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

Question

Intel 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 25. 2010 (all amounts in millions): (Enter your answers In millions (i.e., 10,000,000 should be entered as 10). If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Assume Intel uses 1/4 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 (Round your answers to nearest whole dollar.)

Explanation / Answer

Dec 25 2010, Bad Debt Expense Account Dr 109.06

To Allowance for Doubtful debts 109.06

( Being Bad Debts provision for current year @ 0.25% of 43623 recorded as per the policy or estimation.for the year)

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