est 3 Question 15 of 30 1/2 E View Policies Show Attempt History Current Attempt in Progress Skysone. Inc uses the percentage-of-receivables basis to record bad debt pense and concludes that 1% of accounts receivable will become uncollectible Accounts receivable are $479.000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,010 (a) Your answer is correct Prepare the adjusting Journal entry to record bad debt expense for the year Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Bad Debt Expense 1780 Allowance for Doubtful Accounts 1780 Attempts: 1 of 2 used (b) If the allowance for doubtful accounts had a debit balance of $920 instead of a credit balance of 53.010, prepare the adjusting Journal entry for bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manual no entry is required, select "No Entry for the account titles and enter for the amounts: Creytt Your answer is correct Prepare the adjusting journal entry to record bad debt dense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit Bad Debt Expense 1790 Allowance for Doubtful Accounts 1780 Attempts: 1 of 2 used (b) If the allowance for doubtful accounts had a debit balance of $920 instead of credit balance of 53010, prepare the adjusting journal entry for bad debt ecense. (Credit account titles are automatically indented when amount is entered. Do not indent manually no entry is required, select "No Entry for the account title and enter for the mounts) Account Titles and Explanation Debit Credit Surat Attempts of used Sun An be here to search O BE E (a) Your answer is correct. Prepare the journal entry to record the write-off. (Credit account tities are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts.) Account Tities and Explanation Debit Credit Allowance for Doubtful Accounts 6400 Accounts Receivable 6400 Attempts: 1 of 2 used (b) What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off? Before Write-Off After Write-Off Cash realizable value $ Save for Attempts. 0 of 2 used Submit Answer o search B (a) Your answer is correct. Prepare the journal entry to record the write-off. (Credit account tities are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts.) Account Tities and Explanation Debit Credit Allowance for Doubtful Accounts 6400 Accounts Receivable 6400 Attempts: 1 of 2 used (b) What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off? Before Write-Off After Write-Off Cash realizable value $ Save for Attempts. 0 of 2 used Submit Answer o search B 42600 Attempts: 2 of 2 used (b) Windsor, Inc. retires its delivery equipment, which cost $42.800. Accumulated depreciation is $38.400, on the delivery equipment. No salvage value is received. (Credit account titles are automatically indented pahe amount is entered Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit Save for Attempts: 0 of 2 used Submit Araw
