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【正文】 an record? Sales to Businesses on Account G E N E R A L J O U R N A L Pa g e 3 4D a t e D e s c r i p t i o n D e b i t C r e d i tJ a n . 20Copyright 169。 2021 McGrawHill Ryerson . 717 G E N E R A L J O U R N A L Pa g e 3 4D a t e D e s c r i p t i o n D e b i t C r e d i tJ a n . 20 C a s h 1 , 0 0 0A c c o u n t s R e c e i v a b l e 1 , 0 0 0Since the customer paid after the discount period, a sales discount is not granted. Sales to Businesses on Account If the customer remits the appropriate amount on January 20 instead of January 14, what entry would Gildan record? Copyright 169。 2021 McGrawHill Ryerson . 718 Sales Returns and Allowances Debited for damaged merchandise. Debited for returned merchandise. Contra revenue account. Copyright 169。 2021 McGrawHill Ryerson . 719 Sales Returns and Allowances On July 8, The TShirt Store returns $500 of shirts originally purchased on account from Gildan. Prepare the required journal entry. G E N E R A L J O U R N A L Pa g e 4 0D a t e D e s c r i p t i o n D e b i t C r e d i tJ u l y 8Copyright 169。 2021 McGrawHill Ryerson . 720 Sales Returns and Allowances On July 8, The TShirt Store returns $500 of shirts originally purchased on account from Gildan. Prepare the required journal entry. G E N E R A L J O U R N A L Pa g e 4 0D a t e D e s c r i p t i o n D e b i t C r e d i tJ u l y 8 Sa l e s R e tu r n s a n d A l l o w a n c e s 500A c c o u n ts R e c e i v a b l e 500Copyright 169。 2021 McGrawHill Ryerson . 721 Gross Profit Percentage In 2021, Gildan reported gross profit of $154,671,718 on sales of $533,367,537. Gross Profit Percentage Gross Profit Net Sales = All other things equal, a higher gross profit results in higher ine. Copyright 169。 2021 McGrawHill Ryerson . 722 Gross Profit Percentage G i l da n R us s e l l A nv i l2 9 . 0 % 2 8 . 0 % 2 5 . 0 %2 0 0 4 G r os s P r of i t C om pa r i s on sGross Profit Percentage $154,671,718 $533,367,537 = = % Gross Profit Percentage Gross Profit Net Sales = All other things equal, a higher gross profit results in higher ine. Copyright 169。 2021 McGrawHill Ryerson . 723 Measuring and Reporting Receivables Amounts owed by other panies or persons for cash, goods, or services. Open accounts owed to the business by trade customers. Accounts Receivable Copyright 169。 2021 McGrawHill Ryerson . 724 $1,200 Montreal, Quebec January 5, 2021 Sixty days after date I promise to pay to the order of First Canadian Bank One thousand two hundred Dollars Payable at First City Bank Value received with interest at per annum No. Due Gildan Activewear 10242 March 6, 2021 12% Pat Rogers Measuring and Reporting Receivables Due Date Maker Interest Rate Principal Term Payee Copyright 169。 2021 McGrawHill Ryerson . 725 Accounting for Bad Debts Bad debts result from credit customers who will not pay the business the amount they owe, regardless of collection efforts. Copyright 169。 2021 McGrawHill Ryerson . 726 Accounting for Bad Debts Matching Principle Bad Debt Expense Sales Revenue Record in same accounting period. Copyright 169。 2021 McGrawHill Ryerson . 727 Accounting for Bad Debts Most businesses record an estimate of the bad debt expense by an adjusting entry at the end of the accounting period. Copyright 169。 2021 McGrawHill Ryerson . 728 Recording Bad Debt Expense Estimates Assume Gildan estimated bad debt expense for 2021 to be $2,383,000. Prepare the adjusting entry. G E N E R A L J O U R N A L P a g e 7 8D a t e D e s c r i pt i on D e bi t C r e di tD e c . 31Copyright 169。 2021 McGrawHill Ryerson . 729 G E N E R A L J O U R N A L P a g e 7 8D a t e D e s c r i pt i on D e bi t C r e di tD e c . 31 B a d D e bt E x pe ns e 2 , 3 8 3 , 0 0 0A l l ow a nc e f or D ou bt f ul A c c ou nt s 2 , 3 8 3 , 0 0 0Recording Bad Debt Expense Estimates Bad Debt Expense is normally classified as a selling expense and is closed at yearend. Assume Gildan estimated bad debt expense for 2021 to be $2,383,000. Prepare the adjusting entry. Contraasset account Copyright 169。 2021 McGrawHill Ryerson . 730 Allowance for Doubtful Accounts A cc o u n t s r ec ei va b l eL es s: A l l o w an ce f o r d o u b t f u l ac co u n t sN et r ea l i z ab l e va l u e o f ac co u n t s r ec ei va b l eAmount the business expects to collect. Balance Sheet Disclosure Copyright 169。 2021 McGrawHill Ryerson . 731 Writing Off Uncollectible Accounts When it is clear that a specific customer’s account receivable will be uncollectible, the amount should be
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