Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Days Unpaid Not yet due 1-30
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Days Unpaid Not yet due 1-30 days past due 31-60 days past due Over 60 days past due Total Accounts Receivable $127,200 89,900 54,300 32,500 Historical % Uncollectible 5% 10% 16% 37% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,157 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Inc. writes off $3,151 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record 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 C The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,157 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Complete this question by entering your answers in the tabs below. Required A Required B Required C The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,157 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. Note: Enter debits before credits General Journal Credit Date July 31, 2019 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Required C Johnston Supplies, Inc. writes off $3,151 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. Date General Journal Debit Credit August 15, 2019 Record entry Clear entry View general journal 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 C 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
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