ACC 205 Week 2 Exercise 9 Direct write-off and allowance methods matching approach
Direct write-off and allowance methods: matching approach. The December 31, 20X2, year-end trial balance of Targa Company revealed the following account information:
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Write My Essay For MeDebits | Credits |
Accounts Receivable | $252,000 |
Allowance for Uncollectible Accounts | $ 3,000 |
Sales | 855,000 |
Instructions
- Determine the adjusting entry for bad debts under each of the following conditions:
(1) An aging schedule indicates that $12,420 of accounts receivable will be uncollectible.
(2) Uncollectible accounts are estimated at 2% of net sales.
- On January 19, 20X3, Targa learned that House Company, a customer, had declared bankruptcy. Present the proper entry to write off House’s $950 balance using the allowance method.
- Repeat the requirement in part (b), using the direct write-off method.
- In light of the House bankruptcy, examine the allowance and direct write-off methods in terms of their ability to properly match revenues and expenses.
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