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Question - Rogala Foods Inc. was formed in 2015 with the merger of Grouch Mayer and Tashamo Corporation. The company reported the following rounded amounts for the year ended January 3, 2016 (all amounts in millions):
Accounts Receivable 1,180
Allowance for doubtful accounts 46
Sales assume all on credit 18,900
1. Assume instead that Rogala's uses the aging of accounts receivable method and estimates that $86 of its Accounts Receivable will be uncollectible. Prepare the year-end adjusting journal entry for recording Bad Debt Expense assuming Rogala's unadjusted balance in Allowance for Doubtful Accounts at January 3, 2016 was a debit balance of $26.
2. If one of Rogala's customers declared bankruptcy, what journal entry would be used to write off its $10 balance?
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