Sunland Company reported the following information in its general ledger at December 31. All sales were on account. At the end of the year, uncollectible accounts were estimated to be 11% of accounts receivable. Using your knowledge of receivables transactions, determine the missing amounts. Ignore any inventory, cost of goods sold, and refund liabilities for the purposes of this question. (Hint: You may find it helpful to reconstruct the journal entries.) Beg. bal. (a) End. bal. (c) (d) Accounts Receivable 16,900 Sale Allowance for Doubtful Accounts 600 Beg. bal. (b) Bad Debt Expense (d) End. bal. (e) 36,800 46,100 1,051
Sunland Company reported the following information in its general ledger at December 31. All sales were on account. At the end of the year, uncollectible accounts were estimated to be 11% of accounts receivable. Using your knowledge of receivables transactions, determine the missing amounts. Ignore any inventory, cost of goods sold, and refund liabilities for the purposes of this question. (Hint: You may find it helpful to reconstruct the journal entries.) Beg. bal. (a) End. bal. (c) (d) Accounts Receivable 16,900 Sale Allowance for Doubtful Accounts 600 Beg. bal. (b) Bad Debt Expense (d) End. bal. (e) 36,800 46,100 1,051
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 85APSA: Determining Bad Debt Expense Using the Aging Method At the beginning of the year, Tennyson Auto...
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