Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 8-220 (LO 8-2] The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Daye Unpaid

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Problem 8-220 (LO 8-2] The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Daye Unpaid Not yet due 1-30 days past due 31-60 days past due Over 60 days past due Total Accounts Receivable $127,300 90,000 54,400 32,600 Historicals Uncollectible 26 120 180 340 Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Inc. writes off $3,161 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to recon the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019. Complete this question by entering your answers in the tabs below. Required A Required B Required The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. View transaction ist Complete this question by entering your answers in the tabs below. Required A Required Required The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. View transaction list Journal entry worksheet Record the adjusting entry to record bad debt expense for the year July 31, 2019 Notel Enter debts before credits General Journal Debil Credil Date July 31, 2010 Record only Clear entry View general Journal Complete the Required A Required Required C Johnston Supplies, Inc. writes off $3,161 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. View transaction list Journal entry worksheet 1 Record the required adjusting entry to record the write-off on August 15, 2019. Note: Enter debits before credits Dobit Credit General Journal Date August 15 2019 View general Journal Record entry Clear entry Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Inc. writes off $3,161 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-oft c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019. Complete this question by entering your answers in the tabs below. Required A Required B Required Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019 Allowance for Doubtful Accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions