Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

com/courses/208812/assignments/3181384 Cal YouTube Maps Translate News My Hotel Effectiven... receive a zero for this portion. 1) Kingston Co. uses the percentage-of-receivables basis to record bad

image text in transcribed
com/courses/208812/assignments/3181384 Cal YouTube Maps Translate News My Hotel Effectiven... receive a zero for this portion. 1) Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $420,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,500 (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $800 instead of a credit balance of $1.500 determine the amount to be reported for bad debt expense. 2 on March 20. Dody's petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage 552.freight-out $26, and travel expense S10. Prepare the Journal entry to record the replenishment of the petty cash fund. The following back reconciliation was prepared incorrectly prepare a correct reconciliation Cash balance porhunk com/courses/208812/assignments/3181384 Cal YouTube Maps Translate News My Hotel Effectiven... receive a zero for this portion. 1) Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $420,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,500 (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $800 instead of a credit balance of $1.500 determine the amount to be reported for bad debt expense. 2 on March 20. Dody's petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage 552.freight-out $26, and travel expense S10. Prepare the Journal entry to record the replenishment of the petty cash fund. The following back reconciliation was prepared incorrectly prepare a correct reconciliation Cash balance porhunk

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Audit The Process Based QMS

Authors: Dennis R. Arter, Charles A. Cianfrani, Jack West

1st Edition

ISBN: 0873895770, 978-0873895774

More Books

Students also viewed these Accounting questions