[brcjrose]

The ledger of Elburn 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 Elburn uses the direct write-off method to account for uncollectible accounts, journalize
The adjusting entry at December 31, assuming Elburn determines that Copp’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]

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