5.How is accounts receivable usually valued in the balance sheet?
6.Under the income statement method of estimating debts likely to bebad:
7.Which statement regarding the direct write-off method of bad debts is untrue?
8.Christo uses the allowance method of accounting for bad and doubtful debts. When he received notice that Account Receivable 3459, who owed him $10,000, was in liquidation he decided to writeoff the debt as bad. What is the general journal entry to record the write off?Ignore GST.
9.After writing off bad debts of $1,400 the allowance for doubtful debts account balance was $800 credit. What is the correct general journal entry to record an adjustment to bring the allowance for doubtful debts to 10% of accounts receivable of $20,000?
10.Girlpower Co has the following balances in its general ledger.Accounts receivable$57,000Less allowance for doubtful debts3,000$54,000If a debt for $900, previously provided for as doubtful, is written off as bad, the estimated net realisable value of accounts receivable after the write off is $__________
11.Following are the balances for Grocke Ltd at 12 December: