Homework Answers
| Part A | ||
| Credit sales | $ 2,200,000 | |
| Bad debts estimation | 1% | |
| Bad debts estimation | $ 22,000 | |
| Journal entry | ||
| Bad debts expense A/c | Debit | $ 22,000 |
| Allowance for doubtful accounts A/c | Credit | $ 22,000 |
| Bad debt expense | $ 22,000 | |
| Allowance for doubtful accounts op bal | $ 2,000 | |
| Add:bad debts expense | $ 22,000 | |
| Allowance for doubtful accounts closing bal | $ 24,000 | |
| Balance sheet | ||
| Accounts receivables | $ 400,000 | |
| Less: Allowance for doubtful accounts closing bal | $ (24,000) | |
| Net Accounts receivables | $ 376,000 | |
| Part B | ||
| Accounts receivables | $ 400,000 | |
| Bad debts estimation | 6% | |
| Allowance for doubtful accounts closing bal | $ 24,000 | |
| Allowance for doubtful accounts opening bal | $ 2,000 | |
| Bad debts expense | $ 22,000 | |
| Journal entry | ||
| Bad debts expense A/c | Debit | $ 22,000 |
| Allowance for doubtful accounts A/c | Credit | $ 22,000 |
| Bad debt expense | $ 22,000 | |
| Allowance for doubtful accounts op bal | $ 2,000 | |
| Add:bad debts expense | $ 22,000 | |
| Allowance for doubtful accounts closing bal | $ 24,000 | |
| Balance sheet | ||
| Accounts receivables | $ 400,000 | |
| Less: Allowance for doubtful accounts closing bal | $ (24,000) | |
| Net Accounts receivables | $ 376,000 | |
| Part C | ||
| Journal entry for bad debts | ||
| Allowance for doubtful accounts A/c | Debit | $ 700 |
| Smith's A/c | Credit | $ 700 |
| Journal entry for subsequent payment to his account | ||
| Cash A/c | Debit | $ 700 |
| Bad debts recovered A/c | Credit | $ 700 |
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period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
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