Homework Answers
1. Wrote off amount will be deducted and if repaid will be added back to allowance account.
So balance before adjustment = $23000 + $5000 - $18500
= $9500 debit.
2. Allowance balance required = $250000*15% = $37500
Bad debts expense = allowance required + existing debit balance
= $37500 + $9500
= $47000
3. Ending balance in allowance account will be $37500.
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having trouble completing this assighment. someone help ?
thank you in advance .
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