Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer a&b!! also please write out answers I can not read typed ones! thank you Sandhill Company had a $840 credit balance in Allowance

please answer a&b!! also please write out answers I can not read typed ones! thank you
image text in transcribed
image text in transcribed
Sandhill Company had a $840 credit balance in Allowance for Doubtful Accounts at December 31, 2020, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible $144.000 1 % 24,000 3 % Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due 12,000 12,000 12 % Over 90 days past due 8.400 30 % Total Accounts Receivable $200,400 (a) Prepare the adjusting entry on December 31, 2020, to recognize bad debt expense. (Credit account titles are automatically Indented when the amount is entered, Do not indent manually. List all debit entry before credit entry) Account Titles and Explanation Debit Credit Bad Debt Expense Allowance for Doubtful Accounts (b) Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $600 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entry before credit entry) Account Titles and Explanation Debit Credit Bad Debt Expense Allowance for Doubtful Accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting For Decision Makers

Authors: Dr Peter Atrill, Eddie McLaney

6th Edition

0273731521, 9780273731528

More Books

Students also viewed these Accounting questions

Question

=+Define social listening and social monitoring

Answered: 1 week ago