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During 2021, Rehana Inc. recorded sales as follows: Cash sales, $300,000, and credit sales, $150,000. At 12/31/2021, before the adjusting entries, Accounts receivable showed a debit balance of $90,000 and Allowance for Doubtful Accounts showed a credit balance of $600.
Required:
Problem (a) Assuming a bad debt of $150 is to be written off, give the journal entry on 12/31/2021.
Problem (b) Give the adjusting entry for bad debt expense at 12/31/21, assuming bad debt losses are estimated to be 1 percent of credit sales.
Problem (c) Give the adjusting entry for bad debt expense at 12/31/2021, assuming instead that bad debt losses are estimated to be 2 percent of the balance in the Accounts receivable account (take transaction (a) into account).
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