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Journalize the following: 1. adjustments needed for the AFDA using the balance sheet approach. 2. write...

Journalize the following:

1. adjustments needed for the AFDA using the balance sheet approach.
2. write off of an account receivable for $500

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Answer #1
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Answer 1
Calculate uncollectible amount for the period. This is new AFDA for the period.
Then deduct credit balance in unadjusted AFDA. This is the bad debt expense for the period.
Journal entry Debit $ Credit $
Bad Debt expense
Allowance for doubtful account
Answer 2
Write off of an account receivable for $500 Debit $ Credit $
Allowance for doubtful account          500.00
Accounts receivable     500.00
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