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iVinArrow [24]
3 years ago
11

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:

Business
1 answer:
Andru [333]3 years ago
7 0

Answer and Explanation:

The Journal entry is shown below:-

a. Bad Debt Expense Dr, $36,800            ($40,000 – $3,200)

                    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 at the same time it reduced the assets so the allowance for doubtful accounts is credited

b. Bad Debt Expense Dr, $40,730          ($40,000 + $730)

     To Allowance for Doubtful Accounts $40,730

For recording this we debited the bad debt expense as it increased the expenses and at the same time it reduced the assets so the allowance for doubtful accounts is credited

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Answer:

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Explanation:

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Use Future value formula to solve this question:

Future Value = Present Value x ( 1 + Number of Year )^Number of year

FV = PV x ( 1 + r )^{n}

$20,000 = $10,000 x ( 1 + 0.07 )^{n}

\frac{20,000}{10,000} = ( 1 + 0.07 )^{n}

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Log 2 = n log 1.07

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n = 10 year (rounded off to nearest year )

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