Homework Answers
Allowance for doubtful accounts normal has a credit balance. But the balance in allowance for doubtful accounts is $2,600 debit. This debit balance should be adjusted and the remaining balance should be $28,800.
Total amount to be credit to allowance for doubtful accounts = $2,600 + $28,800 = $31,400
| Account title and explanation | Debit | Credit |
| Bad debt expense | $31,400 | - |
| Allowance for doubtful accounts | - | $31,400 |
| (To record adjustment to allowance for doubtful accounts) |
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information on its balance sheet.
During 2019, the company had the following transactions related
to receivables.
Prepare the journal entries to record each of these five
transactions. Assume that no cash discounts were taken on the
collections of accounts receivable.
Enter the January 1, 2019,
balances in Accounts Receivable and Allowance for Doubtful
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and determine the balances. (Post entries in...
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