Question
Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $35,250 (of which 40% are credit
Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables:
Sales $35,250 (of which 40% are credit sales still outstanding) Sales returns and Allowances $1,000 Miscellaneous Receivables $1,212 Allowance for Doubtful Accounts $1,502 Long term Receivables $9,014 Advances to Shareholders and Directors $4,563 Notes Receivables $2,903 (Current Portion) Bad Debt Expense is estimated as 4% of credit sales
Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on December 31st? $
Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? $
Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st? $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started