At December 31 2014 the trial balance of Valcik Company

At December 31, 2014, the trial balance of Valcik Company contained the follow- ing amounts
before adjustment..:.Instructions(a) Prepare the adjusting entry at December 31, 2014, to record
bad debt expense, assuming that the aging schedule indicates that $7,600 of accounts
receivable will be uncollectible.(b) Repeat part (a) assuming that instead of a credit balance
there is a $2,500 debit balance in Allowance for Doubtful Accounts.(c) During the next month,
January 2015, a $750 account receivable is written off as uncollectible. Prepare the journal
entry to record the write-off.(d) Repeat part (c), assuming that Valcik Company uses the direct
write-off method instead of the allowance method in accounting for uncollectible accounts
receivable.(e) What are the advantages of using an aging schedule and the allowance method
in accounting for uncollectible accounts as compared to the direct write-off method?View
Solution:
At December 31 2014 the trial balance of Valcik Company
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