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Accounting

Debits Credits
Accounts receivable $385,000
Allowance for doubtful accounts $2,000
Sales 950,000

Prepare the adjusting entry at December 31, 2010, for bad debts expense under each of the following independent assumptions.

(1) An aging schedule indicates that $11,750 of accounts receivable will be uncollectible.

(2) The company estimates that 1% of sales will be uncollectible.

Repeat the problem above assuming that instead of a credit balance there is a $2,000 debit balance in Allowance for Doubtful Accounts.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M985865

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