Che Case Study Assignment - Part 1 Important: Please watch this video "NonCh Bad Debt Espen Journal Entry Video Tip: This Ch video provides step by step instructions to complete this problem As of January 1, 2001, the balance sheet of Redwood Company has an Accounts Receivable balance of $500,000 and an unadjusted credit bulance in the Allowance Ser Doubtful Accounts of S100,000 1 Sales on account for $600.000 h. Sales returns and allowances for 575.000 Collections from customers for $450,000 4. Customer account balances written off for 585,000 Previously written off customer account balances for S40.000 were collected Prepare the adjusting journal entry to estimat bad debt of December 31, 2022 1. The company was the percentage of receivables method to estimate had dichten 2. Redwood Company estimates that uncollectable account balances are expected to be 30% of total accounts receivable as of December 31, 2021 - Prepare journal entries in proper format. Account Name Dchit Credit Sales on account for $600,000 h Account Name Dichi Credi Sales returns and allowances for $75,000 Ant Nam Collections from customs for $450,000 d. Account Nak Dybal Customer account balance written for 55.000 Account Nantes Debit Credi Previously written offcutomer account balances for $40.000 were collected 1 Account Name Dahil Prepare the adjusting journal entry to estimate bad debt as of December 31, 2021 1. The company uses the percentage of receivables method to estimate bad debt expense 2. Redwood Company estimates that uncollectible account balances are expected to be 30% of total accounts receivable as of December 31, 2021 2. Instructions for Posting (200 to 300 words Explain what the Allowance Method of accounting for Bad Delitsvalves 1. Provide two reasons for using the Allowance Method to account for ladh c. Explain how to compete interest for a $5.000 at 125. intcrct for 3 months Upload and attach your completed excel file to your posting Che Case Study Assignment - Part 1 Important: Please watch this video "NonCh Bad Debt Espen Journal Entry Video Tip: This Ch video provides step by step instructions to complete this problem As of January 1, 2001, the balance sheet of Redwood Company has an Accounts Receivable balance of $500,000 and an unadjusted credit bulance in the Allowance Ser Doubtful Accounts of S100,000 1 Sales on account for $600.000 h. Sales returns and allowances for 575.000 Collections from customers for $450,000 4. Customer account balances written off for 585,000 Previously written off customer account balances for S40.000 were collected Prepare the adjusting journal entry to estimat bad debt of December 31, 2022 1. The company was the percentage of receivables method to estimate had dichten 2. Redwood Company estimates that uncollectable account balances are expected to be 30% of total accounts receivable as of December 31, 2021 - Prepare journal entries in proper format. Account Name Dchit Credit Sales on account for $600,000 h Account Name Dichi Credi Sales returns and allowances for $75,000 Ant Nam Collections from customs for $450,000 d. Account Nak Dybal Customer account balance written for 55.000 Account Nantes Debit Credi Previously written offcutomer account balances for $40.000 were collected 1 Account Name Dahil Prepare the adjusting journal entry to estimate bad debt as of December 31, 2021 1. The company uses the percentage of receivables method to estimate bad debt expense 2. Redwood Company estimates that uncollectible account balances are expected to be 30% of total accounts receivable as of December 31, 2021 2. Instructions for Posting (200 to 300 words Explain what the Allowance Method of accounting for Bad Delitsvalves 1. Provide two reasons for using the Allowance Method to account for ladh c. Explain how to compete interest for a $5.000 at 125. intcrct for 3 months Upload and attach your completed excel file to your posting
