Chapter 8 Solutions - PRACTICE EXERCISES PE 81A Sept 19...

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PRACTICE EXERCISES PE 8–1A Sept. 19 Cash ...................................................................... 100 Bad Debt Expense ............................................... 500 Accounts Receivable—Pat Roark ................ 600 Dec. 20 Accounts Receivable—Pat Roark ..................... 500 Bad Debt Expense ......................................... 500 20 Cash ...................................................................... 500 Accounts Receivable—Pat Roark ................ 500 PE 8–1B Feb. 25 Cash ...................................................................... 500 Bad Debt Expense ............................................... 4,000 Accounts Receivable—Jason Wilcox .......... 4,500 May 9 Accounts Receivable—Jason Wilcox ............... 4,000 Bad Debt Expense ......................................... 4,000 9 Cash ...................................................................... 4,000 Accounts Receivable—Jason Wilcox .......... 4,000 PE 8–2A Sept. 19 Cash ...................................................................... 100 Allowance for Doubtful Accounts ..................... 500 Accounts Receivable—Pat Roark ................ 600 Dec. 20 Accounts Receivable—Pat Roark ..................... 500 Allowance for Doubtful Accounts ................ 500 20 Cash ...................................................................... 500 Accounts Receivable—Pat Roark ................ 500
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PE 8–2B Feb. 25 Cash ...................................................................... 500 Allowance for Doubtful Accounts ..................... 4,000 Accounts Receivable—Jason Wilcox .......... 4,500 May 9 Accounts Receivable—Jason Wilcox ............... 4,000 Allowance for Doubtful Accounts ................ 4,000 9 Cash ...................................................................... 4,000 Accounts Receivable—Jason Wilcox .......... 4,000 PE 8–3A 1. $23,750 ($9,500,000 × 0.0025) Adjusted Balance 2. Accounts Receivable ...................................................... $1,400,000 Allowance for Doubtful Accounts ($23,750 – $2,250) 21,500 Bad Debt Expense ........................................................... 23,750 3. Net realizable value ($1,400,000 – $21,500) ......................... $1,378,500 PE 8–3B 1. $20,500 ($4,100,000 × 0.005) Adjusted Balance 2. Accounts Receivable ...................................................... $750,000 Allowance for Doubtful Accounts ($11,250 + $20,500) 31,750 Bad Debt Expense ........................................................... 20,500 3. Net realizable value ($750,000 – $31,750) ............................ $718,250
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PE 8–4A 1. $26,250 ($24,000 + $2,250) Adjusted Balance 2. Accounts Receivable ...................................................... $1,400,000
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