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Recording Entries to Adjust the Allowance for Doubtful Accounts Steelcase, Inc.. reported the following amounts in its 2020 and 201910-K reports (years ended February 28.
Recording Entries to Adjust the Allowance for Doubtful Accounts Steelcase, Inc.. reported the following amounts in its 2020 and 201910-K reports (years ended February 28. 2020. and Februaryr 22. 2019]. (S millions} 2020 2019 From the income statement: Revenue $4468.4- $41318 From the balance sheet: Accounts receivable. net 446.9 468.4 Customer deposits 34.3 24 From the disclosure on allowance for doubtful accounts: Balance at beginning of period 10.4 13.3 Additions (reductions) charged to income 8.8 6.6 Adjustments or deductions {71.9} [9.5] Balance atend ofperiod 11.3 10.4 Note: Enter answers in $ millions. a. Prepare the journal entry to record accounts receivable written off as uncollectible in 2020. Account Debit Credit v V To record accounts receivable write offs. b. Prepare the entr}.r to record the provision for doubtful accounts (bad debts expense) for 2020. Account Debit Credit To record bad debts expense. c. What effect did these entries have on Steelcase's income for that year? Steelcase's report income : by $ million as a result of these entries
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