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Accounting question bad debt expense #3?

A company started the year with Accounts Receivable of $15,000 and an Allowance for Uncollectible Accounts of $3,500 (credit). During the year, sales (all on account) were $110,000 and cash collections for sales amounted to $105,000. Also, $2,000 worth of uncollectible accounts were specifically identified and written off. Then, at year-end, the company estimated that 15% of ending Accounts Receivable would be uncollectible. Answer the questions below.


Requirement 1:

What is the journal entry to record bad debts expense? (Omit the "$" sign in your response.)


General Journal
Debit
Credit

(Click for List) Cash Accounts receivable Allowance for uncollectible accounts Sales Write-off expense Bad debt expense Net realizable value Sales returns and allowances Allowance expense Notes receivable



(Click for List) Cash Accounts receivable Allowance for uncollectible accounts Sales Write-off expense Bad debt expense Net realizable value Sales returns and allowances Allowance expense Notes receivable




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Requirement 2:

What amount will be shown on the year-end income statement for Bad Debts Expense? (Omit the "$" sign in your response.)


Bad debt expense
$




Requirement 3:

What is the balance in the Allowance for Uncollectible Accounts after all the adjustments have been made? (Omit the "$" sign in your response.)


Allowance for Uncollectible Accounts
$

538 day(s) ago

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