Ask Experts Questions for FREE Help !
Ask
    capemay60's Avatar
    capemay60 Posts: 5, Reputation: 1
    New Member
     
    #1

    Nov 28, 2007, 07:54 PM
    Adjusting Entry - Bad Debt Expense
    Need to make adjusting entry. Bad debts are estimated to be 8% of total [u]net credit sales[u] (do not include rentals). I was taking number from sales journal (Sales Cr) but was told by instructor that was wrong. Which journal should I be looking at or should I look in ledger? Any help would be appreciated. Thanks.
    CliffARobinson's Avatar
    CliffARobinson Posts: 1,416, Reputation: 101
    Ultra Member
     
    #2

    Mar 8, 2012, 03:02 PM
    the income statement/ profit and loss account is debited and the provision appears in the balance sheet on liabilities side under the head of current liabilities and provisions. Or it is deducted from the debtors on the asset side.
    For more information.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How does an eliminating entry differ from an adjusting entry [ 2 Answers ]

How does an eliminating entry differ from an adjusting entry

Adjusting entries - advertising expense [ 4 Answers ]

Hi, I have a problem with one journal entry. Here's the situation: The company paid 150,000 for misc. operating expenses (in 2006). This is my entry: Dr. Misc. Op. Exp. 150,000 Cr. Cash 150,000 And now I have to make an adjustment entry. A review of the company's advertising...

Adjusting entry [ 4 Answers ]

1. An analysis of lee's service contracts with customers shows that $8,300 of the amount customers have prepaid remains unearned. And balance in adjusted trial balance for unearned service fees is 20000 credit. 2. Lee has earned but unrecorded revenue for $10,000 for services...

Adjusting entry [ 1 Answers ]

I'm trying to do my accounting homework and I got stumped. Im doing an adjusting entry for Interest accrued on notes reveivable on may 31st for 100$. Would I debit notes recievable and credit interest income?


View more questions Search