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monitta
3 years ago
9

On December 31, 2018, the balance in Megan's Products Accounts Receivable was $680,000 and net credit sales amounted to $3,800,0

00 during 2018. An aging analysis of the accounts receivable indicated that $40,000 in accounts are expected to be uncollectible. Prepare the adjusting entries to record estimated bad debt expense using the percentage-of-receivables basis under each of the following independent assumptions: Collapse question part (a) Allowance for Doubtful Accounts has a credit balance of $3,200 before adjustment.
Business
1 answer:
RoseWind [281]3 years ago
5 0

Answer:

Bad Debt Expense ($40,000 - $3,200)  $36,800

           To Allowance for Doubtful Accounts   $36,800

(Being the bad debt expense is recorded)

Explanation:

The adjusting entry is shown below:

Bad Debt Expense ($40,000 - $3,200)  $36,800

           To Allowance for Doubtful Accounts   $36,800

(Being the bad debt expense is recorded)

For recording this we debited the bad debt expense as it increased the expenses and credited the allowance for doubtful debts as it decreased the value of the assets

And since there is a credit balance so the same is deducted from the account receivable

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Answer:

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Explanation:

Not only this helps in increasing accountability in the individual but it would also help in influencing the behavior of the individual in the future. He would be more responsible for delegating the tasks as he would learn from his mistakes. This would go a long way in developing a competent and responsible workforce which would help in increasing the effecency of the company.

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Which branch of government has exercised the most power regarding race to the top, common core standards, and its assessments? w
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3 years ago
Identify What prevented the economy from slipping
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3 years ago
Grum Corp., a publicly owned corporation, is subject to the requirements for segment reporting.
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Answer:

Option (d) $5,000,000

Explanation:

Data provided in the question:

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