The information listed below was abstractcd from the records of the Emily Berhad: RM Accounts receivable at 31 December 2021 Debit balance in Allowance for doubtful accounts before 1,180,000 36,000 adjustment at 31 December 2021 Sales during the year 2021 Sales discounts during the ycar 2021 Sales return and allowances during the year 2021 4,360,000 36,000 54,000 Required: Prepare the adjusting entry for bad debts expense under each of the following independent assumptions. Show all your workings. (a) 6 percent of outstanding accounts receivable are uncollectible. (b) 3 percent of 2021 net sales are uncollectible. (c) An aging schedule of the accounts shows that RM42,800 of the accounts are uncollectible.

The information listed below was abstractcd from the records of the Emily Berhad: RM Accounts receivable at 31 December 2021 Debit balance in Allowance for doubtful accounts before 1,180,000 36,000 adjustment at 31 December 2021 Sales during the year 2021 Sales discounts during the ycar 2021 Sales return and allowances during the year 2021 4,360,000 36,000 54,000 Required: Prepare the adjusting entry for bad debts expense under each of the following independent assumptions. Show all your workings. (a) 6 percent of outstanding accounts receivable are uncollectible. (b) 3 percent of 2021 net sales are uncollectible. (c) An aging schedule of the accounts shows that RM42,800 of the accounts are uncollectible.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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