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prisoha [69]
3 years ago
6

Marigold Corp. uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $12

0000 and credit sales are $1210000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Marigold Corp. make if the Allowance for Doubtful Accounts has a credit balance of $1200 before adjustment?
Business
1 answer:
olga nikolaevna [1]3 years ago
4 0

Answer:

The journal entry for the following is shown below:

Explanation:

The journal entry for the following is as follows:

Bad Debts Expense A/c................................Dr  $3,600

       Allowance for Doubtful Accounts A/c......Cr  $3,600

Being the adjusting entry for bad debt expense

Working Note:

Using the percentage of accounts receivable computing the amount of bad debt expense as:

Allowance for doubtful accounts = Accounts receivable × %

= $120,000 × 4%

= $4,800

Now, computing the bade debt expense as:

Bad debt expense = Allowance for doubtful debts - Credit balance

= $4,800 - $1200

= $3,600

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8 0
1 year ago
​Aylward, Inc. currently has $2,141,000 in current assets and $842,000 in current liabilities. The company’s managers want to in
makvit [3.9K]

Answer:

$240,500

Explanation:

We know that

Current ratio = Total Current assets ÷ total current liabilities

= $2,141,000 ÷ $842,000

= 2.5 times

For current ratio falling below 2.2, we have to assume the borrowed amount be X

So, the equation would be

$2,141,000+ X ÷ $842,000 + X = 2.2

$2,141,000+ X = 2.2 × ($842,000 + X)

$2,141,000+ X = $1,852,400 + 2.2X

$2,141,000 - $1,852,400 = 2.2X - X

$288,600 = 1.2X

So X would be $240,500

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