Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hi i need help my finding bad debt expense i just had a quiz and was wondering what i did wrong i understand what i

hi i need help my finding bad debt expense i just had a quiz and was wondering what i did wrong i understand what i did wrong in the first 2 questions but the last one i dont understand

image text in transcribed
liz has been submitted successfully. ion 1 usiness has the following balances at the beginning of the year: counts receivable: 60000 llowance for doubtful accounts: -9000 The following summary transactions occurred during the year. Sales for the year, 100% on credit: 100000 Cash collected on accounts receivable for the year: 104000 Write-offs of uncollectable accounts receivable: 7200 Received a cheque from a customer whose account was previously written off: 720 Overall rate used to estimate the allowance for doubtful accounts at year end: 14% Using the information above, answer the following questions. Enter the digits only - no dollar signs, commas IMPORTANT - enter your answer to the second question (the balance in the allowance) as a NEGATIVE num front of the digits. What is the balance in the accounts receivable account at year end? ___56000 __ x (48800) What is the balance in the allowance for doubtful accounts at year end? -6980 __ x (-6832) What is the balance in the bad debt expense account at year end? __6980 __ x (4312) 71 12 W F8 F9

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

Forensic And Investigative Accounting

Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton

10th Edition

0808056301, 9780808056300

More Books

Students also viewed these Accounting questions

Question

Salary (if known)

Answered: 1 week ago

Question

1. To take in the necessary information,

Answered: 1 week ago