Reference no: EM132746389
The Garvey Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 6% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021 and December 31, 2022 appear below:
12/31/2021 12/31/2022
Net Credit Sales $400,000 $500,000
Accounts Receivable 80,000 100,000
Allowance for Doubtful Accounts 4,000 ?
Instructions
Problem (a) Record the following events in 2022.
Aug. 10 Determined that the account of Kurt West for $900 is uncollectible.
Sept. 12 Determined that the account of Jill Lynch for $3,000 is uncollectible.
Oct. 10 Received a check for $300 as payment on account from Kurt West, whose account had previously been written off as uncollectible.
Problem (b) Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2022.
Problem (c) What is the balance of Allowance for Doubtful Accounts at December 31, 2022?
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