Percentage of Credi Sales Can55? Co mpy v has credit sales of S55.000 du g 2019

Question

Percentage of Credi Sales Can55? Co mpy v has credit sales of S55.000 du g 2019 a d estimates at the end of 2019 that 2,5% of these credit saes w I eventually de tt Aloa during 2019 custom er de auts on ? S775 balance e ted to gDOds purchased in 2018. F or to the w te-off far the S775 d aut Clare" saccounts ece oble and allowance for do b 20 ourts euirnd: L. Prepare the journal entry to recend the daudaccount 2 Rrapans the adjustinp entry to rcond tha bad dact expanse or 2019 Record ctueting entry for beddebt epene estmste

Explanation / Answer

General Journal Debit Credit 1. Allowance for doubtful accounts $775 Accounts receivable $775 2. Bad debts expense($551,000 * 2.5%) $13,775 Allowance for doubtful accounts $13,775

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