Solved: Sales revenues are 800000 for 2012 sales returns and, Accounting Basics

+44 141 628 6080
[email protected]

Sales revenues are 800000 for 2012 sales returns and

Erik Co. elects to use the percentage-of-sales basis in 2012 to record bad debts expense. It estimates that 2% of net credit sales will become uncollectible. Sales revenues are $800,000 for 2012, sales returns and allowances are $45,000, and the allowance for doubtful accounts has a credit balance of $9,000. Prepare the adjusting entry to record bad debts expense in 2012.

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Sales revenues are 800000 for 2012 sales returns and

Reference No:- TGS0779570

Now Priced at $20 (50% Discount)

Recommended (98%)

Rated (4.3/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

Describe specific areas within implementation

Summarize in an opening paragraph how you did on the Implementation practice quiz. Describe if the score was what you expected it to be?

Adolescent presenting symptoms or a diagnosis of depression

Identify a real (i.e. field placement or work) or a hypothetical case study (i.e. from a book, peer-reviewed journal or the internet) of a child or and adolesce

Problem regarding bio-psychosocial assessment

Sam is a 42-year-old male of Chinese heritage, who is currently living with his 40-year-old wife, Debra. They have three very active children ages 10, 12, 14.

What is true about the theory of recency effect

Question: Which of the following is true about the theory of recency effect? Multiple choice question.

How you demonstrate active listening as rachel shares story

You are meeting with Rachel, a client you've been working with for two months. Rachel shows up to the session looking very agitated and squirms

What statements relates to access and equity

Question: Which of the following statements relates to 'access and equity'? Question options:

Review about nature and nurture

Read about Nature and Nurture in Chapter 1 (Infant and Child Development From Conception Through Late Childhood An Open Educational Resources

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Sales revenues are 800000 for 2012 sales returns and

Reference No:- TGS0779570

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Rearch has shown that earnings are manipulated downward

Q : A circular coil of wire of 200 turns and diameter 3 cm

Q : Journalize the following transactions in the accounts of

Q : A 1050 kg air-track glider is attached to each end of the

Q : Sales revenues are 800000 for 2012 sales returns and

Q : A visitor to a lighthouse wishes to determine the height of

Q : A business pays weekly salaries of 10000 on friday for the

Q : Explain how each of the major methods of sociological

Q : Gilmore uses the allowance procedure to record bad debt