Homework Answers
4a) Adjusting entry
| No | account and explanation | Debit | Credit |
| 1 | Bad debt expense (154000-4500) | 149500 | |
| Allowance for doubtful accounts | 149500 | ||
| 2 | Bad debt expense (154000+500) | 154500 | |
| Allowance for doubtful accounts | 154500 | ||
4b) Adjusting entry
| No | account and explanation | Debit | Credit |
| 1 | Bad debt expense (15000000*1%) | 150000 | |
| Allowance for doubtful accounts | 150000 | ||
| 2 | Bad debt expense | 150000 | |
| Allowance for doubtful accounts | 150000 | ||
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Problem 4 (24 pts) Chambers Products had sales of $15,000,000 for 2017. On December 31, 2017,...
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Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $79,500, and it estimates that 2% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,352 credit balance before the adjustment. (b) a $398 debit balance before the adjustment. View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $79,000, and it estimates that 3% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,343 credit balance before the adjustment. (b) a $395 debit balance before the adjustment. Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense under the assumption...
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $103,500, and it estimates that 4% will be uncollectible. 1.42 points Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,760 credit balance before the adjustment. (b) a $518 debit balance before the adjustment. eBook View transaction list Hint Journal entry worksheet Print Prepare the year-end adjusting entry...
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