Business and Finance Homework
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Answered in 59 minutes by:
5/10/2022
Neo, Tutor
Category: Business and Finance Homework
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Experience: BS Accounting, Online and Private Tutor
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ANSWER:
Yes. He got it wrong.
Total Accounts Receivable = 125,000 + 1,400,000 - 1,304,000 - 21,000 - 26,000 - 16,450 + 800 - 800 = 157,550
Allowance for Doubtful Accounts (before adjustment) = 5,800 - 16,450 + 800 = -9,850 (debit)
Required Allowance = 157,550 x 8% = 12,604 (credit)
Adjustment Amount = 12,604 + 9,850 = 22,454
I hope this helps.
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Customer replied 7 days ago
Is this method the same with the percentage of credit sales method? If yes, for example in this slide, the bad debt expenses is only Credit Sales* percentage
No, they are not the same.
Under Percentage of Credit Sales Method, the amount you computed from the percentage is the adjustment amount.
Under Percentage (or Aging) of Accounts Receivable Method, the amount you computed from the percentage is the "required balance" of allowance for doubtful accounts, and therefore, you adjustment amount may be different.
Neo, Tutor
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Satisfied Customers: 25,422
Experience: BS Accounting, Online and Private Tutor
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