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nydimaria [60]
3 years ago
11

Calistoga Produce estimates bad debt expense at 0.50% of credit sales. The company reported accounts receivable and allowance fo

r uncollectible accounts of $476,000 and $1,650 respectively, at December 31, 2020. During 2021, Calistoga's credit sales and collections were $315,000 and $307,000, respectively, and $1,880 in accounts receivable were written off. Calistoga's final balance in its allowance for uncollectible accounts at December 31, 2021, is:
Business
1 answer:
AveGali [126]3 years ago
7 0

Answer:

$1,345

Explanation:

Calculation to determine what Calistoga's final balance in its allowance for uncollectible accounts at December 31, 2021, is

First step is to calculate the Expense amount

Expense=Credit sales $315,000* .5%

Expense=$1,575

Second step is to calculate the Allowance

Allowance 12/31/2020 $1,650

Less Write-offs(1,880)

Allowance ($ 230)debit

Now let calculate the final balance in its allowance for uncollectible accounts

December 31, 2021 allowance for uncollectible accounts= ($230) + $1,575

December 31, 2021 allowance for uncollectible accounts=$1,345

Therefore Calistoga's final balance in its allowance for uncollectible accounts at December 31, 2021, is $1,345

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Date   Account Title                  Debit     Credit

1-Jul    Supplies                           $345

                Accounts Payable                   $345

2-Jul   Utilities expense               $700

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3-Jul    Salaries expense             $875

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8-Jul     Cash                               $4,015

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12-Jul    Accounts Receivable   $11,000

                   Revenue earned                   $11,000

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