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4. value: 10 points Lopez Company began operations on January 1, 2010. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2010 a. Sold $1,354,400 of merchandise (that had cost $981,800) on credit, terms n/30. b. Wrote off $18,900 of uncollectible accounts receivable. c. Received $673,800 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.10% of accounts receivable will be uncollectible. ______________________________________... I'm stuck on D cannot figure it out for the life of me I've tried 10 different combos just trying things Unless I did calculations wrong Accounts Recieveable - Debit 1,354,400 : then a Credit 18,900 : another credit 673,800 : So the new Oxford total should be 661,700 Calculations - (1,354,400 - 692,700(18,900 + 673,800) = 661,700) So with the new Oxford total being 661,700 it says 2.10% of accounts receivable will be uncollectible. So 661,700 x .021 = 13896 (13,895.7 rounded to 96) Please if you don't wanna just spit out the answer point out what I'm doing wrong and what I need to do in order to get the correct answer, quick answers appreciated I need this by 12:00 pm tonight
When all else fails, put everything in journal entry form. 2010 a. Sold $1,354,400 of merchandise (that had cost $981,800) on credit, terms n/30. Dr Accounts Receivable 1,354,400 Cr Sales 1,354,000 Dr Cost of Goods Sold 981,000 Cr Merchandise Inventory 981,000 b. Wrote off $18,900 of uncollectible accounts receivable. Dr Allowance for Doubtful Accounts 18,900 Cr Accounts Receivable 18,900 c. Received $673,800 cash in payment of accounts receivable. Dr Cash 673,800 Cr Accounts Receivable 673,800 d. All your calculations are correct, but what you missed is that Allowance for Doubtful Accounts has a debit balance of $18,900 before the adjustment. So in order for the Allowance account to have a credit balance of 13,896 the adjustment would be: 13,896 + 18,900 = 32,796 Dr Bad Debt Expense 32,796 Cr Allowance for Doubtful Accounts 32,796 *Note: If you were basing your adjustment on sales instead of A/R, you then could have ignored the previous balance in the Allowance account.