Journal Entry Worksheet Sold $1,345,600 of merchandise on credit, terms n/30 Tra

Question

Journal Entry Worksheet Sold $1,345,600 of merchandise on credit, terms n/30 Transacti General Journal Debit Credit a(t) *Enter debits before credits done clear entry Prepare journal entries to record Liang's 2015 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (Round your intermediate calculations to the nearest dollar amount.) view transaction list view general journal Journal Entry Worksheet Sold $1,524,200 of merchandise on credit, terms n/30 Transacti General Journal Debit Credit *Enter debits before credits done clear entry

Explanation / Answer

Bad debt allowance as on Dec 31 2015

Balance in the Allowance for bad debt account on Jan' 2015 = $28311-18400 = $9911(Credit balance)

Date Account Title and Explanation Debit($) Credit($) a Accounts Receivable 1345600 Sales 1345600 Cost of Goods Sold 984600 Merchandise Inventory 984600 b Allowance for bad debt 18400 Accounts Receivble 18400 c Cash 666500 Accounts Receivable 666500 d Bad debt Expense 28311 Allowance for bad debt 28311 e Accounts Receivable 1524200 Sales 1524200 f Cost of Goods Sold 1296200 Merchandise Inventory 1296200 g Allowance for bad debt 27000 Accounts Receivable 27000 h Cash 1200200 Accounts Receivable 1200200 i Bad debt Expense 31455 Allowance for bad debt 31455

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