D10. (a2)Prepare the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivableaging the following percentages will not be collected: (Credit account titles are automatically indented when the amount is entered Donot indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry beforecredit entry)0-30 days outstanding31-60 days outstanding61-90 days outstandingOver 90 days outstandingBalance$35.50046.50013,1008,900Account Titles and ExplanationBad Debt ExpenseAllowance for Doubtful AccountsPercentage Estimatedto Be Uncollectible1%5%12%18%DebitCredit O(a1)✓ Your answer is correct(a1)Account Titles and ExplanationBad Debe ExpensePrepare the entry for bad debt expense for the current year assuming the allowance should be 4% of gross accounts receivable(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry for the account titles and enter O for the amounts List debit entry before credit entry)Allowance for Doubtful AccountseTextbook and MediaGList of AccountsAccounts receivableAllowance for doubtful accountsSales revenue (all on credit)Sales returns and allowances✓Show Transcribed Text28,400CDebitCredit$652,0003006155The trial balance before adjustment of Marin Inc., reporting under ASPE, includes the following balances:Debit$104,0001.995Credit6155

Using allowance method, the bad debt is estimated on the basis of account receivables or net sales…

(22) Prepare the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivable aging the following percentages will not be collected: (Credit account tites are automatically indented when the amount is entered De not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) 0-30 days outstanding 31-60 days outstanding 61-90 days outstanding Over 90 days outstanding Balance $35.500 46.500 13,100 8.900 Percentage Stimated to De Uncollectible 18 5% 12% 18%

(22) Prepare the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivable aging the following percentages will not be collected: (Credit account tites are automatically indented when the amount is entered De not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) 0-30 days outstanding 31-60 days outstanding 61-90 days outstanding Over 90 days outstanding Balance $35.500 46.500 13,100 8.900 Percentage Stimated to De Uncollectible 18 5% 12% 18%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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