The trial balance before adjustment of Oriole Inc. shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Dr. $117,000 2,150 Cr. $884,000 Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of accounts receivable assuming Allowance for Doubtful Accounts has the balance given in the problem data, and (b) 5% of accounts receivable assuming Allowance for Doubtful Accounts has a $2,110 credit balance. (If no entry is required, select "No Entry" for account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. D not indent manually.)

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Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.