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11.03.2020 •
Business
"The company performs tax services for Katie Lynn. Direct labor cost is $4,800; 380 CPU minutes were used; and 21 legal hours were used. What is the total cost of the Lynn job using activity-based costing?"
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Ответ:
2016
a.Dr Account receivable$1,353,000
Cr Sales revenue $1,353,000
Dr Cost of goods sold$979,100
Cr Inventory $979,100
bDr Allowance for doubtful accounts$20,900
Cr Account receivable $20,900
cDr Cash$669,200
Cr Account receivable $669,200
d Dr Bad debt expense $33,495
Cr Allowance for doubtful accounts $33,495
2017
eDr Account receivable$1,544,700
Cr Sales revenue $1,544,700
Dr Cost of goods sold$1,318,300
Cr Inventory $1,318,300
fDr Allowance for doubtful accounts$27,000
Cr Account receivable $27,000
Dr Cash$1,194,200
Cr Account receivable $1,194,200
h Dr Bad debt expense$33,147
Cr Allowance for doubtful accounts $33,147
Explanation:
Preparation of the journal entries to record Liang's 2016 and 2017 summarized transactions and its year-end adjustments to record bad debts expense
2016
a.Dr Account receivable$1,353,000
Cr Sales revenue $1,353,000
Dr Cost of goods sold$979,100
Cr Inventory $979,100
bDr Allowance for doubtful accounts$20,900
Cr Account receivable $20,900
cDr Cash$669,200
Cr Account receivable $669,200
d Dr Bad debt expense $33,495
Cr Allowance for doubtful accounts $33,495
($1,353,000-$669,200-$20,900=$662,900)
($662,900*1.90%+$20,900)
($12,595+$20,900=$33,495)
2017
eDr Account receivable$1,544,700
Cr Sales revenue $1,544,700
Dr Cost of goods sold$1,318,300
Cr Inventory $1,318,300
fDr Allowance for doubtful accounts$27,000
Cr Account receivable $27,000
Dr Cash$1,194,200
Cr Account receivable $1,194,200
h Dr Bad debt expense$33,147
Cr Allowance for doubtful accounts $33,147
($1,544,700+$662,900-$1,194,200-$27,000=$986,400)
($986,400*1.90%=$18,742)
($18,742+$27,000-$12,595=$33,147)