Sarasota Company has a credit balance of $2,200 in Allowance for Doubtful Accounts before adjustment. The...
Sarasota Company has a credit balance of $2,200 in Allowance for
Doubtful Accounts before adjustment. The estimated uncollectibles
under the percentage-of-receivables basis is $5,100. Prepare the
adjusting entry. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually.)
Homework Answers
The total estimated uncollectibles under the percentage of receivables basis is $5,100.
Sarasota company at the year end want to have a credit balance of $5,100, but it already has a credit balance of $2,200.
So the adjusting entry need to be journalised only for the difference i.e. 5,100 - 2,200 = $2,900
Adjuating entry :-
| Debit | Credit | |
| Bad debts expense | $2,900 | |
| Allowance for doubtful accounts | $2,900 |
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Sarasota Company has a credit balance of $2,200 in Allowance for
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S
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com/edugen/Iti/main.uni Previous Next Options- Kimmel, Accounting, 6e Help I System Announcements estion 5 Your answer is partially correct. Try again. rasota Company has a credit balance of $2,200 in Allowance for Doubtful Accounts befo count titles are automatically indented when the amount is entered. Do not in count Titles and Explanation...
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Allowance for doubtful accounts (beginning balance)
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Net credit sales
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Collections
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Write-offs of accounts receivable
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Collections of accounts previously written off
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