accounting
The following data about HARRY Company’s accounts related with credit sales are available for 2019.
“Net Sales” during 2019 (all on credit) 750.000 TL
“Accounts Receivables”, on 1.1.2019 45.000 TL
“Allowance For Uncollectible Accounts”, on 1.1.2019 10.000 TL (Credit)
Collection of accounts receivables during 2019 580.000 TL
Customer accounts written off as uncollectible during 2019 2.000 TL
Assuming that HARRY Company provides for doubtful accounts based on %4 of the credit sales.
Required:
a) Make the relating adjusting entry for Bad Debt Expense on December 31, 2019. b) Compute the net balance (net realizable value) of Accounts Receivable on December 31, 2019.
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Answer the questions relating to each of the five independent
situations as requested.
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Debit
Credit
Accounts receivable
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Allowance for doubtful accounts
$7,880
Net sales
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accounts receivable. Determine its bad debt expense for
2017.
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