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Q1) Near the end of 20B, the ledger of Diko Company comprised following accounts and balances:

Allowance for Doubtful Account                     $800 credit balance

Bad Debt Expense                                      0 balance

Account Receivable                                      50,000 debit balance

Cash collections on Account receivable in 20B amounted to $148,500. Sales revenue in 20B amounted to $200,000, of which 75% was on credit, and it was evaluated that 2% of credit sales made in 20B would finally become uncollectible. Before adjusting entries were made for 20B, (a) a $600 account was determined to be uncollectible and written off and (b) bad debt expense was recorded to 20B. These adjustments are not reflected in account balance above.

After above entries were posted to ledger, account balance were as given (give amount under the suitable debit or credit entries)

A. Allowance for doubtful accounts

B. Bad debt expense

C. Account receivable

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920440

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