Recording Bad Debts and Interpreting Disclosure of Allowance for Doubtful Accounts (P6-4)
Under various registered brand names, Saucony, lnc., and its subsidiaries develop , manufacture, and market bicycles and component parts, athletic apparel, and athletic shoes . It recently disclosed the following information concerning the allowance for doubtful accounts on its Form 10-K Annual Report submitted to the Securities and Exchange Commission.
Schedule II | ||||
Valuation an d Qualifying Accounts (dollars in thousands) | ||||
Allowances for Doubtful Accounts | Balance at Beginning of Yea r | Additions Charged to Costs and Expenses | Deductions from Reserve | Balance at End of Year |
Year 3 | $1,108 | $6,014 | $5,941 | (?) |
Year 2
| 2.406 | ? | 5,795 | $1,108 |
Year 1
| 2,457 | 4,752 | (?) | 2,406 |
Required:
I. Record summary journal entries related to bad debts for year 3.
2. Supply the missing dollar amounts noted by (?) for year 1, year 2, and year 3
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