Answer Happy

Over 120 days/ 20,000 Requirement 1: Calculate and record the journal entry for bad debt expense for the current year using the percentage of credit sales method. → Requirement 2: Janelle Co. has decided to write-off all the accounts that were over 120 days old. Record the journal entry. → > Requirement 3: What is the balance for Accounts Receivable as shown on the December 31 statement of financial position? Show your supporting calculations in the workspace below. Requirement 4: One of the customers whose $5,000 account was written off, paid Janelle Co. in full. Record the journal entry.

Over 120 days/ 20,000 Requirement 1: Calculate and record the journal entry for bad debt expense for the current year using the percentage of credit sales method. → Requirement 2: Janelle Co. has decided to write-off all the accounts that were over 120 days old. Record the journal entry. → > Requirement 3: What is the balance for Accounts Receivable as shown on the December 31 statement of financial position? Show your supporting calculations in the workspace below. Requirement 4: One of the customers whose $5,000 account was written off, paid Janelle Co. in full. Record the journal entry.