2. Colde Inc. has the following transactions: Jan 07, 2020 Made sales on credit for $555,000 May 13, 2020 Collect its account receivable from Akira Co. $70,000 on account Dec 31, 2020 Estimate bad debts at 5% of the accounts receivable balance. At this point the allowance account has a credit balance of $2,500 Feb 12, 2021 Write off Mr. Kal for $1,000 Apr 22, 2021 Reinstated the account of Mr. Right and received $3,300 payment on cash Instruction: Prepare the journal entries! Show the necessary computations

2. Colde Inc. has the following transactions: Jan 07, 2020 Made sales on credit for $555,000 May 13, 2020 Collect its account receivable from Akira Co. $70,000 on account Dec 31, 2020 Estimate bad debts at 5% of the accounts receivable balance. At this point the allowance account has a credit balance of $2,500 Feb 12, 2021 Write off Mr. Kal for $1,000 Apr 22, 2021 Reinstated the account of Mr. Right and received $3,300 payment on cash Instruction: Prepare the journal entries! Show the necessary computations

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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Charlston Inc. has accounts receivable of $110,000 in an allowance for doubtful accounts of $17,000. If it writes off a customer account balance of $1700 what is the amount of its net accounts receivable? A) 93,000 B) 108,300 C) 91,300 D) 110,000
Carson's Bakery operates its business on a calendar year-end and uses 1% of Credit Sales to estimate bad debt expense. The company presents the following information at December 31, 2020 before any adjusting entries have been made. Account DR CR Accounts receivable 978,000 Allowance for doubtful accounts 23,750 667,500 Net credit sales What will the company record for bad debt expense? Debit choose your answer.. type your answer... Credit choose your answer... type your answer...
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