Please do not give solution in image format ? The Accounts Receivable balance for Lakeside, Inc. at December 31, 2017, was $27,000. During 2018, Lakeside earned revenue of $452,000on account and collected $321,000 on account. Lakeside wrote off $6,300 receivables as uncollectible. Industry experience suggests thatuncollectible accounts will amount to 3% of accounts receivable.Read the requirements.Requirement 1. Assume Lakeside had an unadjusted $2,200 credit balance in Allowance for Bad Debts at December 31, 2018. JournalizeLakeside's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, thencredits. Select the explanation on the last line of the journal entry table.)Accounts and ExplanationDateDec. 31DebitCredit 1.2.Requirements-XAssume Lakeside had an unadjusted $2,200 credit balance in Allowance for BadDebts at December 31, 2018. Journalize Lakeside's December 31, 2018,adjustment to record bad debts expense using the percent-of-receivables method.Assume Lakeside had an unadjusted $1,700 debit balance in Allowance for BadDebts at December 31, 2018. Journalize Lakeside's December 31, 2018,adjustment to record bad debts expense using the percent-of-receivables method.

Journal Entry :— It is an act of recording transactions in books of account when transaction…

1. 2. Assume Lakeside had an unadjusted $2,200 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. Assume Lakeside had an unadjusted $1,700 debit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method.

1. 2. Assume Lakeside had an unadjusted $2,200 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. Assume Lakeside had an unadjusted $1,700 debit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Instructions: fill in the missing information. 1- The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to ...blank... of ...blank... and a credit entry to allowance for doubtful accounts 2. The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to bad debt expense of 8160 and a credit entry to allowance for doubtful accounts During January 2022, a $51000 account receivable is written off as uncollectible. The journal entry for the write-off would be a debit to ...blank... and a credit to ...blank... of 51000 1. The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to bad debt expense of 8160 and a credit entry to allowance for doubtful accounts During January 2022, a $51000 account receivable is written off as uncollectible. The journal entry for the write-off would be a debit to allowance for doubtful accounts and a credit to…
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