Question: Given the additional information presented below, a. Prepare on December 31, 2014, the adjusting journal entry for bad debts expense. b. Prepare a partial balance

Given the additional information presented below,
a. Prepare on December 31, 2014, the adjusting journal entry for bad debts expense.
b. Prepare a partial on December 31, 2014, showing how net realizable value is calculated.
c. If the balance in Allowance for Doubtful Accounts were a $500 debit balance, journalize the adjusting entry for bad debts expense on December 31, 2014.

Additional Information

Dominion Company

December 31, 2014

Balances: Cash, $16,400; Accounts Receivable, $106,000; Allowance for Doubtful Accounts, $700 credit; Inventory, $53,700.

Estimated PercentageEstimated Amount Considered to Be BadNeeded in Allowance Debts Expense for Doubtful Accounts Amount $76,000 12,000 8,000 4,000 6,000 $106,000 Not yet due 0-30 31-60 61-180 Over six months 13 30

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