Brief Exercise 8-10 (Part Level Submission) During its first year of operations,

Question

Brief Exercise 8-10 (Part Level Submission)

During its first year of operations, Ivanhoe Company had credit sales of $2,781,600, of which $368,300 remained uncollected at year-end. The credit manager estimates that $19,340 of these receivables will become uncollectible.

(a)

Account Titles and Explanation

Debit

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Brief Exercise 8-10 (Part Level Submission)

During its first year of operations, Ivanhoe Company had credit sales of $2,781,600, of which $368,300 remained uncollected at year-end. The credit manager estimates that $19,340 of these receivables will become uncollectible.

Explanation / Answer

a.The following is the required journal entry:

1 Bad debt expense a/c $19,340 ...........TO Allowance for doubtful accounts $19,340 (since it is estimated that $19,340 will become uncollectible)

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