CALCULATOR FULL SCREEN PRINTER VERS?ON 4BACK Dr. Cr. Accounts Receivable Allowan

Question

CALCULATOR FULL SCREEN PRINTER VERS?ON 4BACK Dr. Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Sales Returms and Allowances $155,400 $3,790 819,100 54,900 Prepare the journal entry to record bad debt expense assuming Sandhill Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $1,630 debit balance. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually,.) Debit Credit (a) lead Debt Expense Allowance for Doubtful Accounts OF ACCOUNTS

Explanation / Answer

No. Account titles and explanation Debit Credit (a) Bad Debt Expense[($155,400 * 5%) - $3,790] $3,980 Allowance for Doubtful Accounts $3,980 (b) Bad Debt Expense[($155,400 * 5%) + $1,630] $9,400 Allowance for Doubtful Accounts $9,400

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