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On December 31, 2010, Paint Pros had a balance in Accounts Receivable of $22,300. Net cre

On December 31, 2010, Paint Pros had a balance in Accounts Receivable of $22,300. Net cre

 On December 31, 2010, Paint Pros had a balance in Accounts Receivable of $22,300. Net credit sales for the year were $515,000. The Allowance for Doubtful Accounts has a credit balance of $870. Journalize the recording of the bad debt expense under the balance sheet approach if $1,580 is the estimated amount of uncollectible accounts.

41) On December 31, 2010, Paint Pros had a balance in Accounts Receivable of $22,300. Net credit sales for the year were $515,000. The Allowance for Doubtful Accounts has a debit balance of $615. Journalize the recording of the bad debt expense under the balance sheet approach if $1,510 is the estimated amount of uncollectible accounts.

 

42) Prepare the adjusting journal entry of Bad Debts Expense from the following information using the income statement approach.

 

Net Sales for the year$475,000

Balance in the allowance account900credit

Estimated percentage of sales uncollectible2%

Estimated uncollectible accounts-aging$2,500

 

43) Prepare the adjusting journal entry for Bad Debts Expense from the following information using the balance sheet approach.

 

Net Sales for the year$250,000

Balance in the allowance account250credit

Estimated percentage of sales uncollectible1%

Estimated uncollectible accounts-aging3,000

 

44) The Allowance for Doubtful Accounts has a credit balance of $4,000. Net sales for the year were $700,000. Three percent is the estimated uncollectible based on net sales. Calculate the amount of the adjustment using the income statement approach.

 

45) The general ledger controlling account for Accounts Receivable shows a debit balance of $120,000. The Allowance for Doubtful Accounts has a credit balance of $4,000. An aging report of accounts receivable accounts resulted in an estimate of $18,000 of uncollectible accounts receivable. Calculate the amount of the adjustment using the balance sheet approach.

Tripti 06-Dec-2019

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