The trial balance before adjustment of Pina Inc. shows the following balances.

Dr. Cr.
Accounts Receivable $97,400
Allowance for Doubtful Accounts 3,300
Sales Revenue (all on credit) $643,200

Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 5% of gross accounts receivable and (b) 6% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,689 credit balance.

Journal Entry

Explanation:

a. Bad dept expense Dr,                                  $8,170

          To Allowance for doubtful accounts              $8,170

(Being bad debt expenses is recorded)

Working note

Allowance for doubtful accounts = 5% of gross accounts receivable + Debit balance of allowance for doubtful accounts

(5% × $97,400) + ($3,300)

= $4,870 + $3,300

= $8,170

b. Bad dept expense Dr,                                  $7,533

          To Allowance for doubtful accounts              $7,533

(Being bad debt expenses is recorded)

Working note

= (6% of gross accounts receivable) + Credit balance of allowance for doubtful accounts)

= (6% × $97,400) + ($1,689)

= $5,844 + $1,689

= $7,533

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