Shown below is the unadjusted trial balance of IE Manufacturing Corporation with balances for the year ended December 31

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Shown Below Is The Unadjusted Trial Balance Of Ie Manufacturing Corporation With Balances For The Year Ended December 31 1 (37.14 KiB) Viewed 8 times

Shown Below Is The Unadjusted Trial Balance Of Ie Manufacturing Corporation With Balances For The Year Ended December 31 2 (48.63 KiB) Viewed 8 times

Shown below is the unadjusted trial balance of IE Manufacturing Corporation with balances for the year ended December 31, 2021: IE Manufacturing Corporation Unadjusted Trial Balance December 31, 2021 Account Titles Cash Accounts Receivable Marketable Securities Prepaid Rent Supplies Machinery Accumulated Depreciation- Machinery Accounts Payable Debit Php123,050 50,600 22,200 20,000 25,300 800,000 Credit Php280,000 7,500
Accounts Payable Deferred Income Capital Stock Retained Earnings Sales Cost of Goods Sold Salaries and Wages Expense Utilities Expense Total 95,000 60,500 23,200 Php1,219,850 7,500 6,000 692,950 34,000 199,400 Php1,219,850 REQUIREMENT: Prepare adjusting entries for the following transactions: On the basis of the aging on the Php50,600 accounts receivable, management estimated that 25% of these receivables eventually would prove to be uncollectible. IE Manufacturing Company is using the allowance method. Debit Bad debts expense 12,650/ Credit Allowance for bad debts 12,650 Debit bad debts expense 37,950/ Credit Accounts receivable 37.950 O Debit Accounts receivable 37,950 / Allowance for doubtful accounts 37,950 None of the above O Debit Accounts receivable 50,600/Credit Bad debts expense 50,600