**Educational Website Transcription****Receivables Aging Schedule:**| Number of Days Unpaid | Receivable | Uncollectible ||-----------------------|-------------|---------------|| Not yet due | $128,400 | 5% || 1-30 days past due | 91,100 | 10% || 31-60 days past due | 55,500 | 16% || Over 60 days past due | 33,700 | 33% |**Required:**a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,517 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year.b. Johnston Supplies, Inc. writes off $3,271 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off.c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019.**Instructions:**- Complete this question by entering your answers in the tabs below. - **Required A** - **Required B** - **Required C****Note:**The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,517 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year.**Journal Entry Worksheet:**1. Record the adjusting entry to record bad debt expense for the year July 31, 2019.---This transcription outlines how to prepare financial entries related to the Allowance for Doubtful Accounts, using a scenario involving receivables aging, uncollectible account write-offs, and T-account analysis to maintain accurate financial records.

We need to calculate the estimate of allowance for doubtful accounts.

Number of Days Unpaid Not yet due 1-30 days past due 31-60 days past due Over 60 days past due Receivable Uncollectible $128,400 91,100 55,500 33,700 5% 10% 16% 33% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,517 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. o. Johnston Supplies, Inc. writes off $3,271 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019. Complete this question by entering your answers in the tabs below. Required A Required B Required C The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,517 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. View transaction list Journal entry worksheet 1 > Record the adjusting entry to record bad debt expense for the year July 31, 2019.

Number of Days Unpaid Not yet due 1-30 days past due 31-60 days past due Over 60 days past due Receivable Uncollectible $128,400 91,100 55,500 33,700 5% 10% 16% 33% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,517 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. o. Johnston Supplies, Inc. writes off $3,271 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019. Complete this question by entering your answers in the tabs below. Required A Required B Required C The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,517 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. View transaction list Journal entry worksheet 1 > Record the adjusting entry to record bad debt expense for the year July 31, 2019.

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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