The following information was taken from the accounts receivable
records of Whispering Winds Corporation as at December 31,
2020:
The Following Information Was Taken From The Accounts Receivable Records Of Whispering Winds Corporation As At December 1 (78.39 KiB) Viewed 62 times
The following information was taken from the accounts receivable records of Whispering Winds Corporation as at December 31, 2020: Outstanding Balance Percentage Estimated to be Uncollectible 0-30 days outstanding $155,400 0.5% 31 -60 days outstanding 65,200 2.5% 61 - 90 days outstanding 39,200 4.0% 91 - 120 days outstanding 19,600 6.5% Over 120 days outstanding 5,900 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,110 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit
(b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,840 prior to the adjustment. (Round answers to 0 decimal places, e.g. 8,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
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