Reference no: EM131784833
Probem
At December 31, 2017, the trial balance of Sheridan Company contained the following amounts before adjustment.
Debit Credit
Accounts Receivable $181,800
Allowance for Doubtful Accounts $ 1,570
Sales Revenue 945,700
(a) Prepare the adjusting entry at December 31, 2017, to record bad debt expense, assuming that the aging schedule indicates that $10,560 of accounts receivable will be uncollectible.
(b) Repeat part (a), assuming that instead of a credit balance there is a $1,570 debit balance in Allowance for Doubtful Accounts.
(c) During the next month, January 2018, a $2,300 account receivable is written off as uncollectible. Prepare the journal entry to record the write-off.
(d) Repeat part (c), assuming that Sheridan Company uses the direct write-off method instead of the allowance method in accounting for uncollectible accounts receivable.
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