List Of Accounts Exercise 7-9 Accounts Payable Accounts Receivable Advertising E

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List Of Accounts Exercise 7-9 Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Bad Debt Expense Cash Cash Over and Short Due from Factor Due to Customer Discount on Notes Payable Discount on Notes Receivable Freight-In Freight-Out Gain on Disposal of Land Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Loss on Sale of Receivables Miscellaneous Expenses No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Petty Cash Postage Expense Purchase Discounts Recourse Liability Sales Discounts Sales Discounts Forfeited Sales Revenue Service Revenue Supplies Supplies Expenses Unearned Sales Revenue

Explanation / Answer

Journal Entry Date Particulars Dr. Amt. Cr. Amt. a. Bad debts Dr. 1835 To Allowance for doubtful Accounts 1835 Allownace for Doubtful Debts Balance = $87300 X 5% = $4635 Adjusted Entry Amount = $4635 - $2530 = $1835 b. Bad debts Dr. 9048 To Allowance for doubtful Accounts 9048 Allownace for Doubtful Debts Balance = $578900 X 2% = $11578 Adjusted Entry Amount = $11578 - $2530 = $9048

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List Of Accounts Exercise 7-9 Accounts Payable Accounts Receivable Advertising E

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