Zeus Inc recorded credit sales of $1,750,000 during 2015 At December 31, 2015, the company had a $250,000 debit balance in Accounts Receivable and a $13,000 credit balance in Allowance for Doubtful Accounts Required a Prepare the necessary adjusting journal entry at December 31 to record the estima...

a Bad 52500 Debt Expense 1750000003 Allowance for Doubtf ...

Zeus Inc. recorded credit sales of $1,750,000 during 2015. At December 31, 2015, the company had a

Question:

Zeus Inc. recorded credit sales of $1,750,000 during 2015. At December 31, 2015, the company had a $250,000 debit balance in and a $13,000 credit balance in Allowance for Doubtful Accounts.
Required:
a. Prepare the necessary adjusting journal entry at December 31 to record the estimated bad debt are estimated at 3% of credit sales.
b. Prepare the necessary adjusting journal entry at December 31 to record the estimated bad debt expense, assuming that bad debts are estimated at 8% of outstanding and a $13,000 credit balance in Allowance for Doubtful Accounts.
Zeus Inc. recorded credit sales of $1,750,000 during 2015, At December 31, 2015, the company had a $250,000 debit balance in and a $13,000 credit balance in Allowance for Doubtful Accounts,
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...