I will rate the answer. Please show all the calculations. Entries for bad debt expense. The...
I will rate the answer. Please show all the calculations.
Entries for bad debt expense. The trial balance before adjustment of Risen Company reports the following balances:
Accounts receivable Debit $150,000
Allowance for doubtful accounts Credit $2,500
Sales (all on credit) Credit $850,000
Sales returns and allowances Debit 40,000
Instructions
Prepare the entries for estimated bad debts assuming that doubtful accounts are estimated to be (1) 6% of gross accounts receivable
Homework Answers
| Bad debts expense = ( Accounts receivables * % of estimated bad debts ) - Credit balance of allowance for doubtful accounts = ( 150000 * 6% ) - 2500 | 6500 |
| Journal entry : | ||
| Dr. | Cr. | |
| Bad debts expense | 6500 | |
| Allowance for doubtful accounts | 6500 |
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I will rate the answer. Please show all the calculations.
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