Siemens is one of the worlds largest electrical engineering and electronics companies. Headquartered in Germany, the company

Question:

Siemens is one of the world€™s largest electrical engineering and electronics companies. Headquartered in Germany, the company has been in business for over 160 years and operates in 190 countries. In a recent filing pursuant to its listing on the New York Stock Exchange, it disclosed the following information concerning its allowance for doubtful accounts (Euros in millions denoted as ‚¬):

Required:
1. Record summary journal entries related to the allowance for doubtful accounts for the current year.
2. If Siemens had written off an additional ‚¬10 million of accounts receivable during the period, how would receivables, net, and net income have been affected? Explainwhy.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...