Below is Completed Problem 32

Conroe Company, uses the Aging of Accounts Receivable Method to calculate their accrual of Bad Debt Expense Using the data below, calculate the amount of Bad Debt Expense Adjustment needed. Use the bad debt information from problem 32. Prepare the necessary journal entries to record these transactions debit/credit) A/R Aging - Days Outstanding 31-60 61-90 Month of January 2016 Total A/R Open Begin: Allow. Bad Debt for Bad Debt Write-Off Bad Debt Expense End: Allow. for Bad Debt 0-30 Over 90 150,000 94,000 2% 35,000 5% 15,000 10% 6,000 20% A/R Balance Rate Allow. For Doubtful Acc 1,880 1,750 1,500 1,200 6,330 (5,000) 5,000 1,330 Month of February 2016 Total A/R Open A/R Aging - Days Outstanding 31-60 61-90 Begin: Allow. Bad Debt for Bad Debt Write-Off 0-30 Bad Debt Expense End: Allow. for Bad Debt Over 90 185,000 130,000 2% 35,000 5% 15,000 10% 5,000 20% A/R Balance Rate Allow. For Doubtful Acc 2,600 1,750 1,500 1,000 6,850 6,400 450 Show the journal entries needed to record the information. january 1,330 1,330 bad debt expense allowance for doubtful accounts bad debt expense allowance for doubtful accounts february 450 450 Slack Inc. loaned $320,000 on March 1, 2018. The note requires interest at 6% and principal to be paid in one year. How much interest is recognized for the period from April 1 to December 31? Prepare journal entries to: 1 Record the Note on March 1, 2018 2 Accrue the Interest through December 31 3 Record the repayment of the note on March 1, 2019. Mar-18 320,000 Cash Note Payable (Short Term) (Issue of Note) 320,000 31-Dec 14,400 Interest Expense Interest Accrued (Recording of Interest Expense for Apr to Dec) 14.400 Mar-19 320,000 19,200 Note Payable (Short Term) Interest Accrued Cash (Repayment of Note Payable) 339,200