An accounting assignment I need in three hours

Jul 2nd, 2014
Anonymous
Category:
Accounting
Price: $10 USD

Question description

A business started trading on 1 January 2001.  During the two years ended 31 December 2001 and 2002 the following debts were written off to the Bad Debts Account on the dates stated:

31 August 2001  W Best    £850

30 September 2001  S Avon   £1,400

28 February 2002  L J Friend  £1,800

31 August 2002  N Kelly       £600

30 November 2002  A Oliver  £2,500

On 31 December 2001 there had been a total of debtors remaining of £405,000.  It was decided to make a provision for doubtful debts of £5,500.

On 31 December 2002 there had been a total of debtors remaining of £473,000.  It was decided to make a provision for doubtful debts of  £6,000.

You are required to show:

  1. The Bad Debts Account and the Provision for Doubtful Debts Account for each of the two years.
  2. The relevant extracts from the Balance Sheet as at 31 December 2001 and 2002.

Tutor Answer

(Top Tutor) Studypool Tutor
School: University of Virginia

Studypool has helped 1,244,100 students

Review from student
Studypool Student
" Totally impressed with results!! :-) "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1822 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors