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What journal entry johnson record to recognize bad debt

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Reference no: EM133001156

Johnson Company calculates its allowance for uncollectible accounts as 5% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $12,000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $200,100, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 22,000.

Required:

Problem 1. What was the balance in gross accounts receivable as of 12/31/2020?

Problem 2. What journal entry should Johnson record to recognize bad debt expense for 2021?

Reference no: EM133001156

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