Reference no: EM13870139
Kraft Foods Group Inc. sells Oscar Mayer, Jell-O, Tassimo, and many other food brands. The company reported the following rounded amounts as of December 29, 2012 (all amounts in millions):
Required:
1. Assume Kraft uses ½ of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt Expense has been recorded yet.
2. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $ 80 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 31, 2012, for recording Bad Debt Expense.
3. Repeat requirement 3, except this time assume the unadjusted balance in Kraft's Allowance for Doubtful Accounts at December 31, 2012, was a debit balance of $ 20.
4. If one of Kraft's main customers declared bankruptcy in 2013, what journal entry would be used to write off its $ 15 balance?
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