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Q1) Near the end of 20B, ledger of Diko Company included accounts and balances which are given below:

Allowance for Doubtful Account                     $800 credit balance

Bad Debt Expense                                      0 balance

Account Receivable                                      50,000 debit balance

Cash collections on Account receivable during 20B amounted to $148,500. Sales revenue during 20B amounted to $200,000, of which 75% was on credit, and it was estimated 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 given below (give the amount under the appropriate debit or credit entries)

A) Allowance for doubtful accounts

B) Bad debt expense

C) Account receivable

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921345

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