Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 8.00

dollar amount

This exercise will review the two bases for determining the dollar amount of the adjusting entry to recognize bad debt expense and to adjust the Allowance for Doubtful Accounts account.

The trial balance before adjustment at December 31, 2014 for the Liz Company shows the following balances:

 

Debit

Credit

Accounts Receivable

$82000

  

Allowance for Doubtful Accounts

2120

  

Sales (all on credit)

$410,000

Sales Returns and Allowances

7600

  

Instructions

Using the data above, give the journal entries to record each of the following cases (each situation is independent):

  1. The company expects bad debts to be 1 3/4% of net credit sales.
  2. Liz performs an aging analysis at December 31, 2014 which indicates an estimate of $6,000 uncollectible accounts.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 08:07 PM My Price 8.00

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