Final Exam Review Bad Debt Expense

Final Exam Review Bad Debt Expense - Bad Debts Total Sales...

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12/10/10 Bad Debts Total Sales 110,000, cash sales 10,000, credit sales 100,000 Accounts receivable balance 20,000 Bad debt written off 200 Allowance for doubtful accounts balance is 500 Prepare the journal entries for bad debt expense equal to (a) 2% of
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12/10/10 Bad Debts (a) Credit Sales - 100,000 * .02 = 2,000 Bad Debt Expense 2,000 Allowance for Doubtful accounts 2,000
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12/10/10 Extra Credit Pass Phrase Listen for the pass phrase and write it down for extra credit
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12/10/10
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Unformatted text preview: Bad Debts Total Sales 110,000, cash sales 10,000, credit sales 100,000 Accounts receivable balance 20,000 Bad debt written off 200 Allowance for doubtful accounts balance is 500 Prepare the journal entries for bad debt expense equal to (a) 2% of 12/10/10 Bad Debts (b) Accounts Receivable - 20,000 *.05 = 1,000 Balance before adjusting entries 500, so to get 1,000 in the allowance account 1,000-500 = 500 Bad debt Expense 500 Allowance for Doubtful Accounts 500 12/10/10 Any Questions Any Questions...
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Final Exam Review Bad Debt Expense - Bad Debts Total Sales...

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