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Presentation/PPT
27/08/2022
1-Company B estimates bad debt expense to be 2% of credit sales, which were $610,000 for the year. If the allowance account has a debit balance of $900 before adjustment, the journal entry necessary to record bad debt expense is:
debit Bad Debt Expense for $11,300; credit Allowance for Doubtful Accounts for $11,300
debit Bad Debt Expense for $13,100; credit Allowance for Doubtful Accounts for $13,100
debit Allowance for Doubtful Accounts for $13,100; credit Bad Debt Expense for $13,100
debit Allowance for Doubtful Accounts for $11,300; credit Bad Debt Expense for $11,300
debit Bad Debt Expense for $12,200; credit Allowance for Doubtful Accounts for $12,200
debit Allowance for Doubtful Accounts for $12,200; credit Bad Debt Expense for $12,200
2-Company B estimates bad debt expense to be 2% of credit sales, which were $610,000 for the year. If the allowance account has a credit balance of $900 before adjustment, the journal entry necessary to record bad debt expense is:
debit Allowance for Doubtful Accounts for $12,200; credit Bad Debt Expense for $12,200
debit Allowance for Doubtful Accounts for $11,300; credit Bad Debt Expense for $11,300
debit Bad Debt Expense for $11,300; credit Allowance for Doubtful Accounts for $11,300
debit Bad Debt Expense for $13,100; credit Allowance for Doubtful Accounts for $13,100
debit Allowance for Doubtful Accounts for $13,100; credit Bad Debt Expense for $13,100
debit Bad Debt Expense for $12,200; credit Allowance for Doubtful Accounts for $12,200
3-Your company estimates bad debt expense as a percentage of Accounts Receivable that will be uncollectible, which comes to $18,000 for the current year. The Allowance for Doubtful Accounts has a credit balance of $15,000. If no adjusting entry is recoded at year end, how will the financial statements be affected?
net income will be understated; assets will be overstated
net income will be overstated; assets will be understated
the financial statements will not be affected
net income will be overstated; assets will be overstated
net income will be understated; assets will be understated
4-The adjusting entry used to record depreciation on equipment would be:
debit Accumulated Depreciation; credit Depreciation Expense
debit Depreciation Expense; credit Accumulated Depreciation
debit Accumulated Depreciation; credit Equipment
debit Equipment; credit Accumulated Depreciation
debit Depreciation Expense; credit Equipment
5-The balance in the Bad Debt Expense account represents the amount of account receivable that was actually written off during the year.
True
False
6-A debit balance in Allowance for Doubtful Accounts means that bad debt expense was underestimated in the prior period.
True
False
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