Please help! * My Home* CengageNOWv2 | Online xE Depreciation Calculator+Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseMSU loginDigital University .O Tenant Portal - Login国eBookShow Me HowE Print ItemProviding for Doubtful AccountsAt the end of the current year, the accounts receivable account has a debit balance of $1,006,000 and sales for the year total$11,410,000.a. The allowance account before adjustment has a credit balance of $13,600. Bad debt expense is estimated at 1/2 of 1% of sales.b. The allowance account before adjustment has a credit balance of $13,600. An aging of the accounts in the customer ledger indicatesestimated doubtful accounts of $43,500.c. The allowance account before adjustment has a debit balance of $7,700, Bad debt expense is estimated at 1/4 of 1% of sales.d. The allowance account before adjustment has a debit balance of $7,700. An aging of the accounts in the customer ledger indicatesestimated doubtful accounts of $63,900.Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.a.21,500 Xb. $ 197,500C.105,600d. $ 143,600FeedbackCheck My WorkAn estimate based on a percent of sales determines the amount of the adjusting entry based on the amount estimated for Bad Debt Expense. Theamount estimated for Bad Debt Expense is based on a percent of sales.An estimate based on an analysis (an aging) of accounts receivable focuses on the Allowance for Doubtful Accounts. The amount of the adjustingentry is the amount that will yield an adjusted balance in the Allowance for Doubtful Accounts equal to that estimated by the aging schedule.5:4733%-4°F12/17

Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,006,000 and sales for the year total $11,410,000. a. The allowance account before adjustment has a credit balance of $13,600. Bad debt expense is estimated at 1/2 of 1% of sales. b. The allowance account before adjustment has a credit balance of $13,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $43,500. C. The allowance account before adjustment has a debit balance of $7,700. Bad debt expense is estimated at 1/4 of 1% of sales.

Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,006,000 and sales for the year total $11,410,000. a. The allowance account before adjustment has a credit balance of $13,600. Bad debt expense is estimated at 1/2 of 1% of sales. b. The allowance account before adjustment has a credit balance of $13,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $43,500. C. The allowance account before adjustment has a debit balance of $7,700. Bad debt expense is estimated at 1/4 of 1% of sales.

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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