Year round Retreats had the following balances at December 31, 2018, before the

Question

Year round Retreats had the following balances at December 31, 2018, before the year-end adjustments EEl (Click the icon to view the balances and accounts receivable aging schedule.) Requirements 1. Journalize Year rounds entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Joumalize Year round's entry to record bad debts expense for 2018 using the aging-of-recevables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. Data Table Accounts Receivable Allowance for Bad Debts 74,000 1,535 The aging of accounts receivable yields the following data: Age of Accounts Receivable 0-60 Days Over 60 Days Total Receivables Accounts Recelvable S 71,000 3,000 74,000 x 3% x 23% Print Done

Explanation / Answer

Requirement 1 Debit Credit Allowance for bad debts Bad debt expenses (71000*3%+3000*23%-1535) $        1,285 Opening balance $        1,535 Allowance for bad debts $        1,285 Bad debt expenses $        1,285 (For recording of bad debt expenses) $        2,820

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