Presented below is an aging schedule for Wildhorse Co..

Customer Total Not yet due 1-30 31-60 61-90 over 90

Anders $21,800 $10,400 $11,400

Blake 42,000 42,000

Coulson 56,100 15,400 6,200 $34,500

Deleon 34,400 34,400

other 131,600 94,700 17,100 14,400 5,400

---------- --------- ---------- ---------- ----------- ----------

$285.900 152,100 33,700 25,800 34,500 39,800

Estimated percentage uncollectible 2% 5% 13% 24% 55%

--------- ------- ------ ----- ------- -----------

Total estimated bad debts $38,251 $3,042 1,685 3,354 8,280 21,890

At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,900.

Journalize and post the adjusting entry for bad debts at December 31.2020

bad Debt Expense

12/31/20 adj 25,351

12/31/20 bal 25,351

allowance for doubtful account

12/31/20 blank

12/31/20 25,351

12/31/20 38,251

12/31/20 blank

Journalize and post to the allowance account the following events and transactions in the year 2021.

1)On March 31, a $1,300customer balance originating in 2020 is judged uncollectible.

(2)On May 31, a check for $1,300is received from the customer whose account was written off as uncollectible on March 31.

bad debt expense

12/31/20 Adj 25,351

12/31/20 bal. 25,351

Allowance for debt doubtful accounts

12/31/20 bal 11,400

12/31/20 adj 25,351

12/31/20 bal 38,251

Journalize the adjusting entry for bad debts on December 31, 2021, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $860and the aging schedule indicates that total estimated bad debts will be $31,500.