Homework Answers
Answer
- [a]
|
Accounts title |
Debit |
Credit |
|
Bad Debt Expense [or Uncollectible account expense] |
$58,100 |
|
|
Allowance for Doubtful Accounts |
$58,100 |
--Working
|
Amount |
% uncollectible |
Uncollectible amount |
|
|
Accounts receivables |
$605,000 |
2% |
$12,100 |
|
Adjusted balance required of Allowance for Doubtful Account (A) |
$12,100 |
||
|
Unadjusted balance in the Allowance account (B) Credit (Debit) |
($46,000) |
||
|
Bad Debt Expese: (A - B) |
$58,100 |
||
- [b]
Ending (adjusted) balance = $ 12,100 Credit
- [c]
Cash realizable value = $ 605000 – 12100
= $ 592,900
Add Answer to:
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