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Category > Accounting Posted 13 Dec 2017 My Price 10.00

BUSI 293 Assignment 3 Additional Hand-in Problem - Cartoons Inc

Please answer the following 2 questions in the attachment. 

1 BUSI 293 Assignment 3 Additional Hand-in Problem - Cartoons Inc. The following information is provided regarding Cartoons Inc.’s accounts receivable and allowance for doubtful accounts: Accounts Receivable, January 1, 2015 $1,200,000 Collections of Accounts Receivable during the year $1,900,000 Write-offs of Accounts Receivable $ 300,000 Accounts Receivable, December 31, 2015 $1,850,000 Allowance for Doubtful Accounts (December 31, 2015 balance ( before bad debts adjusting entry) $ 155,000(debit) Required: (a) Calculate the credit sales for the year 2015. (b) Provide the journal entry that was made to write-off the uncollectible amounts during 2015. (c) Ignore your answer to (a) and assume that credit sales for 2015 were $4.75 million. Prepare the bad debts adjusting entry assuming that management estimates that 4.0% of the credit sales would be uncollectible. (d) After recording your entry from part (c), is the balance in the allowance for doubtful accounts adequate? Explain.

 

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CourseLover
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Status NEW Posted 13 Dec 2017 08:12 AM My Price 10.00

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