,TD , GAcompany purchases p The Following Summar Exam #3-Ch 1-10 ×?CThe Followin
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,TD , GAcompany purchases p The Following Summar Exam #3-Ch 1-10 ×?CThe Following Summarizx?eACompany purchases px Cezto.mheducation.com/hm.tpx The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016 of Days UnpaidTotal Accounts Receivable $128,000 Historical % Uncollectible 5% 10% Not vet due 1-30 days past due 55,100 1-60 days past due Over 60 days past due Requir The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,397 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.) a. View transaction list Journal entry worksheet Record the adjusting entry to record bad debt expense for the year July 31 2016. Note: Enter debits before credits. Date General Journal Debit Credit July 31, 2016 O Type here to search 231 PM 7/16/2018Explanation / Answer
Accounts receivable % uncollectible Estimated bad debt Not yet due 128000 5% 6400 1-30 days past dues 90700 10% 9070 31-60 days past dues 55100 16% 8816 Over 60 days past dues 33300 35% 11655 Total 307100 35941 Estimated bad debts 35941 Beginning allowance for doubtful accounts 29397 Bad debt expense 6544 1 Journal entry Bad debt expense 6544 Allowance for doubtful accounts 6544 2 Allowance for doubtful accounts 3231 Accounts receivable 3231 Allowance for doubtful accounts 15-Aug 3231 29397 01-Jul 6544 31-Jul 3231 35941 32710 31-Aug
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