Bad Debt/Net Relized Collectibles

Question 1

find allowance for uncollectible debt

Answer 1

Multiply the % that is uncollected by the sales total

Question 2

journal entry for bad debt expense

Answer 2

Debt: Bad Debt Expense (+E -SE)
Credit: Allowance for doubtful Accts (+AX -A)

Question 3

Jounal entry for a write off

Answer 3

Debt: Allowance for doubtful Acct (-XA +A) Credit: Accounts Rec (-A)

Question 4

Aging Balance and Journal Entry

Answer 4

Multiply each Amount by Estimated Uncollect %, sum, subtract the difference of previous journal entries.

Debt: Bad Debt Expense (+E, -SE) Credit: Allowance for Doubtful ACCTs (XA+, -A)