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The trial balance before adjustment of Marin Inc. shows the following balances: Dr. $104,000 1,995 Accounts receivable Allowance for doubtful accounts Sales revenue (all on
The trial balance before adjustment of Marin Inc. shows the following balances: Dr. $104,000 1,995 Accounts receivable Allowance for doubtful accounts Sales revenue (all on credit) Sales returns and allowances $652,000 28,400 Give the entry for bad debt expense for the current year assuming the allowance should be 4% of gross accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Give the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivable aging, the following percentages will not be collected: (Credit account titles are automatically indented when amount is entered. Do notIndent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Percentage Estimated to Be Uncollectible 1% 0-30 days outstanding 31-60 days outstanding 61-90 days outstanding Over 90 days outstanding Balance $35,500 46,500 13,100 8,900 5% 12% 18% Account Titles and Explanation Debit Credit List of Accounts Give the entry for bad debt expense for the current year assuming allowance for doubtful accounts is $1,995 but it is a credit balance and the allowance should be 4% of gross accounts receivable. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit List of Accounts Give the entry for bad debt expense for the current year assuming allowance for doubtful accounts is $1,995 but it is a credit balance and historical records show that the following percentages will not be collected: (Credit account titles are automatically Indented when amount is entered Do not indent manually. If no entry is required, select "No Entry" for the account ulties and enter for the amounts) Percentage Estimated to Be Uncollectible Balance 1% 5% 0-30 days outstanding 31-60 days outstanding 61-90 days outstanding Over 90 days outstanding $35,500 46,500 13,100 8,900 12% 18% Account Titles and Explanation Debit Credit List of Accounts
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