How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask F. Naz Your Own Question

F. Naz
F. Naz, Chartered Accountant
Category: Homework
Satisfied Customers: 5267
Experience:  Experience with chartered accountancy
20040807
Type Your Homework Question Here...
F. Naz is online now
A new question is answered every 9 seconds

On 31 may Roseville floral supply had a $155000 debit

Customer Question

on 31 may Roseville floral supply had a $155000 debit balance in accounts recievable and a $6200 credit balance in allowance for doubtful debts during june Roseville made
sales on credit $590000
collection on account $627000
write offs of bad debts $7000
record sales and collection then record bad debt expense 3% of credit sale and write offs of customer account for june using the allowance method show all june activity in accounts recievable allowance for doubtfull debts and bad debts expense post to these Taccount
suppose Roseville used a different method to account for bad debts record sales and collection on account and then record bad debt expenses for june using the direct method post to accounts then record account recievales and bad debt expense and show their balance at 30 june
what amount of bad debt expense would Roseville report on its june income statement under each of the two method ?which amount better matches expense with revenue ?give your reason
what amount of net accounts recievable would Roseville report opn its 30 njune balance sheet under each of the two methods?which amount is more realistic give your reason
Submitted: 1 year ago.
Category: Homework
Expert:  F. Naz replied 1 year ago.

http://wikisend.com/download/121246/rossville account receviables.xls

Your answers are at above link, please rate the answer so I get credit for my efforts, thanks.

Customer: replied 1 year ago.
Thanks for the answer but from where did u get 17700 ? Is it the 3% of sales or what sorry didn't get it
Expert:  F. Naz replied 1 year ago.

Yes it is 3% of sales, you can see all calculations when you click on the cell of the respective figure, please rate the answer so I get credit for my efforts, thanks.

Expert:  F. Naz replied 1 year ago.
THIS ANSWER IS LOCKED!

You need to spend $3 to view this post. Add Funds to your account and buy credits.

Related Homework Questions