For some reason 9840 is not correct.
164,000 * 0.06 = 9,840
I don't understand what's wrong
Homework Answers
You have calculated 6% on credit sale
It is calculated as :
[6% * 58500= $3510; $3510 - $500 = 3010]
Accounts receivable = $58500, and allowance for bad debt = $500 (calculated below)
Working note:-
| Accounts receivable | |||
| bal 1/1 | 29000 | Collected | 132000 |
| Revenue | 164000 | Write off | 2500 |
| Bal 12/31 | 58500 | ||
| Allowance for bad debt | |||
| 1/1 bal | 3000 | ||
| Write off | 2500 | ||
| 12/31 bal | 500 | ||
| Date | Accounts and explanation | Debit | credit |
| 21/31 | Bad debt expense | 3010 | |
| Allownace for bad debt | 3010 | ||
| [6% * 58500= $3510; $3510 - $500 = 3010] |
Add Answer to:
For some reason 9840 is not correct.
164,000 * 0.06 = 9,840
I don't understand what's...
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