On September 30, Hilly Mountain Party Planners had a $30,000 balance in Accounts Receivable and a $2,000 credit balance...
On September 30, Hilly Mountain Party Planners had a $30,000 balance in Accounts Receivable and a $2,000 credit balance in Allowance for Uncollectible Accounts. During October, the store made credit sales of $161,000. October collections on account were $137,000, and write-offs of uncollectible receivables totaled $2,300. Uncollectible account expense is estimated as 4% of revenue.
- How much bad debt expense should be recorded for 2010?
- What is the journal entry?
- How will Hilly Mountain Party Planners report Accounts Receivable on October 31 balance sheet?
Homework Answers
Bad Debt Expense = Revenue x percentage estimated as uncollectible
= 161,000 x 4%
= $6,440
Journal
|
Oct. 31 |
Bad debt expense |
6,440 | |
|
Allowance for Uncollectible accounts |
6,440 |
Allowance for Uncollectible accounts
| Accounts receivables | 2,300 | Beginning balance | 2,000 |
| Bad debt expense | 6,440 | ||
| Ending balance | 6,140 |
Accounts Receivable balance on September 30 = $30,000
Credit sales during September = $161,000
October collections on account = $137,000
Accounts Receivable balance on October 31 = Accounts Receivable balance on September 30 + Credit sales during September - October collections on account - write-offs of uncollectible receivables during September
= 30,000 + 161,000 - 137,000 - 2,300
= $51,700
Balance sheet
| Current assets | ||
| Accounts Receivable | 51,700 | |
| Less: Allowance for Uncollectible accounts | - 6,140 | 45,560 |
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