Repare the adjusting entry at december 31 2010 to record

Reference no: EM13599247

At December 31, 2010, the trial balance of Olpe Company contained the following amounts before adjustment.

Debits Credits
Accounts receivable $200,000
Allowance for doubtful accounts $1,500
Sales 875,000

a.repare the adjusting entry at December 31, 2010, to record bad debts expense assuming that the aging schedule indicates that $10,800 of accounts receivable will be uncollectible.

(b) Repeat the above assuming that instead of a credit balance there is a $1,500 debit balance in the Allowance for Doubtful Accounts.

(c) During the next month, January 2011, a $2,700 account receivable is written off as uncollectible. Prepare the journal entry to record the write-off.

(d) Repeat the above part assuming that Olpe uses the direct write-off method instead of the allowance method in accounting for uncollectible accounts receivable.

Reference no: EM13599247

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