At the end of the current year, the accounts receivable account has a debit balance of...

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At the end of the current year, the accounts receivable account has a debit balance of...

At the end of the current year, the accounts receivable account has a debit balance of $725,000 and sales for the year total $8,220,000.

The allowance account before adjustment has a debit balance of $9,800. Bad debt expense is estimated at 3/4 of 1% of sales.
The allowance account before adjustment has a debit balance of $9,800. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $31,400.
The allowance account before adjustment has a credit balance of $7,500. Bad debt expense is estimated at 1/2 of 1% of sales.
The allowance account before adjustment has a credit balance of $7,500. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $62,300.

Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.

a.	$
b.	$
c.	$
d.	$

business accounting

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Answer 1

Answer #1

Calculate adjusting entry amount

a) Amount = 8220000*1%*3/4 = $61650

b) Amount = 31400+9800 = 41200

c) Amount = 8220000*1%*1/2 = $41100

d) Amount = 62300-7500 = $54800

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Answer 2

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