Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful A...

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Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful A...

Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $19,750. The account had an unadjusted credit balance of $10,000 at that time.

The appropriate bad debt adjustment was recorded.
Later, an account receivable for $1,000 was determined to be uncollectible and was written off.

Required:

For each transaction listed above, indicate the amount and direction (+ for increase or − for decrease) of effects on the financial statement accounts and on the overall accounting equation. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.)

business accounting

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Answer 1

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Answer #1

	Assets		=	Liabilities	+	Stockholders equity
a	Allowance for doubtful accounts	-9750				Bad debt expense	-9750
b	Allowance for doubtful accounts	-1000
	Account receivable	-1000

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Answer 2

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