Please solve this ADJUSTING ENTRY: At the end of June, $33,400 of accounts recei

Question

Please solve this ADJUSTING ENTRY: At the end of June, $33,400 of accounts receivable are past due, and the company estimates that 40% of those accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected Please solve this ADJUSTING ENTRY: At the end of June, $33,400 of accounts receivable are past due, and the company estimates that 40% of those accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected At the end of June, $33,400 of accounts receivable are past due, and the company estimates that 40% of those accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit June 30 Bad debt expense (33400*60%*5%+33400*40%) 14362 Allowance for doubtful accounts 14362 (To record adjusting entry)

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