4. Given the following information and the information in Figure 2,complete a–c. a. Prepare on December...

4. Given the following information and the information in Figure 2,complete a–c.

a. Prepare on December 31, 2012, the adjusting journal entry for Bad Debts Expense.

b. Prepare a partial balance sheet on December 31, 2012, showing how net realizable value is calculated.

c. If the balance in the Allowance for Doubtful Accounts were a $330 debit balance, journalize the adjusting entry for Bad Debts Expense on December 31, 2012.

Balances: Cash, $28,000; Accounts Receivable, $193,000; Allowance for Doubtful Accounts, $330; Merchandise Inventory, $16,000.

Lake Co.
December 31, 2012
			Estimated Percent	Estimated Amount Needed
			Considered to be Bad	in Allowance for
		Amount	Debts Expense	Doubtful Accounts
	Not yet due	$170,000	6%
	0 - 60	8,000	10%
	61 - 180	12,000	23%
	Over six months	3,000	32%
		$193,000

Figure 3

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ekkarill92 answered 1 year ago

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