Kraft Foods Inc. is the second-largest food company in the
world. Assume the company recently reported the following amounts
in its unadjusted trial balance (in millions) as of December 31,
2017:
| Debits | Credits | |||||
| Accounts Receivable | $ | 6,320 | ||||
| Allowance for Doubtful Accounts | $ | 200 | ||||
| Sales (assume all on credit) | 52,850 | |||||
Homework Answers
a) Journal entry
| Date | account and explanation | Debit | Credit |
| Bad debt expense (340-200) | 140 | ||
| Allowance for doubtful accounts | 140 | ||
| (To record bad debt expense) |
b) Journal entry
| Date | account and explanation | Debit | Credit |
| Bad debt expense (340+28) | 368 | ||
| Allowance for doubtful accounts | 368 | ||
| (To record bad debt expense) |
c) Journal entry
| Date | account and explanation | Debit | Credit |
| Allowance for doubtful accounts | 20 | ||
| Account receivable | 20 | ||
| (To record write off) |
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