. Lululemon Inc. prepares its year ends and they have gathered the following sales and corporate...
. Lululemon Inc. prepares its year ends and they have gathered the following sales and corporate client accounting records for the year ended December 31, 2019, prior to adjustment: (20 marks) (Account Receivable) Sale Records Total Revenues $500,000 and Net Credit Sales $380,000 Accounts Receivable (Dec 31, 2019) = $20,000 Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2019) = $5,000 debit balance Lululemon Inc. uses the allowance method of accounting for bad debts and estimates bad debts at 5% of net credit sales. Required Prepare the adjusting entry on December 31, 2019. Determine the balance in the Allowance for Uncollectible Accounts account after the adjusting entry is recorded. please answer it as soon as possible
Homework Answers
Adjusting entry
| No | General Journal | Debit | Credit |
| Bad debt expense (380000*5%) | 19000 | ||
| Allowance for doubtful accounts | 19000 | ||
Balance in the allowance for uncollectible accounts = 19000-5000 = 14000 Credit balance
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. Lululemon Inc. prepares its year ends and they have gathered
the following sales and corporate...
3. Lululemon Inc. prepares its year ends and they have gathered the following sales and corporate...
3. Lululemon Inc. prepares its year ends and they have gathered the following sales and corporate client accounting records for the year ended December 31, 2019, prior to adjustment: (20 marks) (Account Receivable) Sale Records Total Revenues $500,000 and Net Credit Sales $380,000 Accounts Receivable (Dec 31, 2019) = $20,000 Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2019) = $5,000 debit balance Lululemon Inc. uses the allowance method of accounting for bad debts and estimates bad debts at...
I 2. Lululemon Inc. prepares its year ends and they have gathered the following sales and...
I 2. Lululemon Inc. prepares its year ends and they have gathered the following sales and corporate client accounting records for the year ended December 31, 2019, prior to adjustment: (20 marks) (Account Receivable) Sale Records Total Revenues $500,000 and Net Credit Sales $380,000 Accounts Receivable (Dec 31, 2019) = $20,000 Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2019) = $5,000 debit balance Lululemon Inc. uses the allowance method of accounting for bad debts and estimates bad debts...
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The ledger of Larkspur, Inc. at the end of the current year shows Accounts Receivable $89,000; Credit Sales $830,000; and Sales Returns and Allowances $50,000 (a) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Larkspur determines that Matisse $700 balance is uncollectible (b) If Allowance for Doubtful Account has a credit balance of $1,400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
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