A Total0-3031-6061-9091-120Over 120 Estimatd bad debt$10,120.00 $2,220.00 $3,600.00 $1,900.00 $1,200.00 $1,200.00 B DebitCredit Bad expense debt14120 Allowance for doubtful accounts14120 C Allowance for doubtful accounts5000 Accounts receivable5000 D Accounts Receivable5000 Allowance for doubtful accounts5000 Cash5000 Accounts receivable5000 E $15,310.00 The advantage of aging the accounts receivable rather than applying a percentage would produce a m
more realistic allowance account and bad debts expense.
A Accounts receivable2,500,000 Sales revenue2,500,000 Sales returns and allowances50,000 Accounts receivable50,000 Cash2,200,200 Accounts receivable2,200,000 Allowance for doubtful accounts41,000 Accounts receivable41,000 Accounts receivable15,000 Allowance for doubtful accounts15,000 Cash15,000 Accounts receivable15,000 B Accounts receivableAllowance for doubtful accounts Bal600,000 2. 50,0004. 41,000Bal. 37,000 1. 2,500,0003. 2,200,0005. 15,000 5. 15,0004. 41,000 5. 15,000Bal. 11,000 Bal: 809,000 C Balance needed$46,000 Balance needed before adjustment-11000 Adjustment required$35,000 Journal Entry: Bad debt expense35,000 Allowance for doubtful accounts35,000 D 2,450,000 3.69532428663000
Average collection period: 98.773469498.7 days
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