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Make the required adjusting entry on

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Fontanaco uses the Allowance Method for recognizing bad debt expenses. At the end of its fiscal year (12-31-XX) there was a $150,000 credit balance in the Allowance For Bad Debts account. Fontanaco's credit department has prepared an aged accounts receivable and has estimated the $750,000 of its current accounts receivable will be uncollectible. In addition, it is estimated that 1% of Fontanaco's credit sales of $90,000,000 will be uncollectible.

Required:

Question 1: Make the required adjusting entry on 12/31/XX assuming:

a. The balance sheet method is used (aged accounts receivable).

b. The income statement method is used (historical % of credit sales)

Reference no: EM132557063

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