Kraft Foods Group Inc sells Oscar Mayer Jell O Tassimo

and #2775
Kraft Foods Group Inc. sells Oscar Mayer, Jell-O, Tassimo, and many other food brands. The
company reported the following rounded amounts as of December 29, 2012 (all amounts in
millions):Required:1. Assume Kraft uses ½ of 1 percent of sales to estimate its Bad Debt
Expense for the year. Prepare the adjusting journal entry required for the year, assuming no
Bad Debt Expense has been recorded yet.2. Assume instead that Kraft uses the aging of
accounts receivable method and estimates that $ 80 of its Accounts Receivable will be
uncollectible. Prepare the adjusting journal entry required at December 31, 2012, for recording
Bad Debt Expense.3. Repeat requirement 3, except this time assume the unadjusted balance in
Kraft’s Allowance for Doubtful Accounts at December 31, 2012, was a debit balance of $ 20.4.
If one of Kraft’s main customers declared bankruptcy in 2013, what journal entry would be used
to write off its $ 15 balance?View Solution:
Kraft Foods Group Inc sells Oscar Mayer Jell O Tassimo and

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