Question
I have my answers but would love to make sure i am correct. Thank you. 12/31/2019 At the end of the first year of operations,
I have my answers but would love to make sure i am correct. Thank you.
12/31/2019 At the end of the first year of operations, Yolanda Co. had $900,000 in sales and accounts receivable of $350,000. XYZ management estimated that 1.5% of sales will be uncollectible. Journalize the adjusting entry at year end.
Bad Debt Expense:
Allowance for Doubtful Accounts:
For the end of 2019, what is the company's net realizable value?
12/31/2020 During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolanda Co. had $1,000,000 in sales and accounts receivable of $400,000. XYZ management has estimated that 1.5% of sales will be uncollectible. For the end of 2020 after the adjusting entry for bad debts was journalized what is the balance of the following accounts:
Bad debt expense:
Allowance for Doubtful Accounts:
For the end of 2020 what is the company's net realizable value?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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