ID edugen.wileyplus.com | WileyPLUS ledger of Concord Corporation at the end of
ID: 2543061 • Letter: I
Question
ID edugen.wileyplus.com | WileyPLUS ledger of Concord Corporation at the end of the c WileyPLs.an Kimmel, Accounting, 6e Help I Sys tem Announcements CALCULATOR PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Exercise 8-4 Homework Chapter The ledger of Concord Corporation at the end of the current year shows Acccunts Recelvable $75,800; Credit Sales $818,100; and Sales Returns and Allowances $39,600 Bief Exercise 8-5 Briof Exercise 8-7 Briaf Exercise 8 (a) f Concord Corporation uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Concord Corporation determines that Matsses $812 balance is unco ectible. (D If Allo ance for Doubtful Accounts has a credit balance of $1,060 in the trial balance, journalize t e ac usting entry at December 31, assuming bad debts are expected to be 10% of accounts recevable c) lf Allowance for Doubtful Accounts has a debit balance or $530 in the trial balance, ournalize the adjusting entry at December 31, assuming bad deots are expected to be 7% of accounts receivable Exercise Exercise 83 (Credit account titles are automatically indented when amount is entered, Do not indent manually.) No. Account Titles and Explanation Credit Review Scone Review Results by Study Click if you would like to Show Work for this question: Open Show Work LIST OF ACCOUNTS Question Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWERExplanation / Answer
SOLUTION
S.No. Account titles and Explanation Debit ($) Credit ($) 1. Bad Debt Expense 812 Accounts Receivable 812 2. Bad Debt Expense [($75,800*10%) - $1,060] 6,520 Allowance for doubtful Accounts 6,520 3. Bad Debt Expense [($75,800*7%) + $530] 5,836 Allowance for doubtful Accounts 5,836