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deezerdoo
Apr 24, 2007, 11:37 AM
Sales (100% on credit) $950,000
Sales Returns and Allowances $21,000
Accounts Receivable (December 31) $114,000
Allowance for Doubtful Accounts
(before adjustment at
December31; credit balance) $1,000

If bad debts are estimated at 2% of net credit sales, what amount will be reported as bad debt expense?
I say $18,580 If the percentage of net credit sales method is used to estimate bad debits, what will be the balance in the Allowance for Doubtful Accounts account after the adjustments for bad debts?
I say $19,580
Smith21000
Apr 24, 2007, 01:40 PM
correct!
aspr
Oct 25, 2007, 01:17 PM
Sales (100% on credit) $950,000
Sales Returns and Allowances $21,000
Accounts Receivable (December 31) $114,000
Allowance for Doubtful Accounts
(before adjustment at
December31; credit balance) $1,000

If bad debts are estimated at 2% of net credit sales, what amount will be reported as bad debt expense?
I say $18,580 If the percentage of net credit sales method is used to estimate bad debits, what will be the balance in the Allowance for Doubtful Accounts account after the adjustments for bad debts?
I say $19,580
Hey dee, I am taking the same courses. can you help with any of the models: ie lesson 1-4?