Patterson Co. had a debit balance of $1,000 in its Allowance for Doubtful Accounts account on...
Patterson Co. had a debit balance of $1,000 in its Allowance for
Doubtful Accounts account on December 31,2015. Their net sales for
the year totaled $700,000 and they had $100,000 in their Accounts
Receivable account. If they estimate their Bad Debt for the year to
be 10% of Accounts Receivable, their year end adjusting entry for
Bad Debts would be: A. Debit Bad Debt Expense and credit Allowance
for Doubtful Accounts for $9,000.
B. Debit Bad Debt Expense and credit Allowance for Doubtful
Accounts for $70,000.
C. Debit Bad Debt Expense and credit Allowance for Doubtful
Accounts for $10,000.
D. Debit Bad Debt Expense and credit Allowance for Doubtful
Accounts for $11,000.
Homework Answers
| Allowance for doubtful accounts as at year end ($100,000*10%) | $ 10,000 |
| Add: Opening debit balance | $ 1,000 |
| Baddebt expense for the year | $ 11,000 |
Journal entry
| Baddebt expenses | $ 11,000 | |
| Allowance for doubtful accounts | $ 11,000 |
So, answer is: D. Debit Bad Debt Expense and credit Allowance for Doubtful Accounts for $11,000.
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