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kaheart [24]
3 years ago
15

Shelby Cabinets, Inc. produces custom cabinets. The following inventory balances appeared on its balance sheet.

Business
1 answer:
velikii [3]3 years ago
8 0

Answer:

$855,000 yippie!!!

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The matching concept states that expenses incurred to produce particular revenues should be matched with those revenues.
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3 years ago
At year-end (December 31), Chan Company estimates its bad debts as 0.70% of its annual credit sales of $862,000. Chan records it
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Answer: Please see the required journals below:

December 31:

Debit Bad debt expense                                $6,034

Credit Allowance for doubtful accounts       $6,034

February 1:

Debit Allowance for doubtful accounts              $431

Credit Accounts receivables                               $431

June 5:

Debit Cash                                                            $431

Credit Bad debt recovery (income statement)   $431

Explanation: The company estimates its bad debt expense as percentage of sales. In this case 0.7% of its annual sales of $862,000 was deemed as uncollectible, that is, 0.7% x $862,000 = $6,034. The required journals to recognize this bad debt expense is provided above. However, since there was an existing provision, which resides in the allowance account, a write-off would definitely hit that account in order to extinguish the accounts receivable portion. Upon recovery of the write-off, we cannot reinstate the receivable since it was already extinguished but we need to recognize the recovery as a gain.

3 0
4 years ago
Read 2 more answers
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