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Question - Nairobi Corp.'s unadjusted trial balance includes the following balances:
Dr. Cr.
Accounts receivable $150,000
Allowance for doubtful accounts $3,500
Sales (all on credit) 720,000
Sales returns and allowances 30,000
Instructions -
a) Prepare the entries for estimated bad debts assuming that doubtful accounts are estimated to be (1) 5% of gross accounts receivable and (2) 2% of net sales.
b) Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of $3,500 instead of a credit balance.
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