Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

All parts please and thank you! Rogala Foods Incorporated was formed in 2015 with the merger of Grouch Mayor Companies and Miller Foods Corporation. The

All parts please and thank you!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Rogala Foods Incorporated was formed in 2015 with the merger of Grouch Mayor Companies and Miller Foods Corporation. The company reported the following rounded amounts for the year ended December 29, 2018 (all amounts in milions): Debits Credit Accounts Receivable $ 1,130 Allowance for Doubtful Accounts 333 Sales (assute all on credit) 18,400 Required: 1. Assume Rogala Foods uses 1/4 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. 2. Assume instead Rogala Foods uses the aging of accounts receivable method and estimates that $81 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Bad Debt Expense. 3. Assume instead Rogala Foods's uses the aging of accounts receivable method and estimates that $81 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Bad Debt Expense assuming Rogala Foods's unadjusted balance in Allowance for Doubtful Accounts at December 29, 2018, was a debit balance of 521 4. If one of Rogala Foods's customers declared bankruptcy, what journal entry would be used to write off its $10 balance? Complete this question by entering your answers in the tabs below. Required: Required 2 Required Required Check Assume Rogala Foods uses 1/4 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. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account feld. Enter your answers in millions (.e., 10,000,000 should be entered as 10). Round your answers to the nearest whole number.) Show less View transaction ist Journal entry worksheet Record the entry for bad debt expenses under the aging of accounts receivable method Note: Enter that before credits General Journal Debit Credit Date December 29 2018 Check my w Assume instead Rogala Foods's uses the aging of accounts receivable method and estimates that 581 of its Accounts Receivable wil be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Sad Debt Expense assuming Rogala Foods's unadjusted balance in Allowance for Doubtful Accounts at December 29, 2018, was a debit balance of 521. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account held. Enter your answers in millions 10,000,000 should be entered as 10).) Show Vww transactions Journal entry worksheet Record the write-off of a certain customer account totaling $10 which is not collectible due to bankruptcy declared by the customer N Enter det before credits General Journal Debit Credit Transaction 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

=+50. Now deduce Theorem 3.3 from part (a).

Answered: 1 week ago