Question: Aging Method On January 1, 2019, Hungryman, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $1,286,400 Allowance for
Aging Method On January 1, 2019, Hungryman, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $1,286,400 Allowance for Doubtful Accounts (a credit balance) During 2019, Hungryman had $18,900,000 of credit sales, collected $17,945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year end, Hungryman performs an aging of its accounts receivable balance and estimates that $52,000 wil be uncollectible Required Calculate Hungryman's readjustment balance in accounts receivable on December 31, 2019 Calculate Hungryman's readjustment balance in towance for doubtful accounts on December 31, 2010 3. Prepare the necessary adjusting entry for 2019 Record adjusting entry for bad debt expense estimate
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