Homework Answers
Option (b) is correct
Net credit sales = $800000
Estimated uncollectible accounts = 4% * $800000 = $32000
Total esimated uncollectible accounts are $32000. But, the balance available in allowance for doubtful accounts is - $2500 or debit balance. So, bad debt expense adjustment entry needed for the amount of:
Bad debt expense adjusting entry = $32000 + $2500 = $34500
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QUESTION 17 Allowance for Doubtful Accounts has a debit balance of $2,500 at the end of...
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EA! AaBbCcDd Abbcodd AaBbc AaBbcc AaB AalbCD ABbced Act 1 Normal 1 No Spac... Heading 1...
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EA! AaBbCcDd Abbcodd AaBbc AaBbcc AaB AalbCD ABbced Act 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Em Paragraph Styles Allowance for Doubtful Accounts has a debit balance of $2,500 at the end of the year (before adjustment), and bad debt expense is estimated at 4% of credit sales. If net credit sales are $800,000, the amount of the adjusting entry to record the estimate of the uncollectible accounts is $34,500 $29,500 $32,000 cannot be...
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