Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20.250.
Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20.250. The account had an unadjusted credit balance of $11000 at that time.
Required:
Prepare journal entries for each of the following if no entry is required for a transaction event, select 'No Journal Entry Required In the first account field.)
a. The appropriate bad debt adjustment was recorded.
b. Later, an account receivable for $1100 was determined to be uncollectible and was written off.
Homework Answers
| Debit | Credit | |||
| a | Bad Debts expense | 9250 | =20250-11000 | |
| Allowance for Doubtful Accounts | 9250 | |||
| Debit | Credit | |||
| b | Allowance for Doubtful Accounts | 1100 | ||
| Accounts Receivable | 1100 |
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Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20.250.
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