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Prepare the entry for estimated bad debts

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The trial balance before adjustment of Waterway Company reports the following balances:

                                                               Dr.                  Cr.

Accounts receivable                   $296,000

Allowance for doubtful accounts                            $2,790

Sales (all on credit)                                           800,000

Sales returns and allowances            55,000

Question 1: Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 14% of gross accounts receivable

Question 2: Assume that all the information above is the same, except that the Allowance for Doubtful Accounts has a debit balance of $2,790 instead of a credit balance. Prepare the journal entry

Reference no: EM132592830

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