income statement and balance sheet tor e tu Allowance for tax considerations. Do

Question

income statement and balance sheet tor e tu Allowance for tax considerations. Doubtful Accounts T-accounts to determine the balallu E6-7 06 Recordin Method 9 Bad Debt Expense Estimates and Write-Offs Using the Percentage of Credit on During the current year, Adams Assembly, Inc., recorded credit sales of S1.300,009. Based Prior experience, it estimates a 1 percent bad debt rate on credit sales. Required Prepare journal entries for each transaction: a. On September 29 of the current year, an account receivable for $4,000 from Marc h of the current year was determined to be uncollectible and was written off. b. The appropriate bad debt expense adjustment was recorded for the current year E6-8 Recording Bad Debt Expense Estimates and Write-Offs Using the Percentage of Credit Sales

Explanation / Answer

General Journal Debit Credit a. Allowance for doubtful accounts $4,000 Accounts receivable $4,000 b. Bad debt expense($1,300,000 x 0.01) $13,000 Allowance for doubtful accounts $13,000

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