At the end of the current year, the accounts receivable account of Parker's Nursery Supplies has a debit balance of $ Credit sales are $ Assume the following independent conditions
existed prior to the adjustment:
Make the necessary adjusting entry in general journal form under each of the following assumptions.
Required:
Allowance for Doubttul Accounts has a credit balance of $
a The percentage of sales method is used and bad debt expense is estimated to be of credit sales.
b The percentage of receivables method is used and an analysis of the accounts produces an estimate of $ in uncollectible accounts.
Allowance for Doubtful Accounts has a debit balance of $
a The percentage of sales method is used and bad debt expense is estimated to be of of credit sales.
b The percentage of receivables method is used and an analysis of the accounts produces an estimate of $ in uncollectible accounts.
