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how can I solve this Make sure you work is identifiable, clear and understandable. Any work that does not meet the above criteria will lose
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Make sure you work is identifiable, clear and understandable. Any work that does not meet the above criteria will lose points. 1) Accounts Receivable (20 Points) The trial balance before adjustments of Reeves Corporation reports the following balances: Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances Debit $150,000 X .04=2000 $ 3.750 975.000 50.000 Required: a) Prepare the journal entry to record Bad Debt Expense assuming Reeves Corporation estimates bad debts at 4% of accounts receivables. What is the net realizable value of Reeves accounts receivables immediately after the journal entry to record the Bad Debt Expense? b) Ignoring your answer in part a, prepare the journal entry to record Bad Debt Expense assuming Reeves Corporation estimates bad debts at 1.2% of net sales. c) Reeves Corporation determined that its receivable from Joyce Company of $4,000 will not be collected, and management authorized its write-off. Prepare the journal entry for Reeves Corporation to write of the Joyoe receivable. EDE 225o A.R 2750 3,750 2250 6000 15opoo BDE 1800 1800 - 6,000 sales 144,000 AR Yooo eash 4,000Step by Step Solution
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