Notes: 1 | ||||
CALCULATION OF BAD DEBTS EXPENSES ON THE BASIS OF ACCTOUNT RECEIVABLE | ||||
When there is credit balance in allowance for doubtfull accounts of $ 1,845 | ||||
Account Receivable = | $ 1,08,500 | |||
Estimated of Uncollectable | 4% | |||
Estimated of Uncollectable amount | $ 4,340 | |||
Estimated for the Uncollectable Amounts | $ 4,340 | |||
Less : Beginning Balance of allowance for dubtful Accts | $ 1,845 | |||
Bad Debt Expenses of the yewar | $ 2,495 | |||
Notes: 2 | ||||
CALCULATION OF BAD DEBTS EXPENSES ON THE BASIS OF ACCTOUNT RECEIVABLE | ||||
When there is Debit balance in allowance for doubtfull accounts of $ 543 | ||||
Account Receivable = | $ 1,08,500 | |||
Estimated of Uncollectable | 4% | |||
Estimated of Uncollectable amount | $ 4,340 | |||
Estimated for the Uncollectable Amounts | $ 4,340 | |||
Add : Beginning Balance of allowance for dubtful Accts | $ 543 | |||
Bad Debt Expenses of the yewar | $ 4,883 | |||
SOLUTION : | ||||
Journal Entries | ||||
No. | Transaction | Account Title and explanation | Debit | Credit |
Bad Debt Expenses | $ 2,495 | |||
1 | A | Allowance for Doubtful Accounts | $ 2,495 | |
2 | B | Bad Debt Expenses | $ 4,883 | |
Allowance for Doubtful Accounts | $ 4,883 | |||
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