Homework Answers
| a) | Calculation of Bad debt expense | |||
| Accounts Receivable | 150000 | |||
| bad debt %age | 4% | |||
| Bad debt Expense | 6000 | |||
| Journal Entry | ||||
| Bad Debt Account Dr. | 6000 | |||
| To Allowance for doubtfull accounts | 6000 | |||
| (being provision for allowance for bad debt created) | ||||
| Net realizable Value of Bad debt immediately after Journal Entry | ||||
| Accounts Recievable | 150000 | |||
| Less: Opening Allowance for doubtfull accounts | -3750 | |||
| Less: Allowance for doubtfull debt created in journal entry | -6000 | |||
| Net Realizable Value | 140250 | |||
| b) | Sales | 975000 | ||
| Less: Sales Return | -50000 | |||
| Net Sales | 925000 | |||
| bad debt %age | 1.2% | |||
| Bad debt Expense | 11100 | |||
| Journal entry | ||||
| Bad Debt Account Dr. | 11100 | |||
| To Allowance for doubtfull accounts | 11100 | |||
| (being provision for allowance for bad debt created) | ||||
| c) | Joyce Written off Journal entry | |||
| Allowances for bad debt A/c dr. | 4000 | |||
| To Accounts Receivable | 4000 | |||
| (being uncollectible AR written off) | ||||
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Thank you, all information needed for this question is given
in the top banner.
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