ACC 3010 Project 2 Part 3

Review the aging of accounts receivable included with the project and the current balance in the Allowance Account to determine the adjustment needed for Bad Debts. Any journal entry necessary should be included with your adjusting journal entries. Prepare any necessary adjusting entries to reflect the inventory count at year end. Post adjusting entries to the worksheet and complete the Adjusted Trial Balance.

		Number of Days Outstanding
	Total	0-30	31-60	61-90	91-120	over 120
Accounts Receivable	$ 143,693	$129,324	$ 5,748	$ 2,874	$ 4,311	$ 1,437
% Uncollectible		0.015	0.05	0.07	0.08	0.15
Estimated Uncollectible	$ 2,989	1,940	287	201	345	216

KTZFIG Consulting & Sales and Sales Inc
PARTIALLY ADJUSTED TRIAL BALANCE
June 30 2019				Adjusting
		Part Adj T/B		& Bank Rec	JEs	Adusted TB
		DR	CR	DR	CR	DR	CR
Cash		$241,768
Accounts Receivable		146,800
Allowance for Uncollectible Accounts			$1,980
Supplies		64,789
Inventory		980
Prepaid Insurance		16,800
Land		61,400
Building		125,500
Accumulated Depr Building			5,670
Computer equipment		54,687
Accumulated Depr Comp Equip			1,750
Office Furniture		96,780
Accumulated Depr - Office Furniture			890
Accounts Payable			48,526
Interest Payable			3,200
Utilities Payable			8,952
Wages Payable			78,400
Long term Note Payable			90,000
Mortgage Payable			60,000
Common Stock			400,000
Retained Earnings			106,468
Dividends		6,000
Service Revenue			345,650
Tablet Sales Revenue			211,538
Cost of Goods Sold		154,760
Bad Debt Expense
Depreciation Expense Building		1,350
Depreciation Expense - Computer Equip		890
Depreciation Expense - Office Furn		650
Interest Expense		3560
Insurance Expense		38,950
Supplies expense		72,860
Bank fee (expense)
Utilities Expense		75,900
Wage Expense		198,600
Subtotals
Net Income
TOTALS		$1,363,024	$1,363,024