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gOOvER gOOvER
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6 years ago
At January 1, Everbright Sales has the following balances:


Date   Accounts Receivable   Debit   Credit   Balance
            18,000 Dr.
            

Date   Allowance for Doubtful Accounts   Debit   Credit   Balance
             1,200 Cr.
            

Date   Bad Debts Expense   Debit   Credit   Balance
            
            

During the year, Everbright has $150,000 of credit sales, collections of $140,000, and write-offs of $3,000. Everbright records bad debt expense at the end of the year using the aging method.  At the end of the year, the aging analysis produces a figure of $1,900, being the estimate of uncollectible accounts at end of year.

Required:
1.   What is the December 31 journal entry to record the bad debts expense?

2.   Present the Everbright accounts receivable in a partial balance sheet at December 31st.
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
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HanoiHanoi
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6 years ago
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