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Bad Debt PowerPoint & Video
Create a 4-6 minute video of the PowerPoint that you create explaining the process of journalizing the problems in this module and the additional required summary. Review the rubric criteria for this assignment.
Upload your video to YouTube. Paste the link on a Word document and submit to the dropbox. Be sure to include a cover page.
Use Learning Materials and the Additional Resources of this module to assist you with the assignment.
In a PowerPoint, complete the following activities.
Journalize the adjusting entry on December 31, 2021, for Bad Debts Expense, which is estimated to be 5% of net credit sales. The income statement approach is used. The following information is given:
Sales Returns & Allowances
Allowance for Doubtful Accounts
The Flower Company, which uses an Allowance for Doubtful Accounts, had the following transactions in 2019, 2020, and 2021. Use the income statement approach under the allowance method.
Recorded Bad Debts Expense of $15,500
Wrote off Marsha Smith account of $3,700 as uncollectible
Wrote off Melissa Rankin account of $5,200 as uncollectible.
Recovered $650 from Melissa Rankin.
Journalize the transactions above.
The Neptune Company had credit sales of $160,000 during 2021. The balance in Allowance of Doubtful Accounts is a $2,050 credit balance. Journalize the Bad Debts Expense for December 31 using each of the following methods:
Bad Debts Expense is estimated at 2% of credit sales.
The aging of Accounts Receivable
indicates that $1,600 will be required in the Allowance account to cover Bad Debts Expense.
Add a summary slide to the existing PowerPoint you have been working on describing
The difference between the direct and indirect methods of recording bad debt.
The method that is preferred amongst companies and why.
You will record a 4-6 minute video of your PowerPoint as you explain the process of the journalizing that you did and explain highlights of the summary that you wrote.
Length: 4-6 minute video, 5-7 slides; answers must thoroughly address the questions in a clear, concise manner
Title slide and reference slides in APA style. (at least 2 slides)
Journalizing: at least 3 slides
Summary: at least 2 slides
Additionally, because a good presentation has few words on the slides include a script with the verbiage you would say when presenting; script should be a minimum of 50 words per slide.
References: Use the appropriate APA style in-text citations and references for all resources utilized to answer the questions. Include at least three (3) scholarly sources to support your claims.