Raining Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $200,000...
Raining Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $200,000 and credit sales are $1,300,000. An aging of accounts receivable shows that approximately 10% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment?
Homework Answers
SOLUTION
Bad debt expense to be recorded = $200,000 * 10%
= $20,000
But the allowance for doubtful accounts already has a balance of 2,500 credit before adjustment.
So, Allowance needed = $20,000 - $2,500
= $17,500
Journal entry-
| Accounts titles and Explanation | Debit ($) | Credit ($) |
| Bad Debt Expense | 17,500 | |
| Allowance for Doubtful Accounts | 17,500 |
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Raining Company analyzes its receivables to estimate bad debt
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