Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at the end of the current year, the accounts recei

At the end of the current year, the accounts receivable account of Parker's Nursery Supplies...

50.1K

Verified Solution

Question

Accounting

At the end of the current year, the accounts receivable account of Parker's Nursery Supplies has a debit balance of $340,000. Credit sales are $2,300,000. Assume the following independent conditions
existed prior to the adjustment:
Make the necessary adjusting entry in general journal form under each of the following assumptions.
Required:
Allowance for Doubttul Accounts has a credit balance of $1,930
(a) The percentage of sales method is used and bad debt expense is estimated to be 1% of credit sales.
(b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of $24,550 in uncollectible accounts.
Allowance for Doubtful Accounts has a debit balance of $1.320
(a) The percentage of sales method is used and bad debt expense is estimated to be 38 of 1% of credit sales.
(b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of $22,450 in uncollectible accounts.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

When you search for the word "understate" in a thesaurus, you come across thefollowing antonyms:...

Biology
Q

A Beaker containing a liquid is kept inside a big 3 closed jar If the...

Physics
Q

Find the measure of Zx m4x Type a whole number 1410 93 X

Geometry
Q

Suppose there is a list of fifteen jokes about marriage and divorce. In how many...

Basic Math
Q

To indirectly measure the distance across a lake Natalie makes use of a couple landmarks...

Algebra
Q

Create a Physical DFD (Data Flow Diagram) for the following narrative: Company A has numerous...

Accounting
Q

A company has the following information: The hurdle rate of 5%. Required: Complete this question...

Accounting
Q

what goals, objectives, and predictions are expressed in the "letter to the stockholders" of Citigroup?...

Accounting
Q

1500:13:19 On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following...

Accounting
Q

The price set for a service could affect the volume of that service; therefore, pricing...

Accounting
Q

Cost and revenue behavior The following financial data have been determined from analyzing the...

Accounting
Q

[6] Ms. Tyler rents her vacation home during the winter, In the current year, she...

Accounting