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Passing Journal Entries for Estimated Bad Debts

Question

The trial balance before adjustment of Reba Mclntyre Inc. shows the following balances.
                                                                                                Dr.                          Cr.
Accounts Receivable                                                           $90,000
Allowance for doubtful Accounts                                           1,750
Sales (all on credit)                                                                                            $680,000
 
Instructions:

Prepare the entry for estimated bad debts assuming that the allowances is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 1% of net sales.

Summary

The question belongs to Accounting and it is about passing journal entries for estimated bad debts assuming allowances to provide for doubtful accounts.

Total Word Count 20

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Comments

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    Giuseppe

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