Brief Exercise 215 The ledger of the Ramirez Company at the end of the current year...
Brief Exercise 215 The ledger of the Ramirez Company at the end of the current year shows Accounts Receivable of $200,000.
If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 8% of accounts receivable, journalize the adjusting entry for end of the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
If Allowance for Doubtful Accounts has a debit balance of $3,000
in the trial balance and bad debts are expected to be 8% of
accounts receivable, journalize the adjusting entry for end of the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Homework Answers
1.
Bad debt expense = ($200,000 X 8%) - $3,000 = $13,000
2.
Bad debt expense = ($200,000 X 8%) + $3,000 = $19,000
| General Journal | Debit | Credit |
| Bad debt expense | $13,000 | - |
| Allowance for doubtful accounts | - | $13,000 |
| Bad debt expense | $19,000 | - |
| Allowance for doubtful accounts | - | $19,000 |
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uncollectible accounts, journalize the adjusting entry at December
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