ACC 291 Week 1 Assignment

Question 1

The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $819,000; and Sales Returns and Allowances $48,300.

(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a) If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $870 balance is uncollectible.

(b) If Allowance for Doubtful Accounts has a debit balance of $970 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable.

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  • wahidhaq
    wahidhaq
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    ANSWER
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    **********

    A)

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    Bad

    Debt ******* ***** ** ********

    ********** ***** ** If

    *********

    for

    ******** ******** has a ****** ******* ** **** in *** ***** ******* ********** the ********* entry at ******** ** ******** *** ***** *** ******** ** *** ** of ******** receivable

    ****** * *** *

    ****** $6840- **** ****** *******

    * ***** *********** ** *** **** *******

    $5870

    ** Allowance for ******** ********

    *****

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