Accounting - Help 
Kraft Foods Inc. is the second-largest food company in the world. Assume the company recently reported the following amounts in its unadjusted trial balance as of December 31, 2011 (all amounts Debits Credits 3,500 unts receivable Allowance for doubtful accounts 194 35,000 Sales (assume a on credit Required: 1. Assume Kraft uses of 1 percent of sales to estimate its Bad debt expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad debt expense has been recorded yet. (Enter your answers in millions. Omit the "S" sign in your response General Journal Debit Credit Bad debt expense Allowance for doubtful accounts 2. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $304 of its Accounts Receivable will be uncollectable. Prepare the adjusting journal entry required at December 31, 2011, for recording bad debt expense. (Enter your answers in millions. Omit the "S" sign in your response.) Credit General Journal Debit Bad debt expense Allowance for doubtful accounts 3. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $304 of its Accounts Receivable will be collectable. Also, assume that the adjusted balance $25 n Kraft's Allowance for Doubtful Accounts at December 3 20 11 was a debit balance of Prepare the adjusting journal entry required at December 31, 2011. for recording bad debt expense. (Enter your answers in millions. Omit the "S" sign in your response General Journal Debit Credit Bad debt expense Allowance for doubtful accounts 4. If one of Kraft's main customers declared bankruptcy in 2012, what journal entry would be used to write off its $28 balance? (Enter your answers in millions. Omit the "S" sign in your response.) General Journal Debit Credit Allowance for doubtful accounts unts receivable Kraft Foods Inc. is the second-largest food company in the world. Assume the company recently reported the following amounts in its unadjusted trial balance as of December 31, 2011 (all amounts Debits Credits 3,500 unts receivable Allowance for doubtful accounts 194 35,000 Sales (assume a on credit Required: 1. Assume Kraft uses of 1 percent of sales to estimate its Bad debt expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad debt expense has been recorded yet. (Enter your answers in millions. Omit the "S" sign in your response General Journal Debit Credit Bad debt expense Allowance for doubtful accounts 2. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $304 of its Accounts Receivable will be uncollectable. Prepare the adjusting journal entry required at December 31, 2011, for recording bad debt expense. (Enter your answers in millions. Omit the "S" sign in your response.) Credit General Journal Debit Bad debt expense Allowance for doubtful accounts 3. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $304 of its Accounts Receivable will be collectable. Also, assume that the adjusted balance $25 n Kraft's Allowance for Doubtful Accounts at December 3 20 11 was a debit balance of Prepare the adjusting journal entry required at December 31, 2011. for recording bad debt expense. (Enter your answers in millions. Omit the "S" sign in your response General Journal Debit Credit Bad debt expense Allowance for doubtful accounts 4. If one of Kraft's main customers declared bankruptcy in 2012, what journal entry would be used to write off its $28 balance? (Enter your answers in millions. Omit the "S" sign in your response.) General Journal Debit Credit Allowance for doubtful accounts unts receivable
