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Financial Accounting: cost. Bad debt.
31 years on the current balance of the trial has not revealed the following improvements:. Accounts receivable $ 185,000; Revenue from the sale. $ 1,280,000 (75% in credit) and the value of the allowance for doubtful accounts. $ 1,600 credit balance (). 1) prepare a fine save. Record estimates for bad debt cheeky:. a) 6% of the account balance is considered. uncollectible b) Bad debt charges are estimated. 1.5% of credit sales.
A. X 185,000 $ .06. = $ 11,100 accrual of additional need. = $ 11,100 – $ 1,600 = $ 9,500 entry is: Debit. Bad debt expense $ 95,600 credit card debt reserve. Bad $ 9,500 sales B. Credit = X 1,280,000 $ .75 = $ 960,000 Allowance required = $ 960,000 X .015 = $ 14.400. Accrual of additional needed = $ 14,400. – $ 1,600 = $ 12,800 cost item is a debit. Bad Debt $ 12,800 Credit Allowance for bad debts $. 12800.
QuickBooks Training- Writing off Bad Debt
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