Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please kindly do D) only. Thank you, and I have attempted to do it Take me to the taxi Whitney Fabricators uses the balance sheet
please kindly do D) only. Thank you, and I have attempted to do it
Take me to the taxi Whitney Fabricators uses the balance sheet approach ta estimate uncallectible receivables. The aging of receivables on December 31, 2020 is shown in parta). Required al Calculate the required allowance for doubtful accounts. Do not enter dollar sans or commas in the input hoxes Round all answers to the nearest whole number Aging Category Bad Debt % Balance Required Allowance Under 30 days 2.0% $214.000 $4220 31-60 days 6.05 $57,000 $ 3420 61-90 days $13,000 $ 3900 More than 90 days 450% $5,000 $2250 Total $289,000 $ 13850 h) Prepare the journal entry on December 31, 2020 to record bad debt axpense assuming the allowance account has a $2,500 credit balance Date Account Title and Explanation Debit Credit Dec 21 Bad Debt Expense 11350 Allowance for Doubtful Accounts: 11350 To record estimated bad debt for the year c) Prepara tha journal entry on December 31, 2020 ta record bad debt expense assuming the allowance account has a $20,000 credit balance Date Account Title and Explanation Debit Credit Dec 21 Allowance for Daubtlul Accounts 6150 Bad Debt Expanse 8150 To record estimated bad debt for the year d) Prepare the journal entry on December 21, 2020 to record bad debt expense assuming the allowance account has a $2,200 debit balance Date Account Title and Explanation Debit Credit Dec 21 Bad Debt Expense . 300 x 300 Allowance for Doubtful Accounts: To record estimated bad debt for the yearStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started