Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

JLC 1 to 2 JLC Corporation has annual sales of P3,500,000 for the year 2015, 80% of this is on credit 1. The credit collection

image text in transcribedimage text in transcribed

JLC 1 to 2 JLC Corporation has annual sales of P3,500,000 for the year 2015, 80% of this is on credit 1. The credit collection department determined that 10% of its credit sales would be uncollected. What would be the appropriate entry using allowance method? Debit Bad Debt Expense 280,000; Credit Allow. for Uncollectibles 280,000 O Debit Bad Debt Expense 280,000; Credit Accounts Receivable 280,000 O Debit Bad Debt Expense 350,000; Credit Accounts Receivable 350,000 O Debit Bad Debt Expense 350,000; Credit Allow. for Uncollectibles 350,000 JLC Corporation has annual sales of P3,500,000 for the year 2015, 80% of this is on credit. 2. If a customer whose account was viewed to be uncollectible suddenly paid P100,000. What would be the appropriate entry? Debit Accounts Receivable 100,000 Credit Bad Debt Expense 100,000; Debit Cash 100,000 Credit Allow. for Uncollectibles 100,000 Debit Accounts Receivable 100,000 Credit Bad Debt Expense 100,000; Debit Cash 100,000 Credit Accounts Receivable 100,000 Debit Allow. for Uncollectibles 100,000 Credit Accounts Receivable 100,000; Debit Cash 100,000 Credit Accounts Receivable 100,000 Debit Allow. for Uncollectibles 100,000 Credit Bad Debt Expense 100,000; Debit Cash 100,000 Credit Accounts Receivable 100,000

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

Financial Accounting An Introduction to Concepts, Methods and Uses

Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis

14th edition

978-1111823450, 1-133-36617-1 , 1111823456, 978-1-133-3661, 978-1133591023

More Books

Students also viewed these Accounting questions

Question

Describe the factors influencing of performance appraisal.

Answered: 1 week ago

Question

What is quality of work life ?

Answered: 1 week ago