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Prepare the journal entries to estimate bad debt expense

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Reference no: EM132600700

Question 1: Prepare the journal entries to estimate bad debt expense for the following independent situations

  1. The Allowance for Uncollectible Accounts has a $700 credit balance prior to adjustment. Net credit sales during the year are $425,000 and 4% are estimated to be uncollectible.
  2. The Allowance for Uncollectible Accounts has a $400 debit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, $11,800 of accounts receivable are estimated to be uncollectible.
  3. The Allowance for Uncollectible Accounts has a $900 credit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, $14,500 of accounts receivable are estimated to be uncollectible.

Reference no: EM132600700

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