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

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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!