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Determine the amount of the adjusting entry

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Reference no: EM13511959

At the end of the current year, the accounts receivable account has a debit balance of $650,000, and net sales for the year total $5,500,000.

Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions:

a. The allowance account before adjustment has a credit balance of $3,175. Bad debt expense is estimated at 1/4 of 1% of net sales.

b. The allowance account before adjustment has a credit balance of $4,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $17,500.

c. The allowance account before adjustment has a debit balance of $8,100. Bad debt expense is estimated at 1/2 of 1% of net sales.

d. The allowance account before adjustment has a debit balance of $8,100. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $24,650.

Reference no: EM13511959

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