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27/09/2017 Question 1 Print by: Golam Al Maruf Rashik 200973_2017_spr: 200973 (Spring 2017) Techniques in Financial Accounting / Main Assignment Question 1 Information related to DeJong Company for 2016 is summarised below. Total credit sales Accounts receivable as at 30 June Doubtful debts written off $1,640,000 620,000 26,000 Required (a) What amount of doubtful debts expense will DeJong Company report if it uses the direct writeoff method of accounting for doubtful debts? $ (b) Assume that DeJong Company decides to estimate its doubtful debts expense to be 2% of credit sales. What amount of doubtful debts expense will DeJong record if Allowance for doubtful debts has a credit balance of $3,000? $ (c) Assume that DeJong Company decides to estimate its doubtful debts expense based on 5% of accounts receivable. What amount of doubtful debts expense will DeJong Company record if Allowance for doubtful debts has a credit balance of $4,000? $ (d) Assume the same facts as in (c), except that there is a $2,000 debit balance in Allowance for doubtful debts. What amount of doubtful debts expense will DeJong record? $ Question Attempts: 0 of 1 used Copyright 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved. https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 1/1