Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

SCENARIO # 1 For the end of 2 0 1 9 , after the adjusting entry for bad debts was journalized, what is the balance

SCENARIO #1 For the end of 2019, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:
\table[[Bad debt expense,],[Allowance for doubtrul accounts,],[\table[[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, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. Yolandi's 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 in the following accounts:
\table[[Bad debt expense,],[Allowance for doubtful accounts,],[\table[[For the end of 2020, what is the],[company's net realizable value?]],]]
QUESTION 3
SCENARIO #2
12/31/2019: At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000. Yolandi's management has estimated that $9,000 in accounts receivable would be uncollectible.
For the end of 2019, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:
\table[[Bad debt expense,],[Allowance for doubtful accounts,],[\table[[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, Yolandi Company had $1,000,000 in sales and accounts recervable of $400,000. Yolandi's management has estimated that $17,000 in accounts receivable would be uncollectible.
\table[[Bad debt expense,],[Allowance for doubtful accounts,],[\table[[For the end of 2020, what is the],[company's net realizable value?]],]]
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

International Marketing And Export Management

Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr

8th Edition

9781292016924

Students also viewed these Accounting questions

Question

why do firms care about distributing dividends?

Answered: 1 week ago