Jars Plus recorded $862,430 in credit sales for the year and $496,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,670, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. A. Dec. 31 Bad Debt Expense 19,835.89 Allowance for Doubtful Accounts 19,835.89 V To record bad debt, income statement method B. Dec. 31 Bad Debt Expense 14,880 Allowance for Doubtful Accounts 14,880 To record bad debt, balance sheet method C. Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts To record bad debt, income statement method Dec. 31 Bad Debt Expense -v 25,100 Allowance for Doubtful Accounts 25,100 To record bad debt balance sheet method previous debit balance
Jars Plus recorded $862,430 in credit sales for the year and $496,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,670, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. A. Dec. 31 Bad Debt Expense 19,835.89 Allowance for Doubtful Accounts 19,835.89 V To record bad debt, income statement method B. Dec. 31 Bad Debt Expense 14,880 Allowance for Doubtful Accounts 14,880 To record bad debt, balance sheet method C. Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts To record bad debt, income statement method Dec. 31 Bad Debt Expense -v 25,100 Allowance for Doubtful Accounts 25,100 To record bad debt balance sheet method previous debit balance
Jars Plus recorded $862,430 in credit sales for the year and $496,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,670, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. A. Dec. 31 Bad Debt Expense 19,835.89 Allowance for Doubtful Accounts 19,835.89 V To record bad debt, income statement method B. Dec. 31 Bad Debt Expense 14,880 Allowance for Doubtful Accounts 14,880 To record bad debt, balance sheet method C. Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts To record bad debt, income statement method Dec. 31 Bad Debt Expense -v 25,100 Allowance for Doubtful Accounts 25,100 To record bad debt balance sheet method previous debit balance
Hello, I need help with C. Dec 31 (bad debt expense and allowance for doubtful accounts) and D. Dec 31 (bad debt expense and allowance for doubtful accounts)
Definition Definition Receivable amount that a company is owed, but did not receive, and which may not be receivable in future.
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