ntel Corporation is a well-known supplier of computer chips, boards, systems, an

Question

ntel Corporation is a well-known supplier of computer chips, boards, systems, and software building blocks. Assume the company recently reported the following amounts in its unadjusted trial balance at its year-end of December 27, 2008 (all amounts in millions): Debits Credits Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 4,300 $ 110 37,000 Requirement 1: Assume Intel uses ¼ of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt Expense has been recorded yet. (Do not round intermediate calculations. Enter your answers in millions. Omit the "$" sign in your response.) General Journal Debit Credit Bad debt expense 93 Allowance for doubtful accounts 93

Explanation / Answer

Date Account title Debit credit 2 ) Bad debt expense 167 Allowance for doubtful account   [277-110] 167 3) Bad debt expense 306 Allowance for doubtful account   [277+ 29] 306 4) Allowance for doubtful account 27 Accounts receivable 27

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