Reference no: EM133188938
Question - Providing for Doubtful Accounts - At the end of the current year, the accounts receivable account has a debit balance of $1,154,000 and sales for the year total $13,090,000.
a. The allowance account before adjustment has a debit balance of $ 15,600, Bad debt expense is estimated at 1/4 of 1% of sales.
b. The allowance account before adjustment has a debit balance of $15,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $49,900.
c. The allowance account before adjustment has a credit balance of $8,600. Bad debt expense is estimated at 3/4 of 1% of sales.
d. The allowance account before adjustment has a credit balance of $8,600, An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $71,400.
Required - Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.
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