The journal entry of bad debt provision. 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

To determine

To prepare: The journal entry of bad debt provision.

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

To determine

To prepare: The journal entry of bad debt provision.

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.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 9, Problem 9.4P

To determine

To prepare: The journal entry of bad debt provision.

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.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 9, Problem 9.4P

To determine

To prepare: The journal entry of bad debt provision.

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.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 9.4P

To determine

To prepare: The journal entry of bad debt provision.

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

To determine

To prepare: The journal entry of bad debt provision.

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

To determine

To prepare: The journal entry of bad debt provision.

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

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Answer 9

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Answer 10

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Answer 11

Ch. 9 - Prob. 9.1Q Ch. 9 - Do companies always classify cash as a current...Ch. 9 - Prob. 9.3Q Ch. 9 - Do accountants typically measure accounts...Ch. 9 - Under the allowance method, will the actual...Ch. 9 - How does an entity record a subsequent recovery of...Ch. 9 - Does the aging of accounts receivable method of...Ch. 9 - What is the difference between pledging accounts...Ch. 9 - How do companies account for receivables that are...Ch. 9 - Is the face value of a note receivable exchanged...

The journal entry of bad debt provision. 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.

Solution Summary: The author explains that bad debt provision is 1,111,977, which is 5% of closing receivables. Journalizing records the transactions of an organization in a chronological order.

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Chapter 9 Solutions

The journal entry of bad debt provision. 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.

Solution Summary: The author explains that bad debt provision is 1,111,977, which is 5% of closing receivables. Journalizing records the transactions of an organization in a chronological order.

Concept explainers

Videos

To prepare: The journal entry of bad debt provision. 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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Chapter 9 Solutions