Opt_Prob_Solutions_chap_6_Solutions

Opt_Prob_Solutions_chap_6_Solutions - Chapter 6 Optional...

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Chapter 6 Optional Problem Solutions E6–13. Req. 1 December 31, 2008-Adjusting entry: Bad debt expense (+E, –SE). ........................................ 3,650 Allowance for doubtful accounts (+XA, –A). ....... 3,650 To adjust for estimated bad debt expense for 2008 computed as follows: Aged accounts receivable Estimated percentage uncollectible Estimated amount uncollectible Not yet due $65,000 x 1% = $ 650 Up to 180 days past due 10,000 x 15% = 1,500 Over 180 days past due 4,000 x 40% = 1,600 Estimated balance in Allowance for Doubtful Accounts 3,750 Current balance in Allowance for Doubtful Accounts 100 Bad Debt Expense for the year $3,650 Req. 2 Balance sheet: Accounts receivable ($65,000 + $10,000 + $4,000) $79,000 Less allowance for doubtful accounts. ..................... 3,750 Accounts receivable, net of allowance for doubtful accounts. ......................................... $75,250
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E6–24. Req. 1
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This homework help was uploaded on 02/19/2009 for the course HA 230 taught by Professor Davidlee during the Fall '06 term at Cornell.

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Opt_Prob_Solutions_chap_6_Solutions - Chapter 6 Optional...

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