# PROBLEM 9-1A. (a) 1. Accounts Receivable... 3,700,000 Sales Revenue... 3,700,000

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1 PROBLEM 9-1A (a) 1. Accounts Receivable... 3,700,000 Sales Revenue... 3,700, Sales Returns and Allowances... 50,000 Accounts Receivable... 50, Cash... 2,810,000 Accounts Receivable... 2,810, ,000 Accounts Receivable... 90, Accounts Receivable... 29, ,000 Cash... 29,000 Accounts Receivable... 29,000 (b) Accounts Receivable Bal. 960,000 (1) 3,700,000 (5) 29,000 (2) 50,000 (3) 2,810,000 (4) 90,000 (5) 29,000 (4) 90,000 Bal. 80,000 (5) 29,000 Bal. 1,710,000 Bal. 19,000

2 PROBLEM 9-1A (Continued) (c) Balance before adjustment [see (b)]... \$ 19,000 Balance needed ,000 Adjustment required... \$ 96,000 The journal entry would therefore be as follows: Bad Debt Expense... 96, ,000 (d) \$3,700,000 \$50,000 (\$ 880,000+\$1, 595,000) 2 = \$3,650,000 \$ 1,237, 500 = 2.95 times

3 PROBLEM 9-2A (a) \$33,000. (b) \$50,000 (\$2,500,000 X 2%). (c) \$49,500 [(\$875,000 X 6%) \$3,000]. (d) \$55,500 [(\$875,000 X 6%) + \$3,000]. (e) The weakness of the direct write-off method is two-fold. First, it does not match expenses with revenues. Second, the accounts receivable are not stated at cash realizable value at the balance sheet date.

4 PROBLEM 9-3A (a) Dec. 31 Bad Debt Expense... 26,610 (\$38,610 \$12,000)... 26,610 (a) & (b) Bad Debt Expense 2014 Dec. 31 Adjusting 26,610 26, Dec Balance Adjusting 26,610 12,000 38, Mar. 31 May 31 1,000 1,000 37,610 38,610 (b) 2015 (1) Mar ,000 Accounts Receivable... 1,000 (2) May 31 Accounts Receivable... 1, , Cash... 1,000 Accounts Receivable... 1,000 (c) 2015 Dec. 31 Bad Debt Expense... 32,400 (\$31,600 + \$800)... 32,400

5 PROBLEM 9-4A (a) Total estimated bad debts Number of Days Outstanding Total Over 120 Accounts receivable \$200,000 \$77,000 \$46,000 \$39,000 \$23,000 \$15,000 % uncollectible 1% 4% 5% 8% 20% Estimated Bad debts \$ 9,400 \$ 770 \$ 1,840 \$ 1,950 \$ 1,840 \$ 3,000 (b) Bad Debt Expense... 17,400 [\$9,400 + \$8,000]... 17,400 (c)... 5,000 Accounts Receivable... 5,000 (d) Accounts Receivable... 5, ,000 Cash... 5,000 Accounts Receivable... 5,000 (e) If Rigney Inc. used 4% of total accounts receivable rather than aging the individual accounts the bad debt expense adjustment would be \$16,000 [(\$200,000 X 4%) + \$8,000]. The rest of the entries would be the same as they were when aging the accounts receivable. Aging the individual accounts rather than applying a percentage to the total accounts receivable should produce a more accurate allowance account and bad debts expense.

6 PROBLEM 9-5A (a) The allowance method. Since the balance in the allowance for doubtful accounts is given, they must be using this method because the account would not exist if they were using the direct write-off method. (b) (1) Dec. 31 Bad Debt Expense (\$11,750 \$1,000)... 10,750 Allowance for Doubtful Accounts... 10,750 (2) Dec. 31 Bad Debt Expense (\$970,000 X 1%)... 9,700 Allowance for Doubtful Accounts... 9,700 (c) (1) Dec. 31 Bad Debt Expense (\$11,750 + \$1,000)... 12,750 Allowance for Doubtful Accounts... 12,750 (2) Dec. 31 Bad Debt Expense... 9,700 Allowance for Doubtful Accounts... 9,700 (d)... 3,000 Accounts Receivable... 3,000 Note: The entry is the same whether the amount of bad debt expense at the end of 2014 was estimated using the percentage of receivables or the percentage of sales method. (e) Bad Debt Expense... 3,000 Accounts Receivable... 3,000 (f) is a contra-asset account. It is subtracted from the gross amount of accounts receivable so that accounts receivable is reported at its cash realizable value.

7 PROBLEM 9-6A (a) Oct. 7 Accounts Receivable... 6,900 Sales Revenue... 6,900 (b) Notes Receivable 12 Cash (\$900 \$27) Service Charge Expense (\$900 X 3%) Sales Revenue Accounts Receivable Cash... 12,160 Notes Receivable... 12,000 Interest Receivable (\$12,000 X 8% X 45/360) (\$12,000 X 8% X 15/360) Accounts Receivable Holt... 9,105 Notes Receivable... 9,000 Interest Receivable (\$9,000 X 7% X 36/360) (\$9,000 X 7% X 24/360) Interest Receivable (\$16,000 X 9% X 1/12) Oct. 1 Balance 37, ,000 9,000 25,000 16,000

8 PROBLEM 9-6A (Continued) Accounts Receivable Oct , ,105 6,900 7,360 16,465 Interest Receivable Oct. 1 Balance (c) Current assets Notes receivable... \$16,000 Accounts receivable... 16,465 Interest receivable Total receivables... \$32,585

9 PROBLEM 9-7A Jan. 5 Accounts Receivable Sheldon Company... 20,000 Sales Revenue... 20, Notes Receivable... 20,000 Accounts Receivable Sheldon Company... 20,000 Feb. 18 Notes Receivable... 8,000 Sales Revenue... 8,000 Apr. 20 Cash (\$20,000 + \$400)... 20,400 Notes Receivable... 20,000 (\$20,000 X 8% X 3/12) Cash (\$25,000 + \$ 750)... 25,750 Notes Receivable... 25,000 (\$25,000 X 9% X 4/12) May 25 Notes Receivable... 6,000 Accounts Receivable Potter Inc.... 6,000 Aug. 18 Cash (\$8,000 + \$360)... 8,360 Notes Receivable... 8,000 (\$8,000 X 9% X 6/12) Accounts Receivable Potter Inc. (\$6,000 + \$105)... 6,105 Notes Receivable... 6,000 (\$6,000 X 7% X 3/12) Sept. 1 Notes Receivable... 12,000 Sales Revenue... 12,000

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