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1- A trial balance before adjustment included the following: Debit Credit Accounts Payable $1000,000 Accounts receivable $850,000 18,450 220,000 Allowance for doubtful accounts Cost of goods sold Total Sales (Cash sales 36 %) Sales returns and allowances $5,312,500 83,000 Required: Give journal entries assuming that the estimate of un-collectibles is determined by taking (show computations): (1) 5% of gross accounts receivable and (2) 1% of net sales.

1- A trial balance before adjustment included the following: Debit Credit Accounts Payable $1000,000 Accounts receivable $850,000 18,450 220,000 Allowance for doubtful accounts Cost of goods sold Total Sales (Cash sales 36 %) Sales returns and allowances $5,312,500 83,000 Required: Give journal entries assuming that the estimate of un-collectibles is determined by taking (show computations): (1) 5% of gross accounts receivable and (2) 1% of net sales.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1- A trial balance before adjustment included the following: Debit Credit Accounts Payable $1000,000 Accounts receivable $850,000 18,450 Allowance for doubtful accounts Cost of goods sold Total Sales (Cash sales 36 %) Sales returns and allowances 220,000 $5,312,500 83,000 Required: Give journal entries assuming that the estimate of un-collectibles is determined by taking (show computations): (1) 5% of gross accounts receivable and (2) 1% of net sales.
Transcribed Image Text:1- A trial balance before adjustment included the following: Debit Credit Accounts Payable $1000,000 Accounts receivable $850,000 18,450 Allowance for doubtful accounts Cost of goods sold Total Sales (Cash sales 36 %) Sales returns and allowances 220,000 $5,312,500 83,000 Required: Give journal entries assuming that the estimate of un-collectibles is determined by taking (show computations): (1) 5% of gross accounts receivable and (2) 1% of net sales.
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