The ledger of Costello Company at the end of the current year shows Accounts Receivable $110,000; Sales Revenue $840,000; and Sales Returns and Allowances $20,000. (a) If Costello uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Costello determines that L. Dole’s $1,400 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 6% of accounts receivable.
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The ledger of Costello Company at the end of the current year shows Accounts Receivable $110,000; Sa...
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