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Ch07 Problem 7-2 - Accounts receivable net of allowance for...

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Chapter 7 Problem 7-2 Amber Wolridge 1 Net sales Percentage Bad debt expense 2 Accounts receivable Amounts estimated to be uncollectible Net realizable value 3 Allowance for doubtful accounts 1/1/10 Establishment of accounts written off in prior years Customer accounts written off in 2010 Bad debt expense for 2010 ($2,400,000 X 3%) Allowance for doubtful accounts 12/31/10 4 Bad debt expense for 2010 Customer accounts written off as uncollectible during 2010 Allowance for doubtful accounts balance 12/31/10
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Unformatted text preview: Accounts receivable, net of allowance for doubtful Accounts Allowance for doubtful accounts balance 12/31/10 Accounts receivable, before deducting allowance for doubtful accounts 5 Accounts receivable Percentage Bad debt expense, before adjustment Allowance for doubtful accounts (debit balance) Bad debt expense, as adjusted $1,200,000 1.50% $18,000 $1,750,000 -180,000 $1,570,000 $17,000 8,000-30,000 72,000 $67,000 $84,000 -24,000 $60,000 $950,000 60,000 $1,010,000 $310,000 3% 9,300 14,000 $23,300...
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