I Ledger Assignment #$3$

Santana Rey, owner of Busine

ss Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions has total revenues of $$45,000$ during the first three months of $2022$ and that the Accounts Recelvable balance on March $31,2022,$ is $$21,867.$

Required:

$1$a$.$ Prepare the adjusting entry to record bad debts expense, which are estimated to be $1\%$ of total revenues on March $31,2022.$ There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March $31.$

$1$b$.$ Prepare the adjusting entry to record bad debts expense, which are estimated to be $2\%$ of accounts receivable on March $31,2022.$ There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March $31.$

$2.$ Assume that Business Solutions's Accounts Receivable balance at June $30,2022,$ is $$20,600$ and that one account of $$88$ has been written off against the Allowance for Doubtful Accounts since March $31,2022.$ If Rey uses the method in part $1$b$,$ what adjusting journal entry is made to recognize bad debts expense on June $30,2022?$

Complete this question by entering your answers in the tabs below.

Req $1$ A

Req $1$B

Req $2$

Prepare the adjusting entry to record bad debts expense, which are estimated to be $1\%$ of total revenues on M$$rch $31,2022.$ There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March $31.$

View transaction list

Journal entry worksheet

$1$

Record estimated bad debts.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$March $31,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

View general journalSantana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions has total revenues of $$45,000$ during the first three months of $2022$ and that the Accounts Receivable balance on March $31,2022,$ is $$21,867.$

Required:

$1$a$.$ Prepare the adjusting entry to record bad debts expense, which are estimated to be $1\%$ of total revenues on March $31,2022.$ There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March $31.$

$1$b$.$ Prepare the adjusting entry to record bad debts expense, which are estimated to be $2\%$ of accounts receivable on March $31,2022.$ There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March $31.$

$2.$ Assume that Business Solutions's Accounts Recelvable balance at June $30,2022,$ is $$20,600$ and that one account of $$88$ has been written off against the Allowance for Doubtful Accounts since March $31,2022.$ If Rey uses the method in part $1$b$,$ what adjusting journal entry is made to recognize bad debts expense on June $30,2022?$

Complete this question by entering your answers in the tabs below.

Req $1$ A

Req $1$ B

Req $2$

Prepare the adjusting entry to record bad debts expense, which are estimated to be $1\%$ of total revenues on March $31,2022.$ There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March $31.$

Journal entry worksheet

$1$

Record estimated bad debts.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$March $31,,,],[,,,],[,,,]]$

I Ledger Assignment #$3$

i

Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions has total revenues of $$45,000$ during the first three months of $2022$ and that the Accounts Recelvable balance on March $31,2022,$ is $$21,867.$

Required:

$1$a$.$ Prepare the adjusting entry to record bad debts expense, which are estimated to be $1\%$ of total revenues on March $31,2022.$ There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March $31.$

$1$b$.$ Prepare the adjusting entry to record bad debts expense, which are estimated to be $2\%$ of accounts receivable on March $31,2022.$ There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March $31.$

$2.$ Assume that Business Solutions's Accounts Receivable balance at June $30,2022,$ is $$20,600$ and that one account of $$88$ has been written off against the Allowance for Doubtful Accounts since March $31,2022.$ If Rey uses the method in part $1$b$,$ what adjusting journal entry is made to recognize bad debts expense on June $30,2022?$

Complete this question by entering your answers in the tabs below.

Req $1$ A

Req $1$B

Req $2$

Prepare the adjusting entry to record bad debts expense, which are estimated