A company had a beginning Accounts Receivable balance of $939,400 and a credit balance of $1,200 in the Allowance for Doubtful Accounts. During the month, total sales of $5,275,000 were made. Of the total sales, $4,150,000 were credit sales while the remaining amount was cash sales. The company collected $3,825,000 from customers for amounts owed. It estimates that 0.5% of credit sales are uncollectible. Prepare the adjusting entry at the end of the month. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11. Fill in the blank, read surrounding text. Blank 12. Fill in the blank, read surrounding text. Blank 13. Fill in the blank, read surrounding text. Blank 14. Fill in the blank, read surrounding text. Blank 15. Fill in the blank, read surrounding text. Blank 16. Fill in the blank, read surrounding text. Show your calculation here Blank 17. Fill in the blank, read surrounding text.
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
A company had a beginning Accounts Receivable balance of $939,400 and a credit balance of $1,200 in the Allowance for Doubtful Accounts. During the month, total sales of $5,275,000 were made. Of the total sales, $4,150,000 were credit sales while the remaining amount was cash sales. The company collected $3,825,000 from customers for amounts owed. It estimates that 0.5% of credit sales are uncollectible. Prepare the
| Account Names | DR | CR | |
| Blank 1. Fill in the blank, read surrounding text. | Blank 2. Fill in the blank, read surrounding text. | Blank 3. Fill in the blank, read surrounding text. | Blank 4. Fill in the blank, read surrounding text. |
| Blank 5. Fill in the blank, read surrounding text. | Blank 6. Fill in the blank, read surrounding text. | Blank 7. Fill in the blank, read surrounding text. | Blank 8. Fill in the blank, read surrounding text. |
| Blank 9. Fill in the blank, read surrounding text. | Blank 10. Fill in the blank, read surrounding text. | Blank 11. Fill in the blank, read surrounding text. | Blank 12. Fill in the blank, read surrounding text. |
| Blank 13. Fill in the blank, read surrounding text. | Blank 14. Fill in the blank, read surrounding text. | Blank 15. Fill in the blank, read surrounding text. | Blank 16. Fill in the blank, read surrounding text. |
| Show your calculation here Blank 17. Fill in the blank, read surrounding text. |
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