Exercise 8-4
The ledger of Concord Corporation at the end of the current year shows Accounts Receivable $75,800; Credit Sales $818,100; and Sales Returns and Allowances $39,600.
(a)If Concord Corporation uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Concord Corporation determines that Matisse’s $812 balance is uncollectible.(b)If Allowance for Doubtful Accounts has a credit balance of $1,060 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable.(c)If Allowance for Doubtful Accounts has a debit balance of $530 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 7% of accounts receivable.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
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