Question
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Number of Days Unpaid Total Accounts Receivable Historical
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Number of Days Unpaid Total Accounts Receivable Historical % Uncollectible Not yet due $126,700 4% 1-30 days past due $89,400 11% 31-60 days past due $53,800 17% Over 60 days past due $32,000 37% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,007 on July 31, 2016. Prepare the required adjusting entry to record Bad Debt Expense for the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Step 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