Accc x Sam X ACCOUNTING Introduction to Financial Accounting 8 Quiz Question 4 (

Question

Accc x Sam X ACCOUNTING Introduction to Financial Accounting 8 Quiz Question 4 (of 10) The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016 Number of Days Unpaid Not yet due 1-30 days past due 31-60 days past due Accounts $127 900 Historical % Uncollectible 4% 11% 17% 33% Receivable 90,600 $55,000 33 200 ver 60 days past due Required a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc is a credit balance in the amount of $29,367 on July 31, 2016 Prepare the required adjusting entry to record Bad Debt Expense for the year (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) DOLL sc F6 F8

Explanation / Answer

Number of Days unpaid total % Estimated account uncollectible bad debts Receivable not yet due 127,900 4% 5116 1--30 days past due 90,600 11% 9966 31---60 days past due 55,000 17% 9350 over 60 days past due 33,200 33% 10956 total 35388 Date General Journal Debit Credit 31-Jul Bad debts expense 6021 Allowance for doubtful accounts 6,021 (35,388-29,367) 31-Aug Allowance for doubtful accounts 3,221 Account receivable 3,221 Allowance for doubtful accounts beginning balance 29,367 31-Aug written off 3,221 31-Jul 6,021 Ending balance 32167

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