Journalize the adjusting entry for end of the period

Assignment Help Accounting Basics

Reference no: EM13258686

The ledger of the Portillo company at the end of the currentyear shows Accounts Receivable of $150,000.

Instructions

a) If Allowance for Doubtful Accounts has a credit balance of$3,000 in the trial balance and bad debts are expected to be 10% ofaccounts receivable, journalize the adjusting entry for end of theperiod. (Show all calculations.)

b) If Allowance for Doubtful Accounts has a debit balance of $3,000in the trial balance and bad debts are expected to be 10% ofaccounts receivable, journalize the adjusting entry for end of theperiod. (Show all calculations.)

Reference no: EM13258686

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