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Posted: May 1st, 2024
What amount of Bad Debts Expense would Bouquet report on its September income statement under each of the two methods?
| Requirements | |||||||||
| 1. | Journalize all September entries using the allowance method. Bad debts expense was estimated at 2% of credit sales. Show all September activity in Accounts Receivable, Allowance for Bad Debts, and Bad Debts Expense (post to these T-accounts). | ||||||||
| 2. | Using the same facts, assume that Bouquet used the direct write-off method to account for uncollectible receivables. Journalize all September entries using the direct write-off method. Post to Accounts Receivable and Bad Debts Expense and show their balances at September 30, 2016. | ||||||||
| 3. | What amount of Bad Debts Expense would Bouquet report on its September income statement under each of the two methods? Which amount better matches expense with revenue? Give your reason. | ||||||||
| 4. | What amount of net accounts receivable would Bouquet report on its September 30, 2016, balance sheet under each of the two methods? Which amount is more realistic? Give your reason. | ||||||||
| Requirement 1 | |||||||||
| Date | Accounts and Explanation | Debit | Credit | ||||||
| Accounts Receivable | Allowance for Bad Debts | ||||||||
| Bad Debts Expense | |||||||||
| Requirement 2 | |||||||||
| Date | Accounts and Explanation | Debit | Credit | ||||||
| Accounts Receivable | Bad Debts Expense | ||||||||
| Requirement 3 | |||||||||
| Income Statement | Allowance Method | Direct Write- Off Method | |||||||
| Requirement 4 | |||||||||
| Balance Sheet | Allowance Method | Direct Write- Off Method | |||||||
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