Question 1

PA8-1 Recording Accounts Receivable Transactions Using the Aging Method [LO 8-2) Rogala Foods Inc. was formed in 2015 with the merger of Grouch Mayer and Tashamo Corporation. The company reported the following rounded amounts for the year ended January 3, 2016 (all amounts in millions Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) Debits $1,140 Credits $ 28 18,500 Required: 1. Assume Rogala uses 3/4 of 1 percent of sales to estimate its Bod Debt Expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt Expense has been recorded yet 2. Assume instead Rogala uses the aging of accounts receivable method and estimates that $02 or its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at January 3, 2016. for recording Bad Debt Expense 3. Assume instead that Rogala's uses the aging of accounts receivable method and estimates that $82 of its Accounts Receivable will be uncollectible. Prepare the year-end adjusting journal entry for recording Bad Debt Expense assuming Rogala's unadjusted balance in Allowance for Doubtful Accounts at January 3, 2016 was a debit balance of $22 4. If one of Rogala's customers declared bankruptcy, what journal entry would be used to write off its $20 balance? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume Rogala uses 3/4 of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt Expense has been recorded yet. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in millions (e. 10,000,000 should be entered as 10). Round your answers to the nearest whole number.) Show less View transaction list Journal entry worksheet Record the entry for bad debt expenses under the percentage of credit sales method. Notai Enter debits before credits. General Journal Debit Credit Date January 03, 2016 Record entry Clear entry View general Journal Required Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume instead Rogala uses the aging of accounts receivable method and estimates that $82 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at January 3, 2016, for recording Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in millions (.e., 10,000,000 should be entered as 10). Round your answers to the nearest whole number.) Show less View transaction list Journal entry worksheet Record the entry for bad debt expenses under the aging of accounts receivable method. Note Enter debts before credit General Journal Debit Credit Date January 03 2016 Record entry Clear entry View general journal in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume instead that Rogala's uses the aging of accounts receivable method and estimates that $82 of its Accounts Receivable will be uncollectible. Prepare the year-end adjusting journal entry for recording Bad Debt Expense assuming Rogala's unadjusted balance in Allowance for Doubtful Accounts at January 3, 2016 was a debit balance of $22. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Show less View transaction list Journal entry worksheet 1 Record the adjusting entry for bad debts as of January 3, 2016 using the aging of accounts receivable method. Notar inter debit before credits General Journal Debit Credit Date January 03, 2016 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 If one of Rogala's customers declared bankruptcy, what journal entry would be used to write off its $20 balance? (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet