Credit sales method, Cost Accounting

Assignment Help:

What are the journal entries to recognize each of the below events.

a.   The firm records bad debt expense of 5% of credit sales, which were $300.  The firm uses the Percentage of Credit Sales Method. Journalize bad debt expense.

Assets

Liabilities

Owners' Equity

Debit

Credit

$

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b. The firm subsequently writes-off $10 of receivables.  Record the write-off.

Assets

Liabilities

Owners' Equity

Debit

Credit

$

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Related Discussions:- Credit sales method

Quantitative and qualitative information - cost accounting, Quantitative an...

Quantitative and Qualitative Information in Accounting Systems The availability of information is the lifeblood of any type of management and cost accounting system. It is vi

#title.suspense account, The book of Deven Verma could not be tallied. The ...

The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later

Calculate earnings, The Smiths have two children who live with them: Sandy ...

The Smiths have two children who live with them: Sandy and Judy. Both are full-time students. Sandy is an accomplished singer and made $4,200 during the year performing at special

Process costing, Process Costing It is a costing method, which is appl...

Process Costing It is a costing method, which is applied wherever there are standard operations along with continuous production of homogeneous as identical units. Consequentl

Calculate development cost, Candler Inc a computer software development fir...

Candler Inc a computer software development firm has stock outstanding as follows: 40,000 shares of $2 nonparticipating, noncumulative preferred stock of $10 par, and 250,000 share

Overheadd anarlysis, Following figures are taken from annual budget of ABC ...

Following figures are taken from annual budget of ABC manufacturers for the year 2013: Fixed factory overhead Rs. 4,000,000 Factory overhead absorption rate Rs. 70 per direct labor

Techiniques ofinventory control, hml analysis , sde analysis,sos analysis, ...

hml analysis , sde analysis,sos analysis, golf analysis , xyz analysis

Usefulness of variance analysis, Usefulness of Variance Analysis Caref...

Usefulness of Variance Analysis Carefully note that while prices are being charged to production, it can be done at the actual or standard price. For purposes of making varian

prepare a simple balance sheet, Assume that Banc One receives a primary de...

Assume that Banc One receives a primary deposit of $1 million. The bank must keep reserves of 20 percent against its deposits. Prepare a simple balance sheet of assets and liabilit

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd