Calculating Accounts Receivable and Bad Debt Expense | Sales,

School: Liberty University - Course: ACCT 211 - Subject: Accounting

6/4/2023 A/R Sales sold invent COGS Inventory 6/5/2023 Cash CC fee Sales COGS Inventory 6/6/2023 Cash CC fee Sales COGS Inventory 12/31/2022 Bad dept exp85230 Allowence for BD Estimate bad 12/33/2022Bad dept exp19050 Allowence for BD % of accounts revievable Step 1: Calculate the % of AR1270100
$ of AR uncollectable5% Ending Allowence account balan63505 Step 2: Solve for the journal entry Amount shown on balance sheet in allowen A/R1270100 Less: allowence for DA63505 Net AR1206595
650 650 tory to customer 400 400 6693 207 6900 4200 4200 5733 117 5850 3800 3800 85230 A/RAllowence of DA 127010016580 80085 Journal entry 63505 nce account Bad dept expense80085 Allowence for BD80085
a accounts recievale1345434Accounts rec Sales13454340 1345434 COGS97500018300 Inventory975000 Sales to customer this year669200 b Allowence for DA18300 A/R18300657934 Wrote off customer account c Cash669200 A/R669200 Collections on accounts d Bad debit expense28169.01 Allowence for DA28169.01 eAccounts rec accounts recievale1525634657934 Sales15256341525634 27800 COGS1250000 Inventory12500001204600 Sales to customer this year f Allowence for DA27800951168 A/R27800 Wrote off customer account g Cash1204600 A/R1204600 Collections on accounts h Bad debit expense32198.51 Allowence for DA32198.51 3/1/2023 Notes receivable10000 A/R10000 Principle balance x Interest Rate x time period 300 12% 90 days Term Note90 March31 Cash10300April30 Interest Revenue300May29 Notes receivable10000 Question60 5/3/202328May Term - 60 days30June 2July Get question from recording12/16/2022 Notes receivable10800 A/R10800 12/31/2022 Interest Receivabl36 Interest Revenue36 2/14/2023 Cash10944 Interest Revenue108 Interest Receivable36 Notes Receivable10800

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