Brief Exercise 8-5 of $2,653 (a) Prepare the adjusting journal entry to record b

Question

Brief Exercise 8-5 of $2,653 (a) Prepare the adjusting journal entry to record bad debt expense for the year ompany uses the percentage o rece vab es basis o record a deb expense and concludes that % e at unts recei ble will beco e un lectible a un rece a lehe as n a the datem rmi reeft dat a t han t th (b If the allowance or doubtful accounts had a debit balance of S827 instead or a edit balance of $2 653 prepare theedjusting o nal entry fo ad ott expense lv. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Dcbit Credit b) TEVE TUTOREAL

Explanation / Answer

No. Account titles and explanation Debit Credit (a) Bad Debt Expense[($435,700 x 3%) – $2,653] $10,418 Allowance for Doubtful Accounts $10,418 (b) Bad Debt Expense[($435,700 x 3%) + $827] $13,898 Allowance for Doubtful Accounts $13,898

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