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bagirrra123 [75]
3 years ago
8

The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Days Unpaid

Total Accounts Receivable Historical % Uncollectible Not yet due $ 127,400 3 % 1-30 days past due 90,100 13 % 31-60 days past due 54,500 19 % Over 60 days past due 32,700 33 % Required: The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,217 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Johnston Supplies, Inc. writes off $3,171 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019.
Business
1 answer:
Art [367]3 years ago
8 0

Answer:

bad debt expense 7,464 debit

      allowance for doubtful accounts   7,464 credit

--to record year-end adjustment for bad debt expense--

allowance for doubtful accounts 3,171 debit

                   accounts receivables      3,171 credit

--to record write-off of a custoemr account--

Explanation:

We multiply each balance by their expected uncollectible amount:

Date   // Amount  // Expected    //  uncollectible

not due 127400 0.03         3,822

up to 30 90100 0.13                  11,713

up to 60 54500 0.19                 10,355

above 61  32700 0.33          10,791

                 Total        36,681

Allowance balance 29,217

Difference 36,681 - 29,217 = 7,464

The write-off will decrease both, account recievable and the allowance

Allowance for doubtful accounts

<u>Debit      Credit</u>

            36,681

3,171

Balance 33,510

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Rate = 4% or 0.04 compounded annually

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