Homework Answers
Question 1
Allowancefor doubtful accounts balance should be = 80000 x 4%= 3200 credit
Current balance = 600 debit
Adjustment entry of 3200+ 600 = 3800 shall be passed
Question 2
It will require credit of 2 million x 1% =20000
Question 3
| Particulars | Debit | credit |
| Cash | 294000 | |
| Loss on factoring | 6000 | |
| Accounts receivable | 300000 |
( Being accounts receivable sold to a factor)
Question 4
| Particulars | debit | Credit |
| Accounts receivable- visa credit card | 2910 | |
| Service fee | 90 | |
| Revenue | 3000 | |
| (Being revenue recorded) |
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Q1- Hershey Co. uses the percentage of receivables method for recording bad debts expense. For the...
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Sheridan Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $150000 and credit sales are $1510000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Sheridan Company make if the Allowance for Doubtful Accounts has a credit balance of $1500 before adjustment? a. Bad Debt Expense 15100 Allowance for Doubtful Accounts 15100 b. Bad Debt Expense 4500 Accounts Receivable 4500 c. Bad Debt Expense 15100 Accounts Receivable...
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Dorothy Company uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable b...
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Multiple Choice Question 113 Blue Spruce Corp. uses the percentage-of-receivables method for recording bad debt expense....
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Wildhorse Co. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of...
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Concord Corporation uses the percentage-of-receivables basis to record bad debt expense and concludes that 4% of accounts receivable will become uncollectible. Accounts receivable are $421,300 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,921. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,921, prepare the adjusting...
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