The journal entry of bad debt provision on the basis of net credit sales. Given information: Opening balance of accounts receivables is $3,659,000. Credit sale is $29,900,500. Write offs during year is $368,960. Sales return is $200,364. Cash collection is $ 10,750,642. Bad debt expense is 5% of closing receivables.

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Answer 1

Question

Chapter 9, Problem 9.4P

a.

To determine

To prepare: The journal entry of bad debt provision on the basis of net credit sales.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

b.

To determine

To prepare: The journal entry of bad debt provision on the basis of closing receivables.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

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Answer 2

Question

Chapter 9, Problem 9.4P

a.

To determine

To prepare: The journal entry of bad debt provision on the basis of net credit sales.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

b.

To determine

To prepare: The journal entry of bad debt provision on the basis of closing receivables.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

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Answer 3

Question

Chapter 9, Problem 9.4P

a.

To determine

To prepare: The journal entry of bad debt provision on the basis of net credit sales.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

b.

To determine

To prepare: The journal entry of bad debt provision on the basis of closing receivables.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

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Answer 4

Question

Chapter 9, Problem 9.4P

a.

To determine

To prepare: The journal entry of bad debt provision on the basis of net credit sales.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

b.

To determine

To prepare: The journal entry of bad debt provision on the basis of closing receivables.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

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Answer 5

Chapter 9, Problem 9.4P

a.

To determine

To prepare: The journal entry of bad debt provision on the basis of net credit sales.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

b.

To determine

To prepare: The journal entry of bad debt provision on the basis of closing receivables.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

Answer 6

Chapter 9, Problem 9.4P

a.

To determine

To prepare: The journal entry of bad debt provision on the basis of net credit sales.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

Answer 7

Chapter 9, Problem 9.4P

a.

To determine

To prepare: The journal entry of bad debt provision on the basis of net credit sales.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

Answer 8

b.

To determine

To prepare: The journal entry of bad debt provision on the basis of closing receivables.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

Answer 9

b.

To determine

To prepare: The journal entry of bad debt provision on the basis of closing receivables.

Given information:

Opening balance of accounts receivables is $3,659,000.

Credit sale is $29,900,500.

Write offs during year is $368,960.

Sales return is $200,364.

Cash collection is $ 10,750,642.

Bad debt expense is 5% of closing receivables.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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