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V2.cengagenow.com Robert Aska - Outlook Module 6 Homework Cengageow Online teach essay on White Eleph t haand of the current
V2.cengagenow.com - Robert Al-Outlook Module Homework Module 14 Homework Show Me How Calculator Printem Percent of Sales Meth
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Answer #1

Answer:

Bad debt expense = 1% x 48400000 = 484000 x 3/4 = 363000 - 22750 = 340250

Allowance for doubtful accounts = 22750 Cr.

a.amount for adjusting entry = $340250

Bad Debts a/c                        Dr.   340250

         To Allowance for doubtful accounts      340250

b.Adjusted Balances

Accounts Receivable = $3750000

Allowance fro doubtful accounts = $ 363000

Bad Debts = $340250

c.Net Realizable value of Accounts Receivable = $3750000 - $363000 = $3387000

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