Question list

Question $10$

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Consider the following partial aging schedule.

View the partial aging schedule.

Balances: Cash, $$30,000$; Accounts Receivable, $$152,000$; Allowance for Doubtful Accounts, $$300$ credit; Inventory, $$12,000.$ The company uses the allowance method and the balance sheet approach.

Read the requirements.

Partial Aging Schedule

Begin by completing the aging schedule below to determine the

a$.$ Prepare the adjusting journal entry for bad debts expense on December $31,20x1$

b$.$ Prepare a partial balance sheet on December $31,20$X$1,$ showing how net realizable

value is calculated.

c$.$ If the balance in the Allowance for Doubtful Accounts were a $$300$ debit balance,

journalize the adjusting entry for Bad Debts Expense on December $31,20$X$1.$

beg$$n by complet$$ng the ag$$ng scneaule Delow to determ$$ne the est$$mated amount needed in tne Allowance tor voubtrul Accounts.

a$.$ Prepare the adjusting journal entry for bad debts expense for December $31,20$X$1.($Record debits first, then credits. Exclude explanations from journal entries.$)$

a$.$ Prepare the adjusting journal entry for bad debts expense for December $31,20$X$1.($Record debits first, then credits. Exclude explanations from journal entries.$)$b$.$ Prepare a partial balance sheet for December $31,201,$ showing how net realizable value is calculated.

Alvie Co$.$

Partial Balance Sheet

December $31,20$X$1$

Current Assets:

Accounts Receivable

Less: Allowance for Doubtful Accounts

Net realizable valuec. If the balance in the Allowance for Doubfful Accounts were a $$300$ debit balance, journalize the adjusting entry for Bad Debts. $($Record debits first, then credits. Exclude explanations from journal entries.$)$