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21 out of n For their fiscal year ended December 31, 2017, the Zurich Inc. had credit sales of $750,000. At year end, the unadjusted

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21 out of n For their fiscal year ended December 31, 2017, the Zurich Inc. had credit sales of $750,000. At year end, the unadjusted trial balance shows a credit balance of $1,XXX in the Allowance for Doubtful Accounts, and $140,000 in Accounts Receivable. The credit manager prepared an aging schedule of accounts receivable and estimates that $5,200 will prove to be uncollectible. On March 4, 2018 the credit manager authorizes a write off of the $2,000 balance owed by Francis Ltd. Instructions (a) Prepare the adjusting entry to record the estimated bad debts expense for 2017 (b) Show the statement of financial position presentation of accounts receivable at December 31, 2017 (c) on March 4, 2018, before the write off, assume the balance of Accounts Receivable account is $175,000 and the balance of Allowance for Doubtful Accounts is a credit of $5,500. Record the entry to write off the Francis account (d) Assuming that at year end, the unadjusted trial balance shows a DEBIT balance of 51 xcx in the Allowance for Doubtful Accounts, and $140,000 in Accounts Receivable. The credit manager prepared an aging schedule of accounts receivable and estimates that $5,200 will prove to be uncollectible. Calculate the amount of bad debt expense for 2017 Replace xxx value with the last 3 digits of your student number. E.g. Student number T00357222 will use the Allowance for Doubtful Accounts value $ 1,222. 21 out of n For their fiscal year ended December 31, 2017, the Zurich Inc. had credit sales of $750,000. At year end, the unadjusted trial balance shows a credit balance of $1,XXX in the Allowance for Doubtful Accounts, and $140,000 in Accounts Receivable. The credit manager prepared an aging schedule of accounts receivable and estimates that $5,200 will prove to be uncollectible. On March 4, 2018 the credit manager authorizes a write off of the $2,000 balance owed by Francis Ltd. Instructions (a) Prepare the adjusting entry to record the estimated bad debts expense for 2017 (b) Show the statement of financial position presentation of accounts receivable at December 31, 2017 (c) on March 4, 2018, before the write off, assume the balance of Accounts Receivable account is $175,000 and the balance of Allowance for Doubtful Accounts is a credit of $5,500. Record the entry to write off the Francis account (d) Assuming that at year end, the unadjusted trial balance shows a DEBIT balance of 51 xcx in the Allowance for Doubtful Accounts, and $140,000 in Accounts Receivable. The credit manager prepared an aging schedule of accounts receivable and estimates that $5,200 will prove to be uncollectible. Calculate the amount of bad debt expense for 2017 Replace xxx value with the last 3 digits of your student number. E.g. Student number T00357222 will use the Allowance for Doubtful Accounts value $ 1,222

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