Question
Use the following information from Cobra Koi's Pond Supplies to answer the homework questions. Round all answers to the nearest whole dollar. Note that not
Use the following information from Cobra Koi's Pond Supplies to answer the homework questions. Round all answers to the nearest whole dollar. Note that not all of the information may be required for every question.
| Current | 1-90 | 91-180 | 181-360 | 361+ | Total |
|---|---|---|---|---|---|
| 250,000 | 300,000 | 160,000 | 88,000 | 45,000 | 843,000 |
Cobra Koi had total sales of $400,000 for the month of June.
As of May 31, Cobra Koi had a credit balance of $24,000 in their Allowance for Doubtful Accounts.
Using the percentage of sales method and a 1% reserve rate, what amount should Cobra Koi add to their bad debt reserve for June?
What is the journal entry to record bad debt expense for June?
DR:
CR:
What will be the ending balance in Allowance for Doubtful Accounts after Cobra Koi makes its June entry?
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Accounting Major By Day Gamer By Night
Authors: Accountant Notes
1st Edition
1687764158, 978-1687764157
