Accounting records of a company have the following accounts: Accounts Receivable: $ 100,000 Allowance for Doubtful Accounts: ($ 7,000) Bad Debt Expense: $3,000 The company completed the follo

Accounting records of a company have the following accounts:

Accounts Receivable: $ 100,000

Allowance for Doubtful Accounts: ($ 7,000)

Bad Debt Expense: $3,000

The company completed the following transactions:

Jan 1 Accepted a note receivable from a customer in exchange for an existing Account Receivable of $1,000. The note will be due in 1 year and has a 5% interest rate.

Feb. 11 Wrote off the $200 receivable from Number1 Supplies Corporation as uncollectible.

Mar. 29 Recorded Service Revenue on Account for the period of $30,000

Mar. 30 Collected $75,000 from customers on Account

Apr. 1 Record the required adjustment for bad debts. The company estimates bad debt expense at 3% of credit sales.

Apr. 1 Record the required adjustment for interest revenue related to the January 1 note receivable.

*Record the transactions in the journal (explanations not needed)

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