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a. During the period, customer balances are written off in the amount of $17,000. b. At the end of the period, bad debt expenses is estimated to be $14,000. Do journal entries: \begin{tabular}{|l|l|l|l|} \hline a. & & & \\ \hline & & & \\ \hline b. & & & \\ \hline & & & \\ \hline \end{tabular} Adjustment Calculation Assume Simple Co. had credit sales of $250,000 and COGS of $150,000 for the period. Simple uses the % of credit sales method and estimates that 1/2 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance account has a credit balance of $250. What amount of Bad Debt Expense would the company record as an end-of-period adjustment? Answer: 1,250 250000.005 Some more journal entries At the start of 2015 , Accounts Receivable showed a $10,000 debit balance, and the Allowance account showed an $600 credit balance. Data during 2015 follow: a. Sales revenue for the year was $170,000 (85000 on account, the rest was cash) b. Collections on account were 68,000 c. On 12/10/15, a customer balance of $1500 from a prior year was written off. d. On 12/31/15, the adjustment was made to estimate bad debts at 2% of credit sales. Record journal entries for a-d: Calculate the balances in: \begin{tabular}{|l|l|r|r|} \hline a. & Cash & 85,000 & \\ \hline & Accounts Receivable & 85,000 & \\ \hline & Revenue & & 170,000 \\ \hline b. & & & \\ \hline & & & \\ \hline & & & \\ \hline c. & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{l|l} \hline \multicolumn{2}{c}{ Accounts Rec } \\ \hline & \\ \hline \end{tabular} What amount related to bad debt shows up on the income statement? Answer: Allowance What is the amount of "net" accounts receivable? Answer: