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

Expert's Answer

Your future, our responsibilty submit your task on time.

Order Now

Need Urgent Academic Assistance?

Get Professional Help at Low Prices!

*
*
*


*

TOP
Order Notification

[variable_1] from [variable_2] has just ordered [variable_3] Assignment [amount] minutes ago.