Homework Answers
Answer
- Adjusted balance in Allowance account = 8% of account
receivables
= $ 300000 x 8%
= $ 24000 - Unadjusted balance available = $ 5355
- Adjustment amount = $ 24000 – 5355 = $ 18,645
|
Accounts receivables |
Allowance for Doubtful Accounts |
Common Stock |
Revenues |
Expenses |
||
|
Beg Bal |
$300,000 |
$5,355 |
||||
|
Adj |
$18,645 |
$18,645 |
Bad Debt Expense |
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