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Folgeys coffee company reports the following results

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At December 31, Folgeys Coffee Company reports the following results for its calendar year. 

Cash sales . . . . . . . . . . . . $ 900,000
Credit sales . . . . . . . . . . . 300,000
Its year end unadjusted trial balance includes the following items.
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . $ 125,000 debit
Allowance for doubtful accounts . . . . . . . . . . . . 5,000 debit

a. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 1.5% of credit sales. 

b. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 0.5% of total sales. 

c. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 6% of year end accounts receivable. 

Reference no: EM13902936

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