Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following summarizes the aglng of accounts recelvable for Johnston Supplles, Inc. as of July 31, 2019: Total Accounts Historical Receivable $127,900 90, 600 55,000
The following summarizes the aglng of accounts recelvable for Johnston Supplles, Inc. as of July 31, 2019: Total Accounts Historical Receivable $127,900 90, 600 55,000 33, 200 Number of Days Unpaid Uncollectible Not yet due 1-30 days past due 31-60 days past due Over 60 days past due 17% 33% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. Is a credit balance in the amount of $29,367 on July 31, 2019. Prepare the requlred adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Inc. writes off $3.221 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 C Required A Required B The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,367 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. Date General Journal Debit Credit July 31, 2019 Complete this question by entering your answers in the tabs below. Required A Required B Required C Johnston Supplies, Inc. writes off $3,221 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. View transaction list Journal entry worksheet Record the required adjusting entry to record the write-off on August 15, 2019. Note: Enter debits before credits. Debit Credit Date General Journal August 15, 2019 Recond entry View generalioumal Clearentry Prev 24 of 29 Next Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. Is a credit balance in the amount of $29,367 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Inc. writes off $3,221 of uncollectible accounts on August 15, 2019. Prepare the requlred 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 C Required B 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