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can someone help me figure out the bad debt expense? Required information The following information applies to the questions displayed below.) On January 1. Year
can someone help me figure out the bad debt expense?
Required information The following information applies to the questions displayed below.) On January 1. Year 1, the general ledger of a company includes the following account balances: Account Debit Credit Cash $ 26,500 Accounts Receivable 14.900 Allowance for Uncollectible Accounta $ 1.450 Supplies 3,800 Notes Receivable (61, due in 2 years) 17,000 Land 80,200 Accounts Payable 10,250 Common Stock 97,000 Retained Earnings 33700 Totals $142,400 $142,400 During January Year 1, the following transactions occur January 2 Provide services to customers for cash, $40.100. January 6 Provide services to customers on account, $85,400. January 15 write oft accounts receivable as uncollectible, $3,100. January 20 Pay cash for salaries,532,700. January 22 Receive cash on accounts receivable, $83,000. January 25 Pay cash on accounts payable, $6,800. January 30 Pay cash for utilities during January, 515,000. a. The company estimates future uncollectible accounts. The company determines $4,200 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) b. Supplies at the end of January total $900. C Accrued interest revenue on notes receivable for January, Interest is expected to be received each December 31, d. Unpaid salaries at the end of January are $34,800. 2. Record adjusting entries on January 31 for the above transactions. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No Date Answer is complete but not entirely correct. General Journal Bad Debt Expense Allowance for Uncollectible Accounts Debit Credit 1 January 31 1,340 X 1,340 2 January 31 Supplies Expense Supplies 2,900 O 2.900 3 January 31 85 Interest Receivable Interest Revenue >> 85 4 January 31 Salaries Expense Salaries Payable 34,800 > 34,800 Step by Step Solution
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