Allowance for bad debts

Allowance for bad debts

Question:

  1. Do you anticipate any significant collection problems? Why does the allowance for bad debts
    have a debit balance? 

         Early in the year we wrote off $65,000 of receivables. Nick, Ray, and I agreed we would 
    lose another $30,000 from the open accounts as of December 31, 20X4. That's reflected in 
    the listing of S&A costs. The allowance for bad debts was just a "squeeze." 


    b. Were shop supplies inventoried on December 31? Did you adjust the financials to the ending 
    count? 

    Shop supplies were inventoried on December 31 and their costs were computed from the 
    latest invoices. The account was adjusted to the count. 

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