Delectable, Inc.'s unadjusted trial balance includes Accounts Receivable of $10,000; Allowance for Doubtful Accounts of $50 credit balance; and Sales Revenue of $100,000 (all on credit). Management estimates that 2% of credit sales will be uncollectible. Delectable's financial statements will show ______. (Check all that apply.)

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21-10-2021
Business

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Delectable, Inc.'s unadjusted trial balance includes Accounts Receivable of $10,000; Allowance for Doubtful Accounts of $50 credit balance; and Sales Revenue of $100,000 (all on credit). Management estimates that 2% of credit sales will be uncollectible. Delectable's financial statements will show ______. (Check all that apply.)

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Tundexi Tundexi · Answer 1 · 2021-10-27T12:46:33+02:00

Delectable's financial statements will show Allowance for Doubtful Accounts of $1,000 on balance sheet and Bad debts expense of $950 on Income statement

Here, we are to determine the records of bad debts expenses on Income statement and Allowance for doubtful accounts on Balance sheet.

Bad debts expense = Estimated bad debts - credit balance in allowance account

Bad debts expense = $1,000 - $50

Bad debts expense = $950

Journal Entry

General journal Debit Credit

Bad debts expense $950

Allowance for Doubtful accounts $950

(Bad debts expense recorded)

The allowance for doubtful account will be $1,000. ($950+$10) because the Allowance for Doubtful Accounts had $50 credit balance.

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