Reference no: EM131850980
Check work needed, I do not understand it fully.
(a) Prepare the adjusting entry at December 31, 2017, to record bad debt expense, assuming that the aging schedule indicates that $10,200 of accounts receivable will be uncollectible.
Debit Credit
Accounts Receivable .................... $180,000
Bad Debt Expense 10,200
Allowance for Doubtful Accounts 10,200
Allowance for Doubtful Accounts 1,500
Sales Revenue 875,000
(b) Repeat part (a), assuming that instead of a credit balance there is a $1,500 debit balance in Allowance for Doubtful Accounts.
Debit Credit
Accounts Receivable $180,000
Bad Debt Expense 1,500
Allowance for Doubtful Accounts 1,500
Sales Revenue 875,000
(c) During the next month, January 2018, a $2,100 account receivable is written off as uncollectible. Prepare the journal entry to record the write-off.
Debit Credit
Accounts Receivable $180,000
Bad Debt Expense , 2,100
Allowance for Doubtful Accounts 2,100
Allowance for Doubtful Accounts 1,500
Sales Revenue 875,000
(d) Repeat part (c), assuming that Malone Company uses the direct write-off method instead of the allowance method in accounting for uncollectible accounts receivable.
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(e) What are the advantages of using the allowance method in accounting for uncollectible accounts as compared to the direct write-off method?
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Journalize various receivables transactions.
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