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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Answer:

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    Bad
    Debt ******* ***** Cr ********
    ********** ***** B) **
    Allowance
    for
    ******** ******** *** * ****** ******* ** $970 ** *** ***** ******* ********** *** ********* ***** at ******** ** assuming *** debts *** ******** ** *** ** ** ******** ***********
    ****** * *** *
    ****** ****** **** ****** balance
    * $5870 adjustment ** ***...
    Attached: ACC 291 Week 1 Assignment.docx

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