Gross billing for merchandise

ACCO 301 Assignment WK 4 E7-7B (L.03) Reconding Bad Debts) Rodriguez Company reports the following financial information before adjustments. Debits Credits s 500 Accounts Receivable Allowance for Doubtful Accounts Sales (all on credit) Sales Returns and Allowances 12,500 the journal entry to recod Bad Debt Expense assuming Rodriguez Company estimates bad debts at (a) 3% of net sales and (b) 8% of accounts receivable. E7-11B (Lo3) (Bad Debts-Aging) Jambo Co. includes the following account among its trade receivables for Singh Co. Singh Co. 1/1 Balance frwand 1/20 Invoice #1710 3/14 Invoice #2116 4/12 1.40011/28 2,2004/2 Cash (#1710) 2,200 2,750 Involce 82412 Invoice #3614 2250 4/10 Cash (l/1 Balance) 310 3,420 4/30 Cash (2412) Cash (#3614 and 9/20 10/17Invoice #4912 11/18 Inveice 15681 12/20Invoice 86347 1,720 4,000 10/31 1,600 12/1 part of 2412) Cash (4912) Cash (#5681) Cash (86347) 1,580 1,720 2,500 1,600 12/29 Age the balance and specify any items that apparently require particular attention at year-end. P7-3B (L05) (Bad-Debt Reporting-Aging) any year-end adjustments, SLC Corporation operates in an industry that has a high rate of bad debts. Befone the balance in SLC's Accounts Receivable account was $850,000 and the Allowance for Doubtful had a debit balance of $12,000. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below Probability of Collection 0.98 0.92 Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days 175,000 0.75 0.45 0.00 40,000 a) What is the appropriate balance for Allowance for Doubtful Accounts at year-end? Ob) b) Prepare the journal entry for the year-end adjustment to the Allowance for Doubtful Accounts balance as of December 31, 2017