Journalize the adjusting entry to record the expected credit losses on December 31, 2023. (Credit account...

  

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Journalize the adjusting entry to record the expected credit losses on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) Journalize the adjusting entry for credit losses on December 31, 2024, assuming that the unadjusted balance in Allowance for Expected Credit Losses at that time is a debit of $1,000 and an aging schedule prepared at that date indicates that the expected total credit losses will be $40,200. (Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Customer's name Aber Bohr Chow Datz Others Expected rate of credit loss Expected credit losses Total amount awed $26,000 32,000 55,000 26,000 158,000 $297,000 $40,700 Current (not yet due) $32,000 15,000 95,000 $142,000 3% $4,260 1-30 $9,000 $17,000 25,000 31-60 6% 61-90 15,000 13,000 15,000 $49,000 $30,000 $30,000 10% 25% $7,500 $2,940 $3,000 $15,000 Over 90 $26,000 20,000 $46,000 50% $23,000 On December 31, 2023, the unadjusted balance in the Allowance for Expected Credit Losses (prior to the aging analysis) was a credit of $11,000. Journalize the adjusting entry to record the expected credit losses on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) Journalize the adjusting entry for credit losses on December 31, 2024, assuming that the unadjusted balance in Allowance for Expected Credit Losses at that time is a debit of $1,000 and an aging schedule prepared at that date indicates that the expected total credit losses will be $40,200. (Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Customer's name Aber Bohr Chow Datz Others Expected rate of credit loss Expected credit losses Total amount awed $26,000 32,000 55,000 26,000 158,000 $297,000 $40,700 Current (not yet due) $32,000 15,000 95,000 $142,000 3% $4,260 1-30 $9,000 $17,000 25,000 31-60 6% 61-90 15,000 13,000 15,000 $49,000 $30,000 $30,000 10% 25% $7,500 $2,940 $3,000 $15,000 Over 90 $26,000 20,000 $46,000 50% $23,000 On December 31, 2023, the unadjusted balance in the Allowance for Expected Credit Losses (prior to the aging analysis) was a credit of $11,000.

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Since the allowance for expected credit losses has a debit balance of 1000 and as per th... View the full answer