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Lincoln Company which estimates that its annual bad debts approximate 4% of credit sales had the following balances at December 31, 2020 year-end prior to recording adjusting entries: Total Sales (80% of which were sold on credit) $200,000crAccounts receivable 30,000drAllowance for doubtful accounts 100dr Other information:
Write-offs for the year $ 3,200Beginning accounts receivable balance (January 1, 2020) 26,000dr
Problem a) Prepare the journal entry required to record sales for the year.
Problem b) Prepare the journal entry to record Lincoln's bad debt expense. Calculate the net realizable value of the receivables on Lincoln's balance sheet at December 31, 2020
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