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Category > Management Posted 15 Feb 2018 My Price 7.00

Shelton Corporation

E7-8  Estimating Bad Debts from Receivables Balances The following information is extracted from the accounting records of the Shelton Corporation at the beginning of  2007:

Accounts Receivable                                                                                         $63,000

Allowance for Doubtful Accounts                                                                        1,400   (credit)

During 2007, sales on credit amounted to $575,000, $557,400 was collected on outstanding receivables, and $2,600 of receivables were written off as uncollectible. On December 31, 2007, Shelton estimates its bad debts to be 4% of the out- standing gross accounts receivable balance.

Required

1.      Prepare the journal entry necessary to record Shelton’s estimate of bad debt expense for 2007.

2.      Prepare the Accounts Receivable section of Shelton’s December 31, 2007 balance sheet.

3.      Compute Shelton’s receivables turnover.

 

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Maurice Tutor
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Status NEW Posted 15 Feb 2018 08:02 PM My Price 7.00

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