Year x1 the allowance for doubtful accounts on 1-1-x1 had a

Reference no: EM13601736

YEAR X1 The allowance for doubtful accounts on 1-1-x1 had a credit balance of $25,000. On 3-1-x1 wrote off a receivable for $12,000. On 5-1-X1 wrote off a receivable for $10,000. On 8-4-X1 a customer previously written off in a prior year agreed to pay. The amount due was $3,000 and the cash was received on 8-4-x1.

On 12-31-X1 the ending balance in the Accounts Receivable account was $525,000. Net credit sales for the year were $6,550,000. The company uses the percent of credit sales method and has had a bad debt rate of .005 (use number as is).

Answer the following (% credit sales method):
1. Do the journal entry for the write off on 3-1-x1

2. Do the journal entry for the write off on 5-1-x1

3. Do the journal entry for the recovery on 8-4-x1

4. Do the journal entry needed at year-end to record the bad debt estimate (% of net credit sales method).

5. What is the ending balance in the Allowance for doubtful accounts on 12-31-x1 (using the credit sales method)

Reference no: EM13601736

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