On June 30 (the end of the period), Brown Company has a credit balance of $2,095 in Allowance for Doubtful Accounts. An evaluation of accounts receivable indicates that the proper balance should be $30,410. Journalize the appropriate adjusting entry. If an amount box does not require an entry, leave it blank. June 30

On June 30 (the end of the period), Brown Company has a credit balance of $2,095 in Allowance for Doubtful Accounts. An evaluation of accounts receivable indicates that the proper balance should be $30,410. Journalize the appropriate adjusting entry. If an amount box does not require an entry, leave it blank. June 30

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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Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.
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Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates that the estimated amount of uncollectible accounts is $16,000. Based on the estimate, which of the following adjusting entries should be made? a.debit Allowance for Doubtful Accounts, $800; credit Bad Debt Expense, $800 b.debit Bad Debt Expense, $16,800; credit Allowance for Doubtful Accounts, $16,800 c.debit Bad Debt Expense, $800; credit Allowance for Doubtful Accounts, $800 d.debit Bad Debt Expense, $15,200; credit Allowance for Doubtful Accounts, $15,200
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