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Problem 14 Sear, Roebuck & Co. Allowance for Doubtful Accounts




Question;Problem 14 15 points;Sear, Roebuck & Co.;estimated it would loose as bad debts an amount equal to one half;of 1% of it?s $450,000 credit;sales made for the 2012. On December;31, 2012, at the end;of the annual accounting;period, Sears, Roebuck & Co. made an entry to it?s Allowance for;Doubtful Accounts equal to;the estimate. Prior to this entry the;Allowance for Doubtful;Accounts had a debit balance;of $600. On April 1, 2013, Sears;Roebuck & Co. decided;the $340 account of Ron;Koplen was uncollectible and wrote it of as a bad debt. Two;months later, on June 1, Ron Koplen;paid in full Sear, Roebuck & Co.;Give the entries;required by Sears for the;following transactions;A);December 31,2012;B);April 1, 2013;C);June 1, 2013;D);What is the balance;in the Allowance for Doubtful Accounts as of January 1, 2013?


Paper#37561 | Written in 18-Jul-2015

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