Question: Given the additional data in the table below: a. Prepare the adjusting journal entry for bad debts expense on December 31, 2013. b. Prepare a

Given the additional data in the table below:
a. Prepare the adjusting journal entry for bad debts expense on December 31, 2013.
b. Prepare a partial on December 31, 2013, showing how net realizable value is calculated.
c. If the balance in Allowance for Doubtful Accounts was a $300 debit balance, journalize the adjusting entry for bad debts expense on December 31, 2013.
Balances: Cash, $30,000; Accounts Receivable, $152,000; Allowance for Doubtful Accounts, $300 credit; Inventory, $12,000.
Additional Data
Alvie Co.
December 31, 2013

Estimated Percentage Estimated Amount Considered to Be Bad Needed in Allowance AmountDebts Expense for Doubtful Accounts Not yet due $130,000 9,000 8,000 Over six months5,000 $152,000 0-60 61-180 20 40

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