Tr Dec 31, 2017 aed Penege 0-30 days 31-60 days 61-90 days Over 91 days 1,900000

Question

Tr Dec 31, 2017 aed Penege 0-30 days 31-60 days 61-90 days Over 91 days 1,900000 708,000 152,000 98,000 10% B.J What amount should appear in the Statement of Financial Position as the Allowance for Doubtful accounts? 9) Prepare the Journal Entry to record the Bad Delbts Expense fox 201 date Dr. 10.) On Jan 25, 2018 Robert Burns calls Toro Co. on the telephone and says "1 have mo back to Scotland. Iam never going to pay the $1,500 1owe you, goodbye. Prep the Journal Entry to Write off Robert Burns' account receivable. date Dr. Cr.

Explanation / Answer

8. Amount that should appear in the Statement of Financial Position as the Allowance for Doubtful Accounts : $ 51,460.

9. Journal Entry:

10. Journal Entry :

Computation of Allowance for Doubtful Accounts :

Date Account Titles Debit Credit $ $ Dec 31 2017 Bad Debt Expense $ ( 51,460 - 31,000) 20,460 Allowance for Doubtful Accounts 20,460

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