Using the following categories, indicate the effects of the following transactions. Indicate the accounts affected and the amounts. (Enter any decreases to account balances with a minus sign.)
a. During the period, customer balances are written off in the amount of $11,600.
b. At the end of the period, bad debt expense is estimated to be $9,600.

Question

05-04-2021
Business

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Using the following categories, indicate the effects of the following transactions. Indicate the accounts affected and the amounts. (Enter any decreases to account balances with a minus sign.)
a. During the period, customer balances are written off in the amount of $11,600.
b. At the end of the period, bad debt expense is estimated to be $9,600.

Sagot :

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Amcoolidn Amcoolidn · Answer 1 · 2021-04-08T20:59:48-04:00

Answer:

Note: See the attached excel for the Indication of the effects of the two transactions.

Explanation:

From the attached excel file, we have:

a. During the period, customer balances are written off in the amount of $11,600.

Assets increase as the Allowance for doubtful accounts increases by $11,600; but Assets also decreases at the same as Accounts receivable decreases by $11,600.

b. At the end of the period, bad debt expense is estimated to be $9,600.

Assets decrease as the Allowance for doubtful accounts decreases by $9,600; and Stockholders' Equity also decreases as Bad debt expense increases by $9,600.

Sagot :

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