Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hi! i need help with getting the correct answer for the ones with the X and how the correct answer is gotten, so i can

hi! i need help with getting the correct answer for the ones with the X and how the correct answer is gotten, so i can do it for myself in furture problems. thanks!! image text in transcribed
image text in transcribed
image text in transcribed
Uncollectible Accounts --Percentage of Sales Ryan's Express has total credit sales for the year of $172,000 and estimates that 3% of its credit sales will be uncollectible. Record the end of period adjusting entry on December 31, in general Journal form, for the estimated bad debt expense. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of $925 Page DOC. POST NO. REF DEBIT CREDIT 1 DATE ACCOUNT TITLE 20 Bad Debt Expense Dec. 31 Allowance for Doubtful Accounts 4,235 X 1 2 4235 X 2 Feedback 2. Allowance for Doubtful Accounts has a debit balance of $385 DOC POST NOFF Page: GLEDIT DET DATE 20 Dec. 31 MOCOUNT TITLE Bad Debt Expense Allowance for Doubtful counts 5.525 x 1 5525 X2 2 Party Previous O 4 0 0 SAMSUNG logitech eBook Show Me How Calculator Print Item Uncollectible Accounts Percentage of Sales Ryan's Express has total credit sales for the year of $172,000 and estimates that 3% of its cre in general journal form, for the estimated bad debt expense. Assume the following independer 1. Allowance for Doubtful Accounts has a credit balance of $925. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 20 Dec. 31 Bad Debt Expense 4,235 X 2 Allowance for Doubtful Accounts 4,235 X 2 Feedback 2. Allowance for Doubtful Accounts has a debit balance of $385. DATE ACCOUNT TITLE Bad Debt Expensel DOC. POST NO. REF Page: CREDIT DEBIT 1 20- Dec. 31 5,525 X AL Print Item and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, Assume the following independent conditions existed prior to the adjustment: $925. ST. F. Page: CREDIT DEBIT 4,235 x 4,235 X 2 of $385. Page: POST. REF. DEBIT CREDIT 5,525 X 5,525 X 2

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

Quality And GMP Auditing Clear And Simple

Authors: James L. Vesper

1st Edition

0367400901, 978-0367400903

More Books

Students also viewed these Accounting questions

Question

Define Administration?

Answered: 1 week ago