subject
Business, 14.07.2020 01:01 sibr4566

The December 31, 2014 balance sheet of Barone Company had Accounts Receivable of $400,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2015, the following transactions occurred: sales on account $1,500,000; sales returns and allowances, $50,000; collections from customers, $1,250,000; accounts written off $36,000; previously written off accounts of $6,000 were collected. A. Journalize the 2015 transactions. B. If the company uses the percentage-of-sales basis to estimate bad debt expense and anticipates 3% of net sales to be uncollectible, what is the adjusting entry at December 31, 2015?C. If the company uses the percentage of receivables basis to estimate bad debt expense and determines that uncollectible accounts are expected to be 8% of accounts receivable, what is the adjusting entry at December 31, 2015?D. Which basis would produce a higher net income for 2015 and by how much?

ansver
Answers: 1

Other questions on the subject: Business

image
Business, 21.06.2019 22:00, savannahvargas512
Sharon had some insider information about a corporate takeover. she unintentionally informed a friend, who immediately bought the stock in the target corporation. the takeover occurred and the friend made a substantial profit from buying and selling the stock. the friend told sharon about his stock dealings, and gave her a pearl necklace because she "made it all possible." the necklace was worth $10,000, but she already owned more jewelry than she desired.
Answers: 2
image
Business, 22.06.2019 00:50, katie673
At a roundabout, you must yield to a. already in the roundaboutb. entering the roundaboutc. only if their turn signal is ond. only if they honk at you
Answers: 1
image
Business, 22.06.2019 07:30, yzafer3971
An instance where sellers should work to keep relationships with customers is when they instance where selllars should work to keep relationships with customers is when they feel that the product
Answers: 1
image
Business, 22.06.2019 21:30, sergiom6185
Russell's study compared gpa of those students who volunteered for academic study skills training and those who did not elect to take the training. he found that those who had the training also had higher gpa. with which validity threat should russell be most concerned?
Answers: 2
You know the right answer?
The December 31, 2014 balance sheet of Barone Company had Accounts Receivable of $400,000 and a cred...

Questions in other subjects:

Konu
History, 23.12.2021 15:10
Konu
Mathematics, 23.12.2021 15:10