Homework Answers
| Working Notes: 1 | Credit Sales ($ 200,000 X 75%) | $ 1,50,000 | ||
| Estimated to uncollectable = $ 150,000 X 3% = | $ 4,500 | |||
| Working Notes: 2 | Allowance for Doubtfull Debts (Opening Bal.) | $ 1,000 | Debit | |
| Provision for the Allowance of uncollectable | $ 4,500 | Credit | ||
| Balance need to be provission for the year | $ 5,500 | Credit | ||
| So we can show the bad debts expenses for the year = | $ 5,500 | |||
| SOLUTION : A | ||||
| Bad Debt Expenses before provission | $ 500 | |||
| Add: estimated bad debts | $ 5,500 | |||
| Bad Debt Expenses at the end of 2019 | $ 6,000 | |||
| SOLUTION : B | ||||
| Doubtful account balance at the end of 2019 = | $ 5,500 | Credit | ||
| SOLUTION : C | ||||
| Account receivable | $ 2,00,000 | |||
| Less: | ||||
| Doubtful account balance at the end of 2019 = | $ 5,500 | |||
| Net Account receivable at the end of 2019 = | $ 1,94,500 | |||
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