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The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022: Number of Days Unpaid Not yet due 1
The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022: Number of Days Unpaid Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Total Accounts Receivable $ 128,400 91,100 55,500 33,700 Historical % Uncollectible 5% 10% 16% 33% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,517 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,271 of uncollectible accounts on August 15, 2022. 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, 2022. 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, Incorporated is a credit balance in the amount of $29,517 on July 31, 2022. 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.) View transaction list Journal entry worksheet 1 > Record the adjusting entry to record bad debt expense for the year July 31, 2022. Note: Enter debits before credits. Date General Journal Debit Credit July 31, 2022 Record entry Clear entry View general journal Record the entry to write-off uncollectible accounts. Note: Enter debits before credits. Date General Journal Debit Credit August 15, 2022 Record entry Clear entry View general journal Required A Required B Required C Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. Allowance for Doubtful Accounts Debit Credit Beginning Balance Ending Balance Required B Required c
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