The ledger of the Bramble Corp. at the end of the current year shows Accounts Receivable of $248,000. If Allowance for Doubtful Accounts has a credit balance of $4,200 in the trial balance and bad debts are expected to be 9% of accounts receivable, journalize the adjusting entry for the end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount & If Allowance for Doubtful Accounts has a debit balance of $4,200 in the trial balance and bad debts are expected to be 9% of accounts receivable, journalize the adjusting entry for the end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount
The ledger of the Bramble Corp. at the end of the current year shows Accounts Receivable of $248,000. If Allowance for Doubtful Accounts has a credit balance of $4,200 in the trial balance and bad debts are expected to be 9% of accounts receivable, journalize the adjusting entry for the end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount & If Allowance for Doubtful Accounts has a debit balance of $4,200 in the trial balance and bad debts are expected to be 9% of accounts receivable, journalize the adjusting entry for the end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
The ledger of the Bramble Corp. at the end of the current year shows Accounts Receivable of $248,000.
If Allowance for Doubtful Accounts has a credit balance of $4,200 in the trial balance and bad debts are expected to be 9% of accounts receivable, journalize the adjusting entry for the end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
&
If Allowance for Doubtful Accounts has a debit balance of $4,200 in the trial balance and bad debts are expected to be 9% of accounts receivable, journalize the adjusting entry for the end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
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