# Bristax Corporation recorded $1,385,660 in credit sales for the year, and$732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% 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 $20,550; 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$17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.

FindFindarrow_forward

### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

#### Solutions

Chapter
Section
FindFindarrow_forward

### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 9, Problem 4PB
Textbook Problem
1 views

## Bristax Corporation recorded $1,385,660 in credit sales for the year, and$732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% 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 $20,550; 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$17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.

To determine

(a)

To journalize:

Uncollectible percentage using the income statement method.

Introduction:

Journal entries record business transactions. These transactions have double effect on accounts such that total of all assets equate with liabilities and equities.

### Explanation of Solution

<
 Date Account Debit ($) Credit ($) Dec. 31 Bad Debt Expense (\$1,385,660×3.1%) 42,955
To determine

(b)

To journalize:

Uncollectible percentage using the balance sheet method.

To determine

(c)

To journalize:

Allowance for Doubtful Accounts using the income statement method and balance sheet method.

To determine

(d)

To journalize:

Allowance for Doubtful Accounts using the income statement method and balance sheet method.

### Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

#### The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Find more solutions based on key concepts
Define chart of accounts and identify the categories of accounts.

College Accounting (Book Only): A Career Approach

What information is communicated by the unit environmental cost of a product?

Cornerstones of Cost Management (Cornerstones Series)

EFFECTIVE VERSUS NOMINAL INTEREST RATES Bank A pays 4% interest compounded annually on deposits, while Bank B p...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

(Oligopoly Power) What are three sources of oligopolies?

ECON: MICRO4 (New, Engaging Titles from 4LTR Press)

Explain the relationship among saving, investment, and net capital outflow.

Principles of Macroeconomics (MindTap Course List)