Mazle Supply Co uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $99,500, and it estimates that 4% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,692 credit balance before the adjustment. (b) a $498 debit balance before the adjustment. View transaction list Journal entry worksheet 1 2 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,692 credit balance before the adjustment. Note: Enter debits before credits Transaction General Journal Debit Credit Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet 1 Record the write off an account. Note Enter debit before credits General Journal Debit Credit Date Oct 01 Required information [The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31, Day Past Due Accounts receivable Percent uncollectible Total $660,000 0 $414,000 18 1 to 30 $108,000 28 31 to 60 $54,000 50 61 to 90 $36,000 70 Over 90 $48.000 10 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,400 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,900 debit. Complete this question by entering your answers in the tabs below. Req A Reg B and C Required information (The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31 Days Pant Due Total $650,000 Accounts receivable Percent uncollectible $414,000 10 1 to 30 $108,000 28 31 to 60 $54,000 58 61 to 90 $36,000 78 Over 90 $48,000 100 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $13,800 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2,800 debit. Complete this question by entering your answers in the tabs below. Req A Reg B and C
