Answer:
Explanation:
The journal entry to record the bad debt expense is shown below:
Bad debt expense A/c Dr $34,100
To Allowance for doubtful debts $34,100
(Being bad debt expense is recorded)
The computation of the bad debt expense is shown below:
= (Accounts receivable × estimated percentage given ) + (debit balance of Allowance for Doubtful Accounts)
= ($520,000 × 6%) + ($2,900)
= $31,200 + $2,900
= $34,100
Amount invested in stocks 5,000 X 0.60 = 3,000
After one year gains 9%
3,000 X ( 1 + 0.09) = 3,270
After second year loses 4%
3,270 X ( 1 - 0.04) = 3,139.2 amount after second year
So Stocks gained 139.2 ( 3139.2 - 3000)
Amount of saving account
5,000 X 0.40 = 2,000
After 2 years
2,200 X ( 1 + 0.049)^(2) = 2,200.802
So gained 200.802 (2200.802 - 2000)
Total amount after 2 years
3,139.2 + 2,200.802 = 5,340.002
Gained 340.002 (5340.002 -5000)
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