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spin [16.1K]
3 years ago
14

Hitachi, Ltd., reports total revenues of ¥9,616,202 million for its current fiscal year, and its current fiscal year-end unadjus

ted trial balance reports a debit balance for trade receivables (gross) of ¥2,797,935 million. a. Prepare the adjusting entry to record its bad debts expense assuming uncollectibles are estimated to be 0.4% of total revenues and its unadjusted trial balance reports a credit balance of ¥10,000 million for the allowance for doubtful accounts. b. Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be 2.0% of year-end trade receivables (gross) and its unadjusted trial balance reports a credit balance of ¥10,000 million for the allowance for doubtful accounts.
Business
1 answer:
BartSMP [9]3 years ago
6 0

Answer:

a.

Debit Bad debts expense:¥28,464,808,000

Credit Allowance for doubtful account:¥28,464,808,000

b.

Debit Bad debts expense: ¥45,958,700,000

Credit Allowance for doubtful account: ¥45,958,700,000

Explanation:

a. The amount of bad debts expense assuming uncollectibles:

0.4%x¥9,616,202,000,000=¥38,464,808,000

Unadjusted trial balance reports a credit balance of ¥10,000 million for the allowance for doubtful accounts, Hitachi must recording the difference amount: ¥38,464,808,000-¥10,000,000,000=¥28,464,808,000

b.The amount of bad debts expense assuming uncollectibles:

2.0%x¥2,797,935,000,000=¥55,958,700,000

Unadjusted trial balance reports a credit balance of ¥10,000 million for the allowance for doubtful accounts, Hitachi must recording the difference amount: ¥55,958,700,000-¥10,000,000,000=¥45,958,700,000

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