ACCT 2301-376 (1) Steven Sewalt 3/12/18 5:10 PM Homework: Chapter 8 Homework cor

Question

ACCT 2301-376 (1) Steven Sewalt 3/12/18 5:10 PM Homework: Chapter 8 Homework core: 0.6 of 1 pt 2 S8-7 (similar to) Save 30f 10 (3 complete) HW Score: 26%, 2.6 of 10 pts Question Help * The Accounts Receivable balance for Lakeside, Inc. at December 31, 2017, was $30,000. During 2018, Lakeside earned revenue of $460,000 on account and collected $324,000 on account. Lakeside wrote off $5,700 receivables as uncollectible. Industry experience suggests that uncollectible urts wil amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $1,900 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. (Record debilts first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Bad Debts Expense Allowance for Bad Debts Recorded bad debts expense for the period. Choose from any list or enter any number in the input fields and then click Check Answer Check Answer Clear All part remaining

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Dec 31 Bad debt expense (160300*3%-1900) 2909 Allowance for doubtful accounts 2909 (TO record bad debt expenses)

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.