Question
In: Accounting
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance...
Percent of Sales Method
At the end of the current year, Accounts Receivable has a balance of $680,000; Allowance for Doubtful Accounts has a debit balance of $6,000; and sales for the year total $3,060,000. Bad debt expense is estimated at 1/4 of 1% of sales.
a. Determine the amount of the adjusting entry
for uncollectible accounts.
$
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
| Accounts Receivable | $ |
| Allowance for Doubtful Accounts | $ |
| Bad Debt Expense | $ |
c. Determine the net realizable value of
accounts receivable.
$
Solutions
Expert Solution
| Answer | ||
|
a |
||
| Amount of adjusting entry | $ 7,650 | 3060000*1%*1/4 |
| b | ||
| Accounts Receivable | $ 680,000 | |
| Allowance for Doubtful Accounts | $ 1,650 | 7650-6000 |
| Bad Debt expense | $ 7,650 | |
| c | ||
| Accounts Receivable | $ 680,000 | |
| Less: Allowance for Doubtful Accounts | $ 1,650 | |
| Net realizable value | $ 678,350 | |
ekkarill92 answered 2 years agoRelated Solutions
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