680 b. (3 pts) Awsome Company had a $1000 credit balance in Allowance for Doubtf

Question

680 b. (3 pts) Awsome Company had a $1000 credit balance in Allowance for Doubtful Accounts at December 31, 2014, before the current years provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Aging method of uncollectible accounts Estimated Percentage Uncollectible Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $100,000 55,000 15,000 10,000 10,000 $190,000 10% ., too, 25%: 50 Prepare the adjusting entry on December 31, 2014, to recognize bad debts expense 5350 63fo

Explanation / Answer

Journal entry:

Bad debts expense $5350

To allowance for doubtful accounts $5350.

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