Question

Am i doing this problem right?

The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Pas unele L receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Aug. 10 Sept. 12 Oct. 10 Determined that the account of Kurt West for $1,500 is uncollectible. Determined that the account of Jill Lynch for $2,000 is uncollectible. Received a check for $490 as payment on account from Kurt West, whose account had previously been written off as uncollectible. Date Account Titles and Explanation Debit Credit Aug. 10 Allowance for Doubtful Accounts 1500 Accounts Receivable 1500 Sept. 12 Allowance for Doubtful Accounts 2000 Accounts Receivable 2000 Oct. 10 Accounts Receivable 490 Allowance for Doubtful Accounts 490 (To reinstate Kurt West account previously written off)

Answer 1

Adjusting entry

date	account title and explanation	Debit	Credit
Dec 31	Bad debt expense (3010-1290)	1720
	Allowance for doubtful accounts		1720