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The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019 Total Accounts Historical Uncollectible Number of Days Unpaicd
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019 Total Accounts Historical Uncollectible Number of Days Unpaicd Receivable Not yet due 1-30 days past due 31-60 days past due Over 60 days past due $128,400 91,100 55,500 33,700 5% 10% 16% 33% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,517 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Inc. writes off $3,271 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
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