Question
Blossom Company had a $300 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for uncollectible accounts. An
Blossom Company had a $300 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following:
Estimated Percentage Uncollectible | ||||||
---|---|---|---|---|---|---|
Current Accounts | $130,000 | 1 | % | |||
130 days past due | 16,000 | 3 | % | |||
3160 days past due | 10,500 | 6 | % | |||
6190 days past due | 6,000 | 18 | % | |||
Over 90 days past due | 9,000 | 32 | % | |||
Total Accounts Receivable | $171,500 |
Prepare the adjusting entry on December 31, 2022, to recognize bad debts expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
Enter an account title for the adjusting entry | Enter a debit amount | Enter a credit amount |
Enter an account title for the adjusting entry | Enter a debit amount | Enter a credit amount |
Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $300 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
Enter an account title to record the adjustment of Allowances for Doubtful Accounts | Enter a debit amount | Enter a credit amount |
Enter an account title to record the adjustment of Allowances for Doubtful Accounts | Enter a debit amount | Enter a credit amount |
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