We appreciate your visit to SKP Co Ltd has accounts receivable of 102 870 at April 30 Credit terms are 2 10 n 30 At April 30 Allowance for Doubtful. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
a) The total estimated uncollectible at April 30 is $5,457.
To determine the total estimated uncollectible, Total estimated uncollectible [tex]= ($65,790 * 3.00%) + ($28,640 * 6.00%) + ($6,200 * 18.00%) +[/tex] [tex]($2,240 * 45.00%) = $1,973.70 + $1,718.40 + $1,116.00 + $1,008.00 = $5,457[/tex]b) The adjusted bad debt expense for the period is $4,947. The adjusted bad debt expense is calculated by subtracting the credit balance in the Allowance for Doubtful Accounts ($510) from the total estimated uncollectible[tex]($5,457). = $5,457 - $510 = $4,947[/tex]The journal entries to account for bad debt expense for the period are as follows: To record bad debt expense: Bad Debt Expense $4,947 Allowance for Doubtful Accounts $4,947 The cash/net realizable value of Accounts Receivable as of April 30 is $97,413.
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