accounting 859

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Exercise 8-4

The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $87,000; Credit Sales $905,000; and Sales Returns and Allowances $52,400. 
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a)   If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)   If Allowance for Doubtful Accounts has a credit balance of $820 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 12% of accounts receivable.
(c)  

If Allowance for Doubtful Accounts has a debit balance of $520 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.

 

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No.
Account Titles and Explanation
Debit
Credit
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(b)
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(c)
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