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What journal entry would be used to write off balance

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Q1. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $340 million of its Accounts Receivable will be uncollectable. Prepare the adjusting journal entry required at December 31, 2017, for recording Bad Debt Expense.

Q2. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $340 million of its Accounts Receivable will be uncollectable. Also, assume that the unadjusted balance in Kraft's Allowance for Doubtful Accounts at December 31, 2017, was a debit balance of $28 million. Prepare the adjusting journal entry required at December 31, 2017, for recording bad debt expense.

Q3. If one of Kraft's main customers declared bankruptcy in 2018, what journal entry would be used to write off its $20 million balance?

Reference no: EM132917226

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