During its first year of operations, Bridgeport Corp. had credit sales of $2,791,300, of which $394,900 remained uncollected at year-end. The credit manager estimates that $18,080 of these receivables will become uncollectible.
Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation |
Debit |
Credit |
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enter an account title |
enter a debit amount |
enter a credit amount |
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enter an account title |
enter a debit amount |
enter a credit amount |
eTextbook and Media
List of Accounts
Prepare the current assets section of the balance sheet for Bridgeport Corp., assuming that in addition to the receivables it has cash of $84,690, merchandise inventory of $168,600, and supplies of $12,510. (List current assets in order of liquidity)
Bridgeport Corp. |
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select an opening section name Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity |
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enter a balance sheet item |
$enter a dollar amount |
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enter a balance sheet item |
$enter a dollar amount |
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select between addition and deduction
AddLess: |
enter a dollar amount |
enter a subtotal of the two previous amounts |
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enter a balance sheet item |
enter a dollar amount |
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enter a balance sheet item |
enter a dollar amount |
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select a closing section name Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity |
$enter a total amount for this section |
eTextbook and Media
List of Accounts
Calculate the accounts receivable turnover. Assume that average net accounts receivable were $308,000. (Round answers to 1 decimal place, e.g. 12.5.)
Accounts receivable turnover ratio |
enter the accounts receivable turnover ratio in times rounded to 1 decimal place | times |
Journal entry: | ||||||
S.no. | Accounts title and explanations | Debit $ | Credit $ | |||
a. | Bad debts expense | 18080 | ||||
Allowance for doubtful accounts | 18080 | |||||
(for bad debts expense) | ||||||
Current assets: | ||||||
Cash | 84690 | |||||
Accounts receivable | 394900 | |||||
Less: Allowance for doubtful accounts | 18080 | 376820 | ||||
Merchandise inventory | 168600 | |||||
Supplies | 12510 | |||||
Total Current assets | 642620 | |||||
Accounts receivable Turnover: | ||||||
Credit sales | 2791300 | |||||
Divide: Average Accounts receivable | 308000 | |||||
Accounts receivable Turnover: | 9.06 | times |
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