2) Branson Partners had an allowance for doubtful accounts of $160 on January 1.

Question

2) Branson Partners had an allowance for doubtful accounts of $160 on January 1. During the year, Branson wrote off $145 of accounts receivable and earned revenues of $5,000. At December 31, Branson's accounts receivable were $1,500. Branson estimates that there should be $170 of bad debt expense for the year. a. Give Branson's journal entry to record all write-offs for the year. b. Give Branson's journal entry to record bad debt expense for the year (December 31 adjusting entry). C. What is the balance in Branson's allowance for doubtful accounts at December 31? d. What is Branson's net accounts receivable at December 31?

Explanation / Answer

a) Write off journal entry :

b) Journal entry :

c) allowance for doubtful accounts december 31 = (160-145+170) = 185

d) Net account receivable = (1500-185) = 1315

Date accounts & explanation debit credit Allowance for doubtful accounts 145 Account receivable 145 (To record amount write off)

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.