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need a answer Modern office has 3488961 of credit sales for the year and 59523 of outstanding account receivable and 1475 balance of allowance for
need a answer
Modern office has 3488961 of credit sales for the year and 59523 of outstanding account receivable and 1475 balance of allowance for doubtful account(AFDA) on December 31. Modern Office estimates that either 0.1% of credit sales or 8% or outstanding account receivable will not be collectible and wants to set up an AFDA. How much is bad debt expense for the year under the Percentage of Sales (Income Statement) Approach? ROUND ALL ANSWERS TO 2 DECIMAL PLACES Answer: How much is the bad debt expense for the year under the Percentage of Account Receivable (Balance sheet) Approach? ROUND ALL ANSWERS TO 2 DECIMAL PLACES Answer: Journalize the following: 1. adjustments needed for the AFDA using the balance sheet approach. 2. write off of an account receivable for $500 TO RECEIVE MARKS YOU MUST USE THE FOLLOWING FORMAT FOR JOURNALS Dr. Cash 100 Cr. revenue 100
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