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Determine the amount of the adjusting entry

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Reference no: EM132432082

Question - Providing for Doubtful Accounts

At the end of the current year, the accounts receivable account has a debit balance of $762,000 and sales for the year total $8,640,000.

a. The allowance account before adjustment has a credit balance of $10,300. Bad debt expense is estimated at 3/4 of 1% of sales.

b. The allowance account before adjustment has a credit balance of $10,300. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $33,000.

c. The allowance account before adjustment has a debit balance of $5,000. Bad debt expense is estimated at 1/4 of 1% of sales.

d. The allowance account before adjustment has a debit balance of $5,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $41,500.

Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.

Reference no: EM132432082

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