At December 31, 2024, Crane Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations Account Accounts payable Accounts receivable Cash Cost of goods sold Interest receivable Interest revenue Merchandise inventory Notes receivable, due April 10, 2025 Prepaid insurance Sales Sales returns and allowances Short-term investments Uneamed revenue (a) Debit Date Account Titles Dec. 31 $686.000 39.200 1,715,000 1,100 318.500 44.100 7,840 98,000 49,000 Credit $343,000 2.200 3.596.600 24,500 Prepare the journal entry to record the bad debt expense on December 31, 2024, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) Debit Credit
At December 31, 2024, Crane Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations Account Accounts payable Accounts receivable Cash Cost of goods sold Interest receivable Interest revenue Merchandise inventory Notes receivable, due April 10, 2025 Prepaid insurance Sales Sales returns and allowances Short-term investments Uneamed revenue (a) Debit Date Account Titles Dec. 31 $686.000 39.200 1,715,000 1,100 318.500 44.100 7,840 98,000 49,000 Credit $343,000 2.200 3.596.600 24,500 Prepare the journal entry to record the bad debt expense on December 31, 2024, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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