Maurice Tutor

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

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Category > Accounting Posted 11 Aug 2017 My Price 5.00

Risen Company

The trial balnace before adjustment of Risen Company reports the following balnaces:

Account receivable: Dr. 150,000

Allowance for doubtful accounts: Cr. 2,500

Sale (all on credit): Cr. 850,000

Sales returns and allowances: Dr. 40,000

 

(a) Prepare the entries for estimated bad debts assuming that doubtful accounts are estimated to be

(1) 6 percent of gross acconts receivable and (2) 1 percent of net sales

(b) Assume that all the information above is the same, except that the Allowance for Doubtful accounts

has a debit balance of 2,500 dollars instead of a credit balance. How will this difference affect the journal entries in part (a)?

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 10:08 PM My Price 5.00

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