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Prepare the adjusting journal entry that the company

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Reference no: EM132420441

At December 31 of the current year, Rolo Company reports that sales are $495,000. In addition, the unadjusted trial balance shows that Accounts Receivable has a balance of $112,000 and the Allowance for Doubtful Accounts has a debit balance of $1,400. 

The company estimates that bad debts are 10% of accounts receivable.  

  1. Prepare the adjusting journal entry that the company must make to recognize bad debts on December 31. 
  2. On January 20, the company determines that they will not be able to collect a $4,500 accounts receivable owed to them by their customer Fielding Co. Prepare the entry required on January 20.   (This is not shown in the video - we completed this entry in class. See your class notes or text.)
  3. On July 15 of the same year, Rolo Company unexpectedly receives a check from Fielding Co for the full amount of the written off debt. Prepare the journal entries required on July 15th. This is not shown in the video. See your class notes (face to face class) or textbook (face to face and online classes.)

Reference no: EM132420441

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