Exercise 8-4 The ledger of Coronado Industries at the end of the current year sh

Question

Exercise 8-4 The ledger of Coronado Industries at the end of the current year shows Accounts Receivable $79,700; Credit Sales $813,630; and Sales Returns and Allowances $43,830 (a) If Coronado Industries uses the direct write-off method to account for uncollectible 31, assuming Coronado Industries (b) If Allowance for Doubtful Accounts has a credit balance of $1,088 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to c) If Allowance for Doubtful Accounts has a debit balance of $460 in the trial balance ournalize the ad u sting entry at December 3 as su ming ba debts are expected to e accounts, journalize the adjusting entry at December determines that Matisse's $968 balance is uncollectible be 10% of accounts receivable. of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor

Explanation / Answer

a Bad debts expense 968            Accounts Receivable 968 b Bad debts expense 6882 =(79700*10%)-1088       Allowance for doubtful accounts 6882 c Bad debts expense 6836 =(79700*8%)+460       Allowance for doubtful accounts 6836

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

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