Journal entry to record the estimate for bad debts

Assignment Help Accounting Basics
Reference no: EM13818719

On dec 31, of the current year, a company's unadjusted trial balance revealed the following: accounts receivable of $185600; Sales Revenue of 128000; (75% were on credit); and allowance for doubtful accounts of 1600 (credit balance).

Prepare the following journal entry to record the estimate for bad debts assuming:

1. 6% of the accounts receivable balance is assumed to be uncollectible.

2. Bad debts expense is estimated to be 1.55 of credit sales.

Reference no: EM13818719

Questions Cloud

By default a background style is applied to : By default, a background style is applied to
Importance of the event within the community : Analyze the short- and long-term geographic importance of the event within the community, region, and nation in which the event occurred
Describe the process of normalization and why it is needed : Describe the process of normalization and why it is needed. Contrast and compare logical and physical database design. Critique SQL as a user-friendly query language.
Evaluate the shortcomings of current conference room set-up : Create a list of documents that need to be created so that the procedures for operating the new equipment are understood by all users.
Journal entry to record the estimate for bad debts : Prepare the following journal entry to record the estimate for bad debts assuming:
Create a table that has 4 rows and 3 columns how many cell : You create a table that has 4 rows and 3 columns. How many cells
Why an externality might exist in situation that you desribe : why an externality might exist in the situation that you described, and determine the solutions to mitigate these particular externalities.
Important source of revenue for the federal government : Which one of the following statements about trade blocs is correct - Which one of the following is not an important source of revenue for the federal government?
Case study- stopping outshopping : Case Study: Stopping Outshopping, Read the case study titled "Stopping Outshopping". Then, use the Internet or Strayer databases to research similar marketing strategies in the health care industry

Reviews

Write a Review

Accounting Basics Questions & Answers

  Mike owns a snowmobile manufacturing business

Mike owns a snowmobile manufacturing business,

  The real risk-free rate is 325 inflation is expected to be

the real risk-free rate is 3.25. inflation is expected to be 1.5 this year and 4.75 during the next 2 years. assume

  On january 2 2015 prentice co bought a trademark from royce

on january 2 2015 prentice co. bought a trademark from royce inc. for 320000. its unamortized cost on royces books was

  Blackrock company received a 6-month 12 note for 100000

blackrock company received a 6-month 12 note for 100000 from its president on november1 2010. the note is due on april

  The jung corporations budget calls for the following

the jung corporations budget calls for the following productionquarter 1 45000 unitsquarter 2 38000 unitsquarter 3

  During the month bravo sold 9000 loaves of bread and used

bravo baking uses standard costing to analyze its performance. the data below is provided for your use in determining

  All of the outstanding stock of a closely held c

all of the outstanding stock of a closely held c corporation is owned equally by mary smith and bob bufusno. in 2012

  Discuss how your understanding of the balance sheet and

assignment 1 application of financial statementstudents will prepare a two to three 2-3 page response to the

  Prepare journal entries for the following transactions

Curtis Corporation's balance sheet included the following:Common Stock, $5 par value, 5,000 shares issuedand outstanding $25,000Retained Earnings 20,000Total Stockholders' Equity $45,000Prepare journal entries for the following transactions.Ma..

  Assuming that all direct materials are placed in process

assuming that all direct materials are placed in process at the beginning of production what is the total cost of the

  Why is depreciation for income tax purposes an important

Why is depreciation for income tax purposes an important concern of taxpayers and how does tax depreciation differ from financial accounting depreciation?

  The junior league of tampa florida collected recipes

the junior league of tampa florida collected recipes frommembers and published a cookbook entitled life of theparty.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd