Presented below is an aging schedule for Monty Corp Number of Days Past Due s23,
ID: 2553582 • Letter: P
Question
Presented below is an aging schedule for Monty Corp Number of Days Past Due s23,600 $10,300 $13,300 39,500 $39,500 57,300 15,700 6,100 34,400 132,900 96,600 16,000 13,300 Coulson $35,500 534,400 700 $287,700 $151,800 $32,400 $26,600 $35,500 $41,400 |% 6% 13% 24% 48% oa smed,312 1518 1,944 $3,458 8,520 9,872 Bad Debts At December 31, 2019, the unacjusted belance in Aliowance for Deubetul Accounts is a creat of $12,500. ournalize and post the adjusting entry for bad debts at December 31, 2019.(Credit account tities are automatically indented when amount is entered. Do not indent manually.) Account Titeles itles ae nd post to the Journalize and post to the alowance (1) On March 31, a $1,000 customer balance originating in 2019 is judged uncollectiole. (2) On May 31, a check for $1,000 is received from the customer p account the following events and transactions in the year 2020. (Credit account ls entered. Do not indent manually.) whose account was written off os uncollectible on March 31. (To reverse write-oft) (To record collection of wnite-of.) 12/31/19 Adj. 12/31/19 Bal. 22,81 12/31/19 Bel. 12/31/19 Adj 12/31/19 Bal, 12,500 22,812 35,312Explanation / Answer
JOURNAL ENTRY
date
explanation
debit
credit
dec 31 2019
bad debts
22812
allowance for doubtful debts
22812
LEDGER ACCOUNT
bad debt expense
31-Dec
allowance for doubtful debts
22812
balance
22812
allowance for doubtful debts
balance
35312
balance
12500
bad debts
22812
JOURNAL ENTRY
date
explanation
debit
credit
mar 31 2020
allowance for doubtful debts
1000
accounts receivables
1000
mar 31 2020
accounts receivables
1000
allowance for doubtful debts
1000
31-May
cash
1000
accounts receivables
1000
LEDGER ACCOUNT
MAY 31 2020
allowance for doubtful debts
accounts receivables
1000
balance
35312
balance
35312
accounts receivables
1000
TOTAL
36312
TOTAL
36312
JOURNAL ENTRY
date
explanation
debit
credit
dec 31 2019
bad debts
22812
allowance for doubtful debts
22812
LEDGER ACCOUNT
bad debt expense
31-Dec
allowance for doubtful debts
22812
balance
22812
allowance for doubtful debts
balance
35312
balance
12500
bad debts
22812
JOURNAL ENTRY
date
explanation
debit
credit
mar 31 2020
allowance for doubtful debts
1000
accounts receivables
1000
mar 31 2020
accounts receivables
1000
allowance for doubtful debts
1000
31-May
cash
1000
accounts receivables
1000
LEDGER ACCOUNT
MAY 31 2020
allowance for doubtful debts
accounts receivables
1000
balance
35312
balance
35312
accounts receivables
1000
TOTAL
36312
TOTAL
36312
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