Johnson Company calculates its allowance for uncollectible accounts as 5% of its ending balance in...
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Johnson Company calculates its allowance for uncollectible accounts as 5% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $20,000 at the beginning of 2024 . No previously written-off accounts receivable were reinstated during 2024. At 12/31/2024, gross accounts receivable totaled $333,400, and prior to recording the adjusting entry to recognize bad debts expense for 2024 , the allowance for uncollectible accounts had a debit balance of 36,600 . Required: 1. What wos the balance in gross accounts receivable as of 12/31/2023 ? 2. What journal entry should Johnson record to recognize bad debt expense for 2024 ? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2024. Determine the amount of accounts recelvable written off during 2024 4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2024
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