P$8-3$A Journalize entries to record transactions related to bad debts

Presented below is an aging schedule for Bryan Company at December $31,2021.$

Number of Days Past Due

Aneesh

Total: $$24,000$

Not Yet Due:

$1-30$: $$9,000$

$31-60$: $$15,000$

$61-90$:

Over $90$:

Bird

Total: $$30,000$

Not Due Yet: $$30,000$

$1-30$:

$31-60$:

$61-90$:

Over $90$:

Cope

Total: $$50,000$

Not Yet Due: $$5,000$

$1-30$: $$5,000$

$31-60$:

$61-90$: $$40,000$

Over $90$:

DeSpears

Total: $$38,000$

Not Yet Due:

$1-30$:

$31-60$:

$61-90$:

Over $90$: $$38,000$

Others

Total: $$120,000$

Not Yet Due: $$72,000$

$1-30$: $$35,000$

$31-60$: $$13,000$

$60-90$:

Over $90$:

Total:$$262,000$ Not Yet Due:$$107,0001-30$:$$49,00031-60$:$$28,00061-90$:$$40,000$ Over $90$:$$38,000$

Estimated Percentage Uncollectible

Total:N$/$A Not Yet Due:$3\%1-30$:$7\%31-60$:$12\%61-90$:$24\%$ Over $90$:$60\%$

Total Estimated Bad Debts

Total:$$42,400$ Not Yet Due:$$3,2101-30$:$$3,43031-60$:$$3,36061-90$:$$9,600$ Over $90$:$$22,800$

At December $31,2021,$ the unadjusted balance in Allowance for Doubtful Accounts is a credit of $$8,000.$

Instructions:

$($a$)$ Journalize and post the adjusting entry for bad debts at December $31,2021.$

$($b$)$ Journalize and post to the allowance account these $2022$ selected events and transactions:

$(1)$ On March $1,$ a $$600$ customer balance originating in $2021$ is judged uncollectible.

$(2)$ On May $1,$ a check for $$600$ is received from the customer whose account was written off as uncollectible

on March $1.$

$($ c$)$ Journalize the adjusting entry for bad debts on December $31,2022,$ assuming that the unadjusted balance in

the Allowance for Doubtful Accounts is a debit of $$1,400$ and the aging schedule indicates that total estimated bad

debts will be $$36,700.$

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a $"?".$

$($a$)$

Dec. $31$ Account Value

Account Value

Bad Debt Expense

Date Explanation Ref. Debit Credit Balance

$2021$

Dec. $31$ Adjusting Value Value

Allowance for Doubtful Accounts

Date Explanation Ref. Debit Credit Balance

$2021$

Dec. $31$ Balance $12,000$

Dec. $31$ Adjusting Value $?$

$2022$

Mar. $1$ Value $?$

May $1$ Value $?$

$2022$

$($b$)(1)$ Mar. $1$ Account Value

Account Value

$($b$)(2)2022$

May $1$ Account Value

Account Value

May $1$ Account Value

Account Value

$($c$)2022$

Dec. $31$ Account Value

Account Value