(Solution) Assignment for Chapter 9

# (Solution) Assignment for Chapter 9 - Assignment for...

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Assignment for Chapter 9 Question 1 (a) Dec. 31 Bad Debts Expense 115,710 Allowance for Doubtful Accounts 115,710 (\$163,710 – \$48,000) (a) & (b) Bad Debts Expense Date Explanation Ref Debit Credit Balance 2008 Dec. 31 Adjusting 115,710 115,710 Allowance for Doubtful Accounts Date Explanation Ref Debit Credit Balance 2008 Dec. 31 Balance 48,000 Adjusting 115,710 163,710 2009 Mar. 1 5,700 158,010 May. 1 5,700 163,710 (b) (1) Mar. 1 Allowance for Doubtful Accounts 5,700 Accounts Receivable 5,700 (2) May 1 Accounts Receivable 5,700 Allowance for Doubtful Accounts 5,700 Cash 5,700 Accounts Receivable 5,700 (c) Dec. 31 Bad Debts Expense 132,900 Allowance for Doubtful Accounts 132,900 (\$126,900 + \$6,000)

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Question 2 (a) HEBE COMPANY Accounts Receivable Aging Schedule May 31, 2008 Proportion of Total Amount in Category Probability of Non- Collection Estimated Uncollectible Amount Not yet due .620 \$ 2,604,000 .02 \$ 52,080 Less than 30 days past .200 840,000 .04 33,600 due .090 378,000 .06
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(Solution) Assignment for Chapter 9 - Assignment for...

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