The following summarizes the aging of accounts receivable for Johnston Supplies,Inc.as of July 31,2016:
Required:
Part a.The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies,Inc.is a credit balance in the amount of $28,947 on July 31,2016.Prepare the required adjusting entry to record Bad Debt Expense for the year.
Part b.Johnston Supplies,Inc.writes off $3,081 of uncollectible accounts during on August 15,2016.Prepare the required adjusting entry to record the write-off.
Part c.Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15,2016.
Definitions:
Evaluation
The systematic assessment of the merit, value, or significance of an object, project, or program, based on criteria and standards.
Cognitive Dissonance
The mental discomfort experienced by a person who simultaneously holds two or more contradictory beliefs, ideas, or values.
Inconsistent Behavior
Actions or responses that vary significantly over time or across situations, lacking predictability.
Attitudes
A settled way of thinking or feeling about something or someone, typically reflected in a person's behavior or expressed viewpoints.
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