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7 March, 15:03

Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $67,697. Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $14,215 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31.

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  1. 7 March, 18:32
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    The journal entry is as follows:

    On August 31,

    Bad expense A/c Dr. $53,482

    To Allowance for doubtful accounts $53,482

    (To record the adjustment entry to increase allowance for doubtful accounts)

    Working notes:

    Allowance for doubtful accounts:

    = Allowance for Doubtful Accounts at August 31 - Allowance for doubtful accounts before adjustment on August 31

    = $67,697 - $14,215

    = $53,482
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