Comerstone Fxercise 5-6 (Algorithmic) Write Off cf Uncollectible Accounts The Ro

Question

Comerstone Fxercise 5-6 (Algorithmic) Write Off cf Uncollectible Accounts The Rock has ure il ssles $500,000 durin 2019 d' d e i "ate at uhe end of 2019 U I 29 of these ?'edit sales ill eventual? derault Also durin 2019 ustomer de dults or d $1,900 balance 'elaled w goods purchased i" 2019 1. Prepare the juurnal entry to record the defauited belance. Alluwance fur Duubtul Aount Accounts Receivahle Record nnte-oif of defaulted account 2. Prepare the ?dusting cntry to record the bad debt cxpense for 2010. Bad Dcht Expensc Allowance for DoubtulNoounts Record atusting entry for bad dcht oxpanse eatimae

Explanation / Answer

General Journal Debit Credit 1. Allowance for Doubtful Accounts $1,900 Accounts Receivable $1,900 2. Bad Debt Expense(500,000 * 2%) $10,000 Allowance for Doubtful Accounts $10,000

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