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Question - Patel Company had a $700 credit balance in Allowance for Doubtful Accounts at December 31, 2020, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following:
Age of accounts
Estimated Percentage Uncollectible
Current accounts
$140,000
1%
0-30 days past due
95,000
5%
31-60 days past due
36,000
10%
61-90 days past due
12,000
25%
Over 90 days past due
8,000
50%
Total accounts receivable
$291,000
Required -
a) Prepare the adjusting entry on December 31, 2020, to recognize bad debt expense.
b) Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $2,500 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's bad debt expense.
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