Question
The trial balance before adjustment of Teal Mountain Inc. shows the following balances: Dr. Cr. Accounts receivable $108,900 Allowance for doubtful accounts 1,965 Sales revenue
The trial balance before adjustment of Teal Mountain Inc. shows the following balances:
Dr. | Cr. | |||
---|---|---|---|---|
Accounts receivable | $108,900 | |||
Allowance for doubtful accounts | 1,965 | |||
Sales revenue (all on credit) | $695,000 | |||
Sales returns and allowances | 28,000 |
Give the entry for bad debt expense for the current year assuming the allowance should be 4% of gross accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
eTextbook and Media
List of Accounts
Give the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivable aging, the following percentages will not be collected: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Balance | Percentage Estimated to Be Uncollectible | |||
---|---|---|---|---|
030 days outstanding | $36,800 | 1% | ||
3160 days outstanding | 49,000 | 5% | ||
6190 days outstanding | 14,000 | 12% | ||
Over 90 days outstanding | 9,100 | 18% |
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
eTextbook and Media
List of Accounts
Give the entry for bad debt expense for the current year assuming allowance for doubtful accounts is $1,965 but it is a credit balance and the allowance should be 4% of gross accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
eTextbook and Media
List of Accounts
Give the entry for bad debt expense for the current year assuming allowance for doubtful accounts is $1,965 but it is a credit balance and historical records show that the following percentages will not be collected: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Balance | Percentage Estimated to Be Uncollectible | |||
---|---|---|---|---|
030 days outstanding | $36,800 | 1% | ||
3160 days outstanding | 49,000 | 5% | ||
6190 days outstanding | 14,000 | 12% | ||
Over 90 days outstanding | 9,100 | 18% |
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
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