value 10.00 points Kraft Foods Group Inc. sells Oscar Mayer, Jel-O, Tassimo, and

Question

value 10.00 points Kraft Foods Group Inc. sells Oscar Mayer, Jel-O, Tassimo, and many other food brands. The company reported the following rounded amounts as of December 29, 2012 (all amounts in millions) Credits Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $1,120 S 30 18,300 Required: entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e. 10,000,000 should be entered as 10). Round your answers to the nearest whole number.) 0) Assume Kraft uses ?s of 1 percent of sales to estimate its Bad Debt Expense for the yoar (@) Assume instead that Kraft uses the aging of accounts receivable method and estimates that $80 of its Accounts Recelvable will be uncollectible

Explanation / Answer

3. Bad debt expense 100

Allowance for doubtful accounts 100

4. Allowance for Doubtful accounts. 15

Accounts receivable 15

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