Spring Garden Flowers had the following balances at December 31, 2016, before the year-end adjustments:...
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Spring Garden Flowers had the following balances at December 31, 2016, before the year-end adjustments: E (Click the icon to view the balances and accounts receivable aging schedule.) Requirements 1. Journalize Spring's entry to record bad debts expense for 2016 using the aging-of-recelvables method. 2. Prepare a T-account compute the ending balance of Allowance for Bad Debts. Requirement Joumalize Spring's entry to record bad debts expense for 2016 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Data Table 31 Bad Debts Expense 609 Dec. Allowance for Bad Debts 609 Accounts Recelvable Allowance for Bad Debts 1,311 75,000 Recorded bad debts expense for the period. The aging of accounts receivable ylelds the following data: Requirement Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Age of Accounts Receivable Allowance for Bad Debts 0-60 Days Over 60 Days Total Recelvables Accounts Receivable $73,000 $2,000 $75,000 2% x 23% Estimated percent uncollectible Print Done
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