Ivanhoe, inc. had net sales in 2020 of $1,410,300. at december 31, 2020, before adjusting entries, the balances in selected accounts were accounts receivable $348,200 debit, and allowance for doubtful accounts $2,940 credit. if ivanhoe estimates that 10% of its receivables will prove to be uncollectible.prepare the december 31, 2020, journal entry to record bad debt expense
Solved
Show answers
More tips
- S Style and Beauty Is Hot Scissor Haircutting Beneficial or Dangerous?...
- S Style and Beauty How to Get Rid of Under Eye Bruises?...
- F Food and Cooking Is Bacon Good for You?...
- S Style and Beauty Discover the Art of Nail Design: How Do You Paint Your Nails?...
- P Philosophy How to Develop Extrasensory Abilities?...
- O Other Everything You Need to Know About Kudyabliks...
- C Computers and Internet The Twitter Phenomenon: What it is and How to Use it...
- C Computers and Internet How to Choose a Laptop: Expert Guide and Tips...
- C Computers and Internet How to Choose a Monitor?...
- H Horoscopes, Magic, Divination Where Did Tarot Cards Come From?...
Answers on questions: Business
- M Mathematics Ms. Williamson woke up one morning to find her basement flooded with water. She called two different plumbers to get their rates. The first plumber charges $36 just...
- M Mathematics estimate the size of a crowd an outdoor concert venues that occupies ba rectangle space with dimensions of 500 feet by 1,000 feet (to the nearest whole number) ...
- B Biology Please help look in pic :)...
- M Mathematics In which of the number lines does the plotted point represent a number greater than Negative 1 and one-half? Check all that apply....
Ответ:
The Journal entry is as follows:
On December 31, 2020
Bad debt expense A/c Dr. $31,880
To allowance for doubtful accounts $31,880
(To record bad debt expense)
Workings:
Accounts Receivable = $348,200
Allowance for Doubtful Accounts = $2,940
If Ivanhoe estimates that 10% of its receivables will prove to be uncollectible, then
Bad debt expense:
= (Accounts Receivable × 10%) - Allowance for Doubtful Accounts
= ($348,200 × 10%) - $2,940
= $34,820 - $2,940
= $31,880
Ответ:
Total amount of Benson's product costs - $ 205,200
Explanation:
Computation of Benson's product cost
Materials Used $ 120,000
Wages for assembly line workers $ 62,800
Property taxes for factory $ 14,000
Salary for factory manager $ 8,400
Total items considered for product costs $ 205,200
The other data provided in the question i.e Rent and Utilities for administrative offices, CEO' s salary and depreciation on delivery equipment are of the nature of selling and administrative expenses, and thus is not included in product costs.