The Klug Group provided the following analysis of its aged schedule of accounts receivable. (Click the icon to view the schedule of accounts receivable.) The allowance for uncollectible accounts had a credit balance of $260,400 at the beginning of the year During the year, the company wrote off bad debts of 10,850. Klug's not credit sales were $2,900,550. Requirements a. Prepare all journal entries required to record the bad debt provision for the current year b. Repeat part (a) assuming that the allowance for uncollectible accounts had a debit beginning balance of $23, 545 Requirement a. Prepare all journal entries required to record the bad debt provision for the current year, (Record debits first, then credits. Exclude explanations from any journal entries.) X Account Current Year Schedule of accounts receivable Percent Estimated Uncollectible 03 $ Ending Balance 300,000 620,000 122,000 178,500 63.000 Aging Category Current 1-30 days past due 31-60 days past due 61 90 days past due Over 90 days past due 12 25 70 90 Print Done The Gem Group provided the following analysis of its aged schedule of accounts receivable Cick the icon to view the schedule of accounts receivable) Gem's not credit sales were $2.000,100. As the following Click the loon to view the assumptions) Requirement Prepare the journal artries required to record the provision for bad debts for the current year (a) Prepare the journal entry to record the provision bad debts for the current year assuming Gemestimates its bad debit expense as ofending accounts receivable for purpose assume that there is a $24.000 credit balance in the allowance account before making any year-end adjustments to this account Round your answer to the nearest dollar acord de first then credits. Exclude explanations from any joumal entries) Account Current Year X Estimated uncollectible Percent Estimated Uncollectible 09 More info Aging Category Current 1.50 days stue 31-60 days out due 60 days stue Over 90 days pastor Ending Balance 3 390,000 $12.000 123.000 177.500 04.000 20 30 a Gem estimates its bad debt expenses 6% of ending accounts receivable For purposes of port (a) sume that more is a $24.000 credit balance in the allowance account before making any year and adjustments to this account b. Bem estimates its bad debt expense as 6% of ending accounts receivable For purposes of port (b), assume that there is a $24.000 debt balance in the alowance account before making any year-end adjustments to the account Print Done Print Done Clear al Check
