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Problem 1: Alpha Company uses the direct write-off method of recording uncollectible accounts. On August 15, 2016, Yankee Zulu filed for bankruptcy and informed Alpha that he would be unable to pay $550 owed to Alpha. Alpha is certain that it will be unable to collect the $550. Use this information to prepare the General Journal entry (without explanation) for August 15. If no entry is required then write "No Entry Required."
Alpha Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of:
Dollar Value
Age of Account
Estimated Collectible
$115,000
< 30 days old
98%
65,000
30 to 60 days old
85%
20,000
61 to 120 days old
75%
5,000
> 120 days old
10%
Problem 2: The current unadjusted Allowance for Uncollectable Accounts balance is a credit balance of $2,500 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the:
1. Accounts Receivable2. Allowance for Doubtful Accounts3. Bad Debt Expense
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