hettys
Feb 27, 2008, 11:53 AM
I am behind need help in how to post journalizing a the adjusting entry.:confused: :confused:
SeanF138
Feb 27, 2008, 01:09 PM
If you post the example we can help you.
hettys
Feb 29, 2008, 11:44 AM
If you post the example we can help you.
The ledger of a Company at the end of the current year shows Accounts Receivable
$110,000, Sales $840,000, and Sales Returns and Allowances $28,000.
Instructions
(a) If the company uses the direct write-off method to account for uncollectible accounts, journalize
The adjusting entry at December 31, assuming The Company determines that Rud"s $1,400 balance
Is uncollectible.
(b) If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize
The adjusting entry at December 31, assuming bad debts are expected to be (1) 1%
Of net sales, and (2) 10% of accounts receivable.
(c) If Allowance for Doubtful Accounts has a debit balance of $200 in the trial balance, journalize
The adjusting entry at December 31, assuming bad debts are expected to be (1) 0.75%
Of net sales and (2) 6% of accounts receivable
morgaine300
Mar 4, 2008, 06:05 PM
This isn't an "example" -- it's your homework problem. Please read the red announcement at the top of the page for the rules about homework.