1 answer

Check my work Assume that Simple Co. had credit sales of $250,000 and cost of goods...

Question:

Check my work Assume that Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period. It estim

Check my work Assume that Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period. It estimates that 1 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,000 when it uses the aging method. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $250. points Skipped 1. Prepare the journal entry to record the end-of-period adjustment for bad debts under the (a) percentage of credit sales method and (b) aging of accounts receivable method. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) eBook References View transaction list View journal entry worksheet No Transaction General Journal Debit Credit

Answers

Journal Entries
Percentage Of Credit Sales
Sr. No Account Title Debit Credit
Bad Debt Expenses 2500
Allowance For Doubtful Account 2500
(250000*1%)
(recording of estimated uncollectible accounts)
Allowance Method
Sr. No Account Title Debit Credit
Bad Debt Expenses 2750
Allowance For Doubtful Account 2750
($3000-250)
(recording of estimated uncollectible accounts)
.

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