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The AIC's unadjusted trial balance as of December 31, 2019 includes the total amount of accounts receivable $1,500: $600 (Customer A) was recorded during the accounting period (2017) and $400 (Customer B) and $500 (Cusomer C) were recorded during the current year (2019). The allowance for Bad Debt account as of January 1, 2019 had a credit balance of $250.
Problem 1: On December 25, 2019, Customer A went to bankruptcy, so the AIC considered the entire amount due from Customer A to be uncollectible. On the same date, a busness magazine revealed that Customer C became financially worse, so the AIC judged the account due from Customer C to be probably uncollectible. Record any journal entry to be recognized at the point of time, December 25, 2019.
Problem 2: On December 31, 2019, based on an analysis of the accounts receivable collectibility, the AIC concluded that the balance $600 of the Allowance for Bad Debt account at the end of the period would be required. Record any adjusting entry to be recognized at the end of period.
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