The adjusted trial balance of Taylor Swift Inc. shows the following balances. InstructionsGive the entry for estimated
Question:
The adjusted trial balance of Taylor Swift Inc. shows the following balances.
InstructionsGive the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of
(a) 4% of gross accounts receivable and
(b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,700 credit balance.
Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) Dr. $90,000 1,750 Cr. $680,000
Step by Step Answer:
a Bad Debt Expense 5350 Allowance f...View the full answer
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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