Question

At December 31, 2014, the Accounts Receivable balance of GPS Technology is $ 190,000. The Allowance for Bad Debts account has a $ 1,600 debit balance. GPS Technology prepares the following aging schedule for its accounts receivable:


Requirements
1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2014.
2. Show how GPS Technology will report its net accounts receivable on its December 31, 2014, balancesheet.


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  • CreatedJanuary 16, 2015
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