The following summarizes the aging of accounts receivable for Johnston Supplies,

Question

The following summarizes the aging of accounts receivable for Johnston Supplies, Inc as of July 31, 2016: p aid |TotalAccourts! Number of DaysU Historical % Uncollectible Receivable $128,300 $91,000 $55,400 Not vet due ue 11% 31-60 days past due 34% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc is a credit balance in the amount of $29,487 on July 31, 2016. Prepare the required adjusting entry to record Bad Debt Expense for the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry to record bad debt expense for the year July 31, 2016

Explanation / Answer

c.

Workings:

Date General Journal Debit Credit a. July 31, 2016 Bad debt expense 6497 Allowance for doubtful accounts 6497 (To record bad debt expense) b. August 31, 2016 Allowance for doubtful accounts 3261 Accounts receivable 3261 (To record write-off of uncollectible accounts)

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