Concord Corporation uses the percentage-of-receivables basis to record bad debt expense and concludes that 4% of...
Concord Corporation uses the percentage-of-receivables basis to
record bad debt expense and concludes that 4% of accounts
receivable will become uncollectible. Accounts receivable are
$421,300 at the end of the year, and the allowance for doubtful
accounts has a credit balance of $2,921.
| (a) | Prepare the adjusting journal entry to record bad debt expense for the year. | |
| (b) | If the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,921, prepare the adjusting journal entry for bad debt expense. |
Homework Answers
| A | Bad debts expense | 13931 | |
| Allowance for Doubtful Accounts | 13931 | ||
| (421,300*4%) - 2921 | |||
| B | Bad debts expense | 17722 | |
| Allowance for Doubtful Accounts | 17722 | ||
| (421,300*4%) + 870 | |||
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