Question 18Riggy Company provided you with the unadjusted selected accounts on December 31, 200E.P 850,00050.000P S00.000SalesLess: Sales renurnsNet SalesP 74,00012,000P 62,000Accounts ReceivableLess: Allow, for bad debtsNet Realazable valueBeginning inventoryEnding inventoryP45,00060,000Freight inFreight out12,00020,000If bad debts are estimated to be 2% of Sales, how much would be debited to bad debts?P4,000P 17,000P 16,000P5,000

Formula: Bad debts amount = Net Sales amount x Bad debts %

RIGgy Company provided you wth the unadjusted selected accounts on December 31, 200E. P 850,000 Sales Less: Sales renurns Net Sales 50.000 P 800.000 Accounts Receivable Less Allow for bad debts Net Realizable value P 74,000 12,000 2 62,000 Beginning inventory Ending inventory P45,000 60,000 Freight in Freight out 12.000 20,000

RIGgy Company provided you wth the unadjusted selected accounts on December 31, 200E. P 850,000 Sales Less: Sales renurns Net Sales 50.000 P 800.000 Accounts Receivable Less Allow for bad debts Net Realizable value P 74,000 12,000 2 62,000 Beginning inventory Ending inventory P45,000 60,000 Freight in Freight out 12.000 20,000

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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OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
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QUESTION 1 2020 Net credit sales Estimate of doubtful debts Allowance account credit balance Gross Accounts receivable $100,000. 2% of net credit sales $1,800 before the estimate was made $40,000. Required: Prepare the adjusting entry to record bad debts expense for 2020 using the percentage of sales method. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). In BIUS Paragraph Arial 10pt k Save and Submit to save and submit. Click Save All Answers to save all answers. !!!
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Connecticut aw-Hill CONNECT SEC 09 View transaction list Journal entry worksheet K 1 Record the inventory write down of $1,708,000,000 to LCM. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry ounol ea marA o