Homework Answers
Solution
| Event | General Journal | Debit | Credit |
| 1 | Bad debts expense | $ 14,460.00 | |
| Allowance for doubtful accounts | $ 14,460.00 | ||
| (To record bad debts expense) |
Working
| Accounts receivables | x | Percent Uncollectable (%) | = | Estimated Uncollectable | |
| Not due | $ 84,000.00 | x | 5.00% | = | $ 4,200.00 |
| 1 to 30 days due | $ 26,000.00 | x | 30.00% | = | $ 7,800.00 |
| Over 30 days due | $ 6,000.00 | x | 55.00% | = | $ 3,300.00 |
| Estimated balance of allowance for doubtful accounts | $ 15,300.00 | ||||
.
| Estimated balance of allowance for uncollectables | $ 15,300.00 | Cr |
| Balance in Allowance for uncollectable account (Cr) | $ 840.00 | Cr |
| Total bad debts to be recorded | $ 14,460.00 | Cr |
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