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I have a quiz that is due in about 12 hours. Before offering me a handshake, please review the attachment and be sure that it is something that you know how to do.
Sheet1
| I | |
| The following information pertains to Mountain High Campers. | |
| A. Mountain High Campers estimates bad debt expense at 3/5% of credit sales. The company | |
| reported accounts receivable and allowance for uncollectible accounts balances of 486,000 | |
| and 220 (cr) respectively, at Dec. 31, 2012. During 2013, Mountain High’s credit sales and | |
| collections were 415,000 and 519,000 respectively, and 3,200 in bad accounts were written off. | |
| 1. Prepare the adjusting entry to record bad debt expense for 2013 (show supporting calculations | |
| or use T accounts to support your answer). | |
| 2. Mountain High’s accounts receivable at December 31, 2013, are________________. | |
| 3. Mountain High’s adjusted allowance for uncollectible accounts at December 31, 2013, | |
| is_________. | |
| 4. How would the amount in A1 differ if the allowance account had an ending balance on | |
| December 31, 2012, of 120 (dr). | |
| B. Mountain High estimates bad debts on an analysis of receivables. An aging schedule | |
| estimates bad debts to be 3000. Using the relevant data from Part A, answer the same 4 | |
| questions. | |
| C. Prepare a summary journal entry (all bad accounts written off in a single entry) if Mountain | |
| High had used the direct write-off method of accounting for uncollectible accounts. | |
