Question: How do I find the adjusting entry for bad debts expense and allowance for doubtful accounts? Presented below is an aging schedule for Sarasota Corp..



How do I find the adjusting entry for bad debts expense and allowance for doubtful accounts?



Presented below is an aging schedule for Sarasota Corp.. Number of Days Past Due Not Yet Customer Total Due 1-30 31-60 61-90 Over 90 Aneesh $ 24,300 $ 9,700 $14,600 Bird 31,000 $ 31,000 Cope 53,700 5,500 5,000 $43,200 DeSpears 36,100 $ 36,100 Others 124,600 76,300 36,500 11,800 $269,700 $112,800 $51,200 $26,400 $43,200 $36,100 Estimated percentage uncollectible 3% 7% 13% 24% 63% Total estimated bad debts $ 43,511 $ 3,384 $3,584 $3,432 $ 10,368 $22,743 At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,600.Journalize the adjusting entry for bad debts at December 31, 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit J ~/ Bad Debt Expense 34,911 - l ! J ~/ Allowance for Doubtful Accounts - 34 911 Post the adjusting entry for bad debts at December 31, 2016. Bad Debts Expense Allowance for Doubtful Accounts
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