. It has an estimated useful life of 5 years and no residual value. What is the dollar amount we would record in our adjusting entry each month for depreciation of the vehicle if we use the straight-line method of depreciation?

4. Our company uses the percentage of sales method to estimate bad debt expense for the year. Our allowance for bad debts account has a debit balance of $1,000 prior to the adjusting entry for bad debt expense. We have estimated that 2% of net credit sales will be uncollectible for the current year. Net credit sales for the year totaled $200,000. What will be the balance in allowance for bad debts after the adjusting entry is recorded?

Reference no: EM132716883

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