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    Cfas Sa1

    Uploaded by

    Nichole Joy XielSera Tan
    SA

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Cfas Sa1

    Uploaded by

    Nichole Joy XielSera Tan
    3 views4 pages
    SA

    Original Title

    CFAS SA1

    Copyright

    © © All Rights Reserved

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    SA

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    3 views4 pages

    Cfas Sa1

    Uploaded by

    Nichole Joy XielSera Tan
    SA

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    15 Net credit sales 900,000.

    00
    Multiply by: Uncollectible Accounts 2%
    TOTAL 18,000.00
    Add: Allowance for doubtful accounts 1,000.00
    TOTAL 19,000.00

    16 Accounts Receivable 105,000.00


    Less: Uncollectible Account 192,000.00
    BAD DEBTS EXPENSE (87,000.00)

    17 Sales on account 1,400,000.00


    Less: Sales Returns and Allowances 50,000.00
    NET SALES 1,350,000.00
    Multiply by: Estimated Bad Debts 2%
    TOTAL 27,000.00

    Adjusting Entry

    Doubtful Accounts 27,000.00


    Allowance for Doubtful Accounts

    18 Accounts Receivable 500,000.00


    Add: Credit Sales 1,400,000.00
    TOTAL 1,900,000.00
    Less: Write-off accounts 35,000.00
    Sales Returns and Allowances 50,000.00
    Collections from customers 1,150,000.00
    TOTAL 665,000.00
    Multiply by: Encollectible Accounts 4%
    Require Allowance 26,600.00
    Add: Written off accounts (35,000 - 5, 000) 30,000.00
    Less: Allowance for bad debts (33,000.00)
    Increase in Allowance Expense 23,600.00

    Bad debts Expense 23,600.00


    Allowance for doubtful accounts

    19 Basis of solution of 17 which is the method of percentage of sales


    Answer on 17: 27,000.00

    Percentage of Sales (No 17) 27,000.00


    Percentage of Accounts Receivable (No 18) (23,600.00)
    Total difference between Sales & A/R 3,400.00

    20
    Current Accounts 120,000.00
    1-30 days past due 12,000.00
    31-60 days past due 10,000.00
    31-90 days past 5,000.00
    Over 90 days past due 8,000.00
    Total Accounts Receivable 155,000.00

    Required Allowance 5,160.00


    Less: Allowance balance before adjustments (700.00)
    TOTAL 4,460.00

    Doubtful Allowance 4,460.00


    Allowance for doubtful accounts

    21 Required Allowance 5,160.00


    Add:Allowance balance before adjustmenst 500.00
    TOTAL 5,660.00

    22 Sales 550,000.00
    Multiply by: Rate of Bad debts 1%
    TOTAL 5,500.00
    27,000.00

    23,600.00
    Estimates 5 Uncollectible Req. Allowance
    1% 1,200.00
    3% 360.00
    6% 600.00
    12% 600.00
    30% 2,400.00
    5,160.00

    4,460.00

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