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Q1) Allowance account and financial statement effect. Following is portion of present assets section of balance sheets of Avanti's Inc at Dec 31, 2009 and 2008.

Accounts receivable , less allowances
12/31/09
12/31/09
For bad debts of 9500 and 17900 respectively
173,000
236,400

If $11,800 of accounts receivable were written off during 2009, compute amount of bad debts expense identified for the year? Use T account model of Allowance account, plug in three amounts that you know and solve for unknown.

Accounting Basics, Accounting

  • Category:- Accounting Basics
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