Reference no: EM132646535
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $688,000 and sales for the year total $7,800,000.
a. The allowance account before adjustment has a debit balance of $9,300. Bad debt expense is estimated at 1/4 of 1% of sales.
b. The allowance account before adjustment has a debit balance of $9,300. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $29,800.
c. The allowance account before adjustment has a credit balance of $6,800. Bad debt expense is estimated at 3/4 of 1% of sales.
d. The allowance account before adjustment has a credit balance of $6,800. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $56,400.
Question 1: Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.
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