AutoSave Off - Homework Assignment #... Kyle Benson KB File Layout References View Help Home Insert Draw Design Times New Roman 11 BIU ab x x A ~ ~ A Aa A A Mailings Review Styles Editing aste Dictate Editor ALT Paragraph board Font Styles Voice Editor 9) The bookkeeper for a small book store prepared an unadjusted trial balance as shown below: Debit Credit Accounts receivable $120 20 2 $1,040 Notes receivable, trade Allowance for doubtful accounts Sale revenue Returned sales Purchases Purchase returns and allowances Retained earnings 30 500 20 1,570 Required: Prepare the appropriate entries indicated below. Each item is independent. (a) Record bad debt expense, assuming company experience indicates that 40 percent of sales are on coccount and 2 percent of net credit sales prove uncollectible. (b) Record bad debt expense if an aging schedule indicates that $10 of the receivable at the end of this year will not be collected. (c) Record bad debt expense if company policy requires the allowance for doubtful accounts be maintained at 5 percent of total trade receivables. (d) In April, four accounts totalling $5 were in excess of 90 days old and were determined by the collection department to be uncollectible. (e) In May of the year, one of the accounts written off in (d) was paid in full in the amount of $2. 4 Page 3 of 789 words English (United States) D Focus