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 12 Aug 2017 My Price 5.00

Lacee Enterprises

During 2011, Lacee Enterprises had gross sales of $247,000. At the end of 2011, Lacee had accounts receivable of $83,000 and a credit balance of $5,600 in Allowance for Bad Debts. Lacee has used the percentage-of-sales method to estimate the bad debt expense. For the past several years, the amount estimated to be uncollectible has been 3%.

Instructions:
1. Using the percentage-of-gross-sales method, estimate the bad debt expense and make any necessary adjusting entries.
2. Assuming that 6% of receivables are estimated to be uncollectible and that Lacee decides to use the percentage-of-receivables method to estimate the bad debt expense, estimate the bad debt expense and make any adjusting entries.
3. Which of the two methods more accurately reflects the net realizable value of receivables? Explain.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 05:08 PM My Price 5.00

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